Privacy General Business Finance & Banking

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China Adopts the New National Security Law - a Top Legislative Effort to Control Cybersecurity

On 1 July 2015, the Standing Committee of the National People's Congress, China's top legislature, approved the new National Security Law of the People's Republic of China, the "New Law") which became effective on the same...more

Visa And MasterCard: Card Issuers May Disclose Breached Merchant Names

Credit union and other card issuers got clarification from Visa and MasterCard this month on when they are contractually permitted to disclose the identities of merchants involved in data breaches. In substantially similar...more

FTC follows in CFPB footsteps with GLBA privacy notices

The FTC recently proposed amendments to its Gramm-Leach-Bliley Act (GLBA) rules requiring motor vehicle dealers to send their customers an annual privacy notice. The amendments would allow motor vehicle dealers to notify...more

FTC Follows in CFPB Footsteps with GLBA Privacy Notices

The Federal Trade Commission (FTC) recently proposed amendments to its Gramm-Leach-Bliley Act (GLBA) rules requiring motor vehicle dealers to send their customers an annual privacy notice. The amendments would allow motor...more

Digital Privacy Act Modernizes PIPEDA

On June 18, 2015, significant portions of the Digital Privacy Act received Royal Assent. This Act, amends the Personal Information Protection and Electronic Documents Act (PIPEDA), and brings important certainty to how...more

Recent Investment Management Developments - June 2015

In This Issue: - SEC Proposes Changes to Reporting and Disclosure Obligations for Investment Companies and Advisers - SEC Charges Hedge Fund Executives and External Auditor for Improper Disclosure of Expense...more

Going for Brokerages: FINRA and SEC Take Aim at Deficient Cyber Policies and Practices

On Feb. 3, the Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA) each released reports regarding cybersecurity issues for brokerage and advisory firms, both of which should be...more

“Forewarned Is Forearmed” – The Rise of Chinese Data-Flow Restrictions

Manufacturers with operations, employees, and/or customers in China must be aware of a long list of China-specific data-flow and content restrictions. Data-flow restrictions in particular affect manufacturers employing or...more

Privacy Policy Impacts RadioShack’s Sale of Customer Information

On April 10, 2015, RadioShack, and certain affiliated debtor entities, proposed a bankruptcy sale of certain assets, including Personally Identifiable Information (“PII”). Deposition testimony in the case revealed that, over...more

CFTC Announces Agenda For Upcoming Market Risk Advisory Committee Meeting

The Commodity Futures Trading Commission’s Market Risk Advisory Committee (MRAC) announced its agenda for its upcoming meeting on June 2. MRAC will discuss: (1) the Bank of England’s CBEST Program and its impact on addressing...more

Failure to Obtain Required Retailer Approval Scuttles Target-MasterCard Data Breach Settlement

Target’s attempt to resolve claims of MasterCard-issuing banks through a $19 million private settlement with MasterCard has been terminated for failure of issuers of 90% of the affected cards to accept the settlement by the...more

Third Parties, Government Challenge RadioShack’s Sale Of Customer Data

On May 13, an affiliate of Standard General LP agreed to pay $26.2 million for a portfolio of the bankrupt RadioShack Corp.’s intellectual property, including a database of 67 million RadioShack customer addresses, 8.5...more

Cyber Resilience for Financial Services Entities

In March this year, the Australian Securities and Investments Commission (ASIC), issued Report 429 Cyber resilience: Health check (REP 429). The report aims to highlight the importance of cyber resilience for entities...more

Cybersecurity: Integral to Overall Risk Management for Insurers and TPAs

Recent data breaches have brought cybersecurity to the attention of insurance companies, and serve as a reminder to third party administrators ("TPAs") that cybersecurity issues are a serious compliance and regulatory...more

Explaining the Implications for Merchants of EMV and the Liability Shift

The EMV liability shift is coming. Sounds ominous, but what does it really mean? And how can retailers and merchants determine the potential impact of the shift on their business? Like many issues in the payment card...more

Target Court Refuses to Block MasterCard Settlement Reached Prior to Class Certification

In another development in the multi-faceted litigation arising from Target’s December 2013 data breach, Defendant Target announced a tentative $19 million settlement with non-party MasterCard, to resolve claims of...more

U.S. SEC Division of Investment Management Issues Cybersecurity Guidance

The Division of Investment Management (Division) of the U.S. Securities and Exchange Commission (SEC) issued a Guidance Update on April 28, 2015 (Guidance) relating to the cybersecurity of registered investment companies and...more

SEC Division of Investment Management Issues Cybersecurity Guidance for Investment Funds and Advisers

The U.S. Securities and Exchange Commission’s (“SEC”) Division of Investment Management (“Division”) recently released a Guidance Update (“Guidance”) highlighting the importance of cybersecurity for registered investment...more

CFTC’s Market Risk Advisory Committee to Meet on June 2

The Commodity Futures Trading Commission’s Market Risk Advisory Committee (MRAC) will hold a public meeting at the CFTC’s headquarters in Washington, DC on June 2. MRAC will consider issues including the appropriate industry...more

2015 BakerHostetler Incident Response Report Deeper Dive—Retailer Liability Arising from Stolen Payment Cards

We released the inaugural BakerHostetler Data Security Incident Response Report, which provides insights generated from the review of more than 200 incidents that our attorneys advised on in 2014. Over the next four weeks, we...more

California’s Song-Beverly “Consumer Perception Test” in Jeopardy — Will Retailers in California Be Barred from Requesting Any...

On May 5, 2015, the Ninth Circuit certified for the California Supreme Court the issue of whether the Song-Beverly Credit Card Act (“the Act”) prohibits retailers from requesting a customer’s personal information at the...more

Important Breaking Development: California’s Song-Beverly “Consumer Perception Test” in Jeopardy — Will Retailers in California Be...

On May 5, 2015, the Ninth Circuit certified for the California Supreme Court the issue of whether the Song-Beverly Credit Card Act (“the Act”) prohibits retailers from requesting a customer’s personal information at the...more

Cybersecurity Guidance for Registered Investment Advisers

On April 28, the Securities and Exchange Commission (SEC) released a Guidance Update addressing the importance of cybersecurity and the steps registered investment advisers (and registered investment companies) may wish to...more

CPAs Need to Sharpen Awareness of IT Threats

In the most recent “North America Top Technology Initiatives Survey Results,” CPAs responding to the poll ranked “securing the IT environment” as the number-one priority, followed by “managing and retaining data,” “ensuring...more

Target and Card Issuers Dispute Use of MasterCard Settlement to Resolve Data Breach Claims

In the wake of Target’s April 15 announcement of a private $19 million settlement of the data breach claims of MasterCard-issuing banks, counsel representing the putative card issuer class in the consolidated Target data...more

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