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DFS Cyber Regulation Countdown: Who Should Certify Compliance?

Companies subject to New York’s Department of Financial Services (DFS) new cybersecurity regulation should be preparing to comply with the first round of requirements by the upcoming August 28th deadline: enacting a...more

A Guide to NYDFS Cybersecurity Regulations’ August 28 Implementation Deadline

by Hogan Lovells on

As a follow-up to our previous reports (December 30, 2016 Alert; February 24, 2017 Alert) regarding the cybersecurity regulations issued by the New York State Department of Financial Services (NYDFS), we would like to remind...more

Financial Services Weekly News - August 2017 #2

by Goodwin on

Editor's Note - In This Issue. The Consumer Financial Protection Bureau (CFPB) released prototypes of “Know Before You Owe” overdraft disclosure forms and provided an updated rulemaking agenda for 2017; the Federal Reserve...more

New Cybersecurity Rules for Colorado Investment Advisers and Broker-Dealers

by Snell & Wilmer on

Colorado has adopted new rules that add cybersecurity requirements for certain entities with Colorado securities licenses. The rules are from the regulatory agency the Division of Securities. It licenses securities...more

Key Regulatory Topics: Weekly Update - 29 July 2017 – 3 August 2017

by Allen & Overy LLP on

BREXIT - HM Government to introduce an International Sanctions Bill - On 2 August, the government published plans for a bill that would give it the legal power to impose sanctions after it leaves the EU. The Queen's...more

SEC Chair Speaks at the Center for Capital Markets Competitiveness

On Tuesday, July 25, 2017, SEC Chairman Jay Clayton spoke at the U.S. Chamber of Commerce Center for Capital Markets Competitiveness (CCMC). During the panel, Chairman Clayton discussed the Commission’s priorities on a...more

Colorado District Court Dismisses Data Breach Class Action Against Noodles & Company

by Ballard Spahr LLP on

The U.S. District Court for the District of Colorado recently dismissed a proposed class action lawsuit filed by financial institutions relating to a 2016 data breach that involved hundreds of Noodles & Company (Noodles)...more

NYDFS Updates FAQs to Clarify Cybersecurity Regulations

by Ballard Spahr LLP on

The New York Department of Financial Services (NYDFS) recently updated frequently asked questions (FAQs) about its cybersecurity regulations, 23 NYCRR 500, to address four new issues. NYDFS published its initial set of FAQs...more

DFS Cyber Compliance Nightmare? Detailed survey results indicate compliance is far from reach

New York’s powerful Department of Financial Services (DFS) upended cybersecurity regulation with its new and sweeping “Cybersecurity Requirements for Financial Services Companies,” which took effect on March 1, 2017. But is...more

The State AG Report Weekly Update

by Cozen O'Connor on

Republican Chess Bedsole Announces Bid for Alabama Attorney General- Chess Bedsole, who previously served as the Alabama campaign chairman for President Trump, announced his candidacy to become the Alabama AG. Bedsole is...more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

Tesla’s rise to the top of the US car heap in terms of market value raised a lot of eyebrows a few months ago. GM bumped it back down yesterday, but its three months as #1 marked what felt like a serious shift in the auto...more

Investment Funds Update: Europe: Legal and regulatory updates for the funds industry from the key asset management centres and...

by Dechert LLP on

FCA Issues New Guidance on Cyber Resilience and Notification of Cyber Attacks - The FCA published a new page on its website providing informal guidance on cyber resilience on 18 May 2017. Following the recent global...more

Second Circuit Holds That TCPA Does Not Permit Unilateral Revocation of Consent Obtained Contractually

by Ballard Spahr LLP on

The U.S. Court of Appeals for the Second Circuit recently held, in Reyes v. Lincoln Automotive Financial Services, that the Telephone Consumer Protection Act (TCPA) "does not permit a consumer to revoke its consent to be...more

Hogan Lovells Obtains Major TCPA Consent Revocation Victory

by Hogan Lovells on

On June 22, 2017, in Reyes v. Lincoln Automotive Financial Services, the U.S. Court of Appeals for the Second Circuit agreed with Hogan Lovells attorneys representing the defendant and held that the Telephone Consumer...more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

Troubled Japanese auto parts maker Takata, “crippled by vast airbag recalls,” has filed for bankruptcy protection in the US and is planning to sell its surviving operations to Key Safety Systems, an American rival owned by a...more

NYS Cyber Regulation Countdown: Continuous Monitoring

In our series of posts leading up to the August 28th deadline for the first phase of requirements under New York’s cybersecurity regulation, the Patterson Belknap team looks at issues that institutions face as they implement...more

DFS Cyber Compliance Nightmare? New survey reports less than half of financial firms will meet deadline

A new survey by the Ponemon Institute reports that less than half of the financial institutions covered by New York’s sweeping new cybersecurity regulation say they will “likely” meet next February’s compliance deadline. And...more

AICPA Releases Cybersecurity Risk Management Reporting Fact Sheet for CPAs Without a Key Recommendation

The American Institute of CPAs (AICPA), has released a risk management reporting framework that is intended to “establish a common, underlying language for Cybersecurity risk management reporting—almost akin to US GAAP or...more

Business Litigation Alert: "Expect More. Pay More. No Sale for Target After Paying Out Over $60M in Data Breach Settlements"

by Porter Hedges LLP on

Last week, Target announced that it reached a settlement of $18.5 million with attorney generals in 47 states and the District of Columbia over the massive security breach it suffered in 2013....more

Corporate News – June 2017

by Hogan Lovells on

The Pre-Emption Group reports on the use of its Statement of Principles - The Pre-Emption Group, which represents listed companies, investors and intermediaries, has published a monitoring report looking at the use of its...more

Blockchain: background, challenges and legal issues

by DLA Piper on

Blockchain and distributed ledger technology offers significant and scalable processing power, high accuracy rates, and apparently unbreakable security at a significantly reduced cost compared to the traditional systems the...more

Record-Setting Target Settlement Changes Expectations for Institutional Data Security

On May 24, 47 state attorneys general settled with Target for $18.5 million regarding its 2013 data breach. The implications of the agreement may be more far-reaching than many companies realize. The fact that nearly all...more

Privacy Tip #90 – Payment Card Breaches - Both Sides of the Story

We hear daily about another payment card breach at a retail store, restaurant chain or hotel line. The response to a payment card breach differs from company to company. I get a lot of questions about payment card breaches...more

Credit Card Breaches: A How-To Guide

by Bryan Cave on

For most retailers credit cards are the primary form of the payments that they receive. Accepting credit cards, however, carries significant data security risks and potential legal liability....more

Lone Objector’s Class-Conflict Arguments Miss the Target

by Carlton Fields on

In 2015, Target settled a class action stemming from a massive data breach of its customers’ sensitive information. According to the settlement terms, Target agreed to pay $10 million to those affected. The Minnesota district...more

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Cybersecurity

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