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Hedge Fund Hack Results in Trade Secret Loss, and Raises SEC Reporting Issues

Data breaches may be nothing new, but they are certainly evolving into bigger and more notorious infractions. While the data breaches of yesterday may have involved accidental disclosure or disgruntled former employees, the...more

France Facilitates Implementation of Whistleblowing Systems

In France, before implementing a whistleblowing process, a company must inform and consult with its employees’ representatives, inform its employees and notify the French Data Protection Agency (CNIL). There are two...more

A Compilation of Enforcement and Non-Enforcement Actions

As reported in the May 2014 edition of Legal News: Investment Management Update, the SEC has made cybersecurity readiness a high-priority item to review when it conducts examinations of registered broker-dealers and...more

Corporate Governance Update: Handling Of Confidential Information - Briefings And Unannounced Corporate Transactions

ASIC recently released Report 393 Handling of confidential information: Briefings and unannounced corporate transactions (the "Report"). The Report results from ASIC's attendance at sample investor briefings, media-based...more

Corporate and Financial Weekly Digest - Volume IX, Issue 26

In this issue: - Delaware Fee-Shifting Legislation Delayed - SEC Orders Securities Exchanges and FINRA to Develop Tick Size Pilot Plan - CFTC Extends Relief to FCMs from Certain Commingling...more

Increasing Risks of Fraud; Compliance Failures; A Willingness to be Unethical

Cyber security, corruption and unethical behavior pose significant risks for business enterprises, according to a new survey by EY titled “Overcoming Compliance Fatigue’. At the same time business organizations may be...more

Commissioner Aguilar Addresses Boards’ Focus on Cybersecurity

One June 10th SEC Commissioner Luis Aguilar made a speech before the New York Stock Exchange, and he took the opportunity to discuss good corporate governance as it relates to cybersecurity and boards of directors....more

Boards of Directors Charged with Cybersecurity Risk Management by SEC Commissioner

Last week, SEC Commissioner Luis Aguilar outlined expectations for directors of public companies to manage cybersecurity risk. If you think it is enough that a board of directors reviews annual budgets for privacy and IT...more

Massachusetts Conducting Cybersecurity Practices Survey of Massachusetts-Registered Investment Advisers

On June 3, 2014, the Massachusetts Securities Division released a survey to assess cybersecurity readiness and practices of Massachusetts-registered investment advisers....more

Commissioner Aguilar Shares His Views on Directors’ Oversight of Cyber-Risk Management

On June 10, 2014, Commissioner Luis A. Aguilar spoke at a NYSE conference, “Cyber Risks and the Boardroom,” about what boards of directors should do to ensure that their companies are appropriately considering and addressing...more

Investment Management Legal + Regulatory Update -- June 2014

In This Issue: - Regulation ..SEC Begins to Scrutinize Registrants’ Cybersecurity Practices ..SEC Staff Sets Boundaries for Adviser Testimonials in Social Media ..Chair White: SEC to Tackle High-Frequency...more

SEC Commissioner Aguilar Speaks on Cybersecurity Issues for the Boardroom

Last week SEC Commissioner Luis A. Aguilar gave a speech at the New York Stock Exchange on ”Boards of Directors, Corporate Governance and Cyber-Risks,” in which he strongly urged directors to focus on the need for increased...more

Calling All Boards of Directors: Four Recommendations from the SEC

SEC Commissioner Luis Aguilar recently spoke at the New York Stock Exchange Conference “Cyber Risks and the Boardroom.” In his speech, Commissioner Aguilar emphasized the importance of cybersecurity and how fast the need for...more

SEC Commissioner Calls on Corporate Boards to Address Cybersecurity—Refers to NIST Cyber Framework as “the Bible”

While attending the "Cyber Risks and the Boardroom" Conference at the New York Stock Exchange on Tuesday, June 10, 2014, U.S. Securities and Exchange Commissioner Luis Aguilar called on corporate boards to make sure they are...more

SEC Requires Greater Disclosure of Cyber Events

Cyber is still a relatively young risk and the various stakeholders in cyber-risk are at times, still trying to determine their particular role. This includes the officers and/or directors of companies for establishing...more

SEC Polices Cybersecurity on Wall Street

As U.S. Securities and Exchange Commission (SEC) Chairwoman Mary Jo White recently emphasized at a Cybersecurity Roundtable sponsored by the Commission, the rise of cybersecurity threats poses an increasing risk to companies,...more

Focus on Regulatory Law - June 2014

In This Issue: Regulatory Authorities - ..Securities and Market Authority ..Authority for the Regulation of Electronic Communications ..Data Protection Authority ..Commission Nationale Informatique et...more

Privacy Concerns and the Proposed Reg AB II Revisions Relating to Asset Level Data

In February 2014, the Securities and Exchange Commission (SEC) once again re-opened the comment period with respect to proposed revisions to Regulation AB relating to the disclosure of asset-level data after receiving many...more

Shareholder Derivative Suit against Wyndham Worldwide Implicates D&O Coverage

A shareholder of Wyndham Worldwide Corp. (“Wyndham”) recently filed a derivative action against Wyndham’s board of directors arising out of three high profile data breaches occurring from 2008 to 2010. Dennis Palkon filed...more

The SEC’s Cybersecurity Assessment: A Roadmap for Companies Nationwide

The U.S. Securities & Exchange Commission (SEC) provided cybersecurity guidance to the securities industry in the form of a Risk Alert issued by the SEC’s Office of Compliance Inspections and Examinations (OCIE) on April 15,...more

SEC Takes Proactive Approach to Cybersecurity

Last month, the Securities and Exchange Commission’s (“SEC”) Office of Compliance Inspections and Examinations (“OCIE”) formally announced its cybersecurity initiative in a Risk Alert. The initiative followed up on OCIE’s...more

Cyber Risks for the Boardroom Part 4: Coverage for Investigations

Part 4 in our continuing series: “Cyber Risks – Director Liability and Potential Gaps in D&O Coverage”: Coverage For Investigations - One of the biggest gaps in coverage in D&O coverage today is the lack of...more

Broker-Dealers and Investment Advisers Now Targeted by Both Cyber Intruders and SEC Cybersecurity Examiners

Cybersecurity has increasingly become a critical issue for all types of businesses, few more so than broker-dealers, investment advisers and others in the financial sector. The cyber threat is much broader than customer data...more

SEC to Examine Registered Broker-Dealers’ and Investment Advisers’ Procedures for Countering Cybersecurity Threats

On April 15, 2014, the Securities and Exchange Commission’s Office of Compliance Inspections and Examinations (OCIE) issued a “Risk Alert” explaining a new initiative to assess cybersecurity preparedness in the securities...more

The SEC Drops Another Shoe: The OCIE Cybersecurity Initiative

On April 14, 2014, the Securities and Exchange Commission’s Office of Compliance Inspections and Examinations (“OCIE”) issued a Cybersecurity Initiative Risk Alert (“Risk Alert”), further highlighting the importance being...more

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