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Lost, Unencrypted Laptop Leads FINRA to Fine a Broker-Dealer $225,000 for Violating Reg S-P

With the recent focus by the SEC and FINRA on cybersecurity for broker-dealers and investment advisers as a backdrop, FINRA recently brought and settled an enforcement action under SEC Regulation S-P against broker-dealer...more

Do You Have a Data Breach Response Plan? U.S. Department of Justice Thinks You Should

In the wake of significant retailer data breaches in 2013 and 2014, and additional significant breaches continuing in 2015, a trend is clearly developing — an expectation of proactive risk identification and mitigation from a...more

UK’s Serious Fraud Office Fined £180,000 for Disclosure of Confidential Documents from High-Profile Investigation

On 30 March 2015, the UK’s Information Commissioner’s Office (“ICO”) announced that it has fined the Serious Fraud Office (“SFO”) £180,000 after sensitive evidence relating to 64 people involved in the BAE Systems (“BAE”)...more

SEC Releases New Guidance Related to Investment Funds and Cybersecurity Risks

On April 28, 2015, the SEC’s Division of Investment Management released a Guidance Update titled Cybersecurity Guidance (the “Guidance”). The Guidance represents the latest evidence of the SEC’s continued focus on...more

SEC Publishes Cybersecurity Guidance for Registered Investment Companies and Advisers

On April 30, the SEC’s Division of Investment Management issued IM Guidance Update No. 2015-02 which highlights measures that investment companies and advisers may wish to consider in addressing cybersecurity risks....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

SEC Staff Issues Update Guidance Regarding Cybersecurity

Recently, the Staff of the Division of Investment Management of the Securities and Exchange Commission (the “Staff”) issued updated Guidance that highlights the importance of cybersecurity of registered investment funds and...more

NLRB to define an employer’s duty to a labor union following a data breach

In October 2014, the United States Postal Service (USPS) disclosed a cybersecurity data breach affecting approximately 800,000 current and former employees. The USPS later determined that, for some, the breach may have...more

FFIEC’s Seven Cybersecurity Priorities for 2015

While others were waiting for spring to arrive, community bank officers and directors were waiting for the Federal Financial Institutions Examination Council (FFIEC) to provide additional guidance on its cybersecurity...more

SEC Releases Results of Cybersecurity Exam Sweep

We’re a bit behind on this, but better (a little bit) late than never. Last month the SEC’s Office of Compliance, Inspections and Examinations released the first results of its Cybersecurity Examination Initiative, announced...more

New York Proposes Tough New Anti-Money Laundering and Cybersecurity Measures on Financial Services Companies

Action Item: Benjamin Lawsky, the Superintendent of Financial Services for New York State, one of the country’s most aggressive regulators, is seeking to increase regulatory pressures on the financial services industry,...more

Massachusetts Mortgage Lender Fined For Conducting Business at Unapproved Branch Location

On February 27, the Massachusetts Division of Banks entered into a consent order with a mortgage lender resolving allegations that it violated state and federal regulations. Under the terms of the consent order, the mortgage...more

SEC Report: Just How Prepared are Broker-Dealers and Advisors for Cyber- Attacks?

On February 3, 2015, the Securities and Exchange Commission’s (“SEC”) Office of Compliance Inspections and Examinations (“OCIE”) published a highly-anticipated summary of its examination sweep of 57 registered broker-dealers...more

Spain: €13 Million to Promote 27 Smart Cities

The Spanish Ministry of Industry, Energy and Tourism will finance up to 80% of 13 projects linked to the development of smart cities, from which 27 Spanish cities are expected to benefit....more

Record penalty against payday lender

As previously reported, on 26 August 2014, the Federal Court determined that The Cash Store Pty Ltd (in liquidation), a payday lender, and Assistive Finance Australia Pty Ltd, a loan funder, committed seven separate breaches...more

SEC Releases Results of Cybersecurity Examination Sweep

By Rochelle Emert and Phillip Caraballo-Garrison On February 3, 2015, the SEC’s Office of Compliance Inspections and Examinations (“OCIE”) issued a Risk Alert that summarized its findings about cybersecurity preparedness in...more

Bridging the Week - January 2015 #3

Cybersecurity, Potential Equity Order Routing Conflicts and AML Among the Top Examination Priorities for SEC in 2015 - The Securities and Exchange Commission’s Office of Compliance Inspections and Examinations...more

Congress Confirms NIST’s Role in Cybersecurity – and the Continuation of the Cybersecurity Framework

The Cybersecurity Enhancement Act of 2014 (CEA) was passed by the House and the Senate on December 11th, and signed by the President on the 18th. The bill formalizes the role of the National Institute for Standards and...more

Technology may reduce fraud but doesn’t fix regulatory confusion

President Barack Obama recently announced the administrtion’s BuySecure initiative. At a meeting at the Consumer Financial Protection Bureau Oct. 17, the president outlined the program, aimed at increasing the security of...more

Lawmakers Seek Details On Consumer Data Breaches From Financial Institutions

On November 18, 2014, several major financial institutions received requests from lawmakers for detailed information about recent data breaches and for briefings from their corporate data security officials. The lawmakers...more

Data Privacy And Cybersecurity For Investment Funds

In This Presentation: - WHY IS DATA PRIVACY AND SECURITY IMPORTANT? ..Why is it important to protect data? ..SEC Cybersecurity Risk Alert ..FINRA Scrutiny - BEFORE THE BREACH ...more

Cybersecurity Litigation Monthly Newsletter

As we discussed in July, Tiversa, a “cyber-intelligence” company, notified the FTC in 2009 that a file containing the personal information of about 9,300 LabMD patients was available on a peer-to-peer file sharing network....more

New Jersey Becomes the Twelfth State to Enact Social Media Password Protection Legislation; Recent Amendment to Illinois’ Law...

On August 29, 2013, New Jersey became the twelfth state to enact social media password protection legislation, continuing the nationwide trend towards imposing some form of restriction on employer access to the restricted,...more

CFPB Issues Final Rule On FOIA And Litigation Procedures

The CFPB has issued a final rule that establishes procedures for the public to obtain information from the Bureau of Consumer Financial Protection, under the Freedom of Information Act, the Privacy Act of 1974, and in legal...more

Infobytes - A Weekly In-depth review of news & developments in the financial services industry - January 11, 2013

In This Issue: - FEDERAL ISSUES - STATE ISSUES - COURTS - MISCELLANY - FIRM NEWS - FIRM PUBLICATIONS - MORTGAGES - BANKING - CONSUMER FINANCE - SECURITIES - PRIVACY/DATA SECURITY -...more

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