Privacy Securities

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SEC Updates Guidance on Cybersecurity

Emphasizing the critical importance of cybersecurity to registered investment companies (RICs), including insurance separate accounts and business development companies, and to investment advisers, the SEC’s Division of...more

SEC Issues New Cybersecurity Guidance for Investment Funds

On April 28, the Securities and Exchange Commission (SEC) Division of Investment Management (the “Division”) published a Guidance Update setting forth cybersecurity concerns and advice for the registered investment ...more

SEC Issues Cybersecurity Guidance Update for Investment Advisers

On April 28, 2015, the SEC’s Division of Investment Management (the “Division”) issued a Guidance Update regarding the SEC’s initiative to assess cybersecurity preparedness and threats in the securities industry, further...more

Executive Labor Summary - April/May 2015

NLRB “quickie election” rule takes effect - On April 6, President Obama vetoed a joint resolution of Congress that sought to block the “quickie election” rule issued by the National Labor Relations Board....more

Cyber-Attacks, and the Seven Steps to Protect Your Advisory Business Against Them

It sounds futuristic, or like CSI: Cyber, a sci-fi world of white hat/ black hat hackers, and of constant threats to national security and the financial markets caused by the digital world we live in. Based on the latest SEC...more

Two Regulatory Crises

It strikes me that two civil regulators are facing dire attacks on aspects of their enforcement programs – both in different U.S. Courts of Appeals – at the same time. Both of these attacks arise out of generalized statutes...more

Microsoft Adopts International Cloud Privacy Standard

Public cloud computing services-- computing resources (such as networks, storage, applications, and services) purchased from another company (a “cloud services provider”)-- offer many potential benefits for businesses, among...more

Cybersecurity Breach: Are Board Members at Risk?

It seems a month does not pass in which some sort of breach of confidential data of a business is not announced to the public. With the increase in cybersecurity breaches, so increases board members’ exposure to litigation...more

New York's Banking Regulator Proposes Tougher Anti-Money Laundering and Cybersecurity Enforcement Rules

The New York Department of Financial Services (DFS) supervises all New York State chartered banks, most U.S.-based branches and agencies of foreign banking institutions, and all insurance companies in New York. The DFS also...more

FINRA Issues Report on Cybersecurity Practices

Following up on our post from last week on the SEC’s cybersecurity exam sweep, you should also know about FINRA’s recent report on this area. Last month, FINRA published a Report on Cybersecurity Practices that really could...more

Cybersecurity Securities Class Actions: A Wave or Trickle?

One of the foremost uncertainties in securities and corporate governance litigation is the extent to which cybersecurity will become a significant D&O liability issue. Although many D&O practitioners have been bracing for a...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

CFTC to Host Roundtable on Cybersecurity and System Safeguards Testing

On March 18, Commodity Futures Trading Commission staff will hold a public roundtable on cybersecurity and system safeguards testing. The roundtable will focus on improving system safeguards testing requirements, including...more

Bridging the Week - March 2015 #2

FCA Sanctions Bank of Beirut, Former Compliance Officer and Former Internal Auditor for Providing Misleading Information Regarding AML Systems and Controls Remediation - The Bank of Beirut was fined GBP 2.1 million...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

SEC’s Risk Alert Offers Observations on Cybersecurity

Why it matters - Joining a growing chorus of regulators, the Securities and Exchange Commission (SEC) released two publications addressing cybersecurity: a Risk Alert based on observations from the Office of Compliance...more

Privacy & Cybersecurity Update - February 2015 (Updated)

In This Issue - White House Releases Proposed Privacy Legislation - Lessons from the Anthem Data Breach - SEC and FINRA Release Results of Industrywide Cybersecurity Examination Sweeps - COSO Releases Report on...more

A Compilation of Enforcement and Non-Enforcement Actions

Non-Enforcement - 2015 Legislative Agenda Includes Dodd-Frank Revisit and Cybersecurity. Enforcement - SEC Enforcement Action Underscores Importance of Custody Rule Compliance - Joint SEC/State...more

The SEC and FINRA Will Continue to Audit the Financial Services Industry to Ensure Cybersecurity Protocols Are Current and Viable

On February 2, 2015, Wilson Elser released an overview entitled Corporate Hacking and the Financial Services Industry that provided in-house counsel with talking points to better discuss and understand their corporate...more

What General Counsel Need To Know About The Latest Cybersecurity Developments

In the wake of reported security breaches at a number of significant financial institutions, cybersecurity is garnering more attention and concern than ever before — both within the financial services industry and among...more

Target Data Breach Price Tag: $252 Million and Counting

In a recently-released Form 8-K filing announcing fourth quarter and year-end financial results, Target Corporation reported that expenses incurred in 2014 relating to its 2013 data breach totaled over $191 million. Those...more

FINRA Issues its Cybersecurity Report, Providing Tools and Encouragement to Broker-Dealers

FINRA recently issued a Report on Cybersecurity Practices (“Report”), growing out of its targeted examination of firms last year. To issue the Report, FINRA gave careful consideration to the needs of many broker-dealers for...more

2015 SEC Speaks Conference: SEC to Balance Broad Enforcement Agenda and Initiatives with Focus on Core Mission

The U.S. Securities and Exchange Commission (SEC) touted an expansive regulatory agenda at this year’s “SEC Speaks” conference, held February 20-21, 2015, in Washington, D.C. At this year’s Speaks, SEC representatives...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

Bridging the Week - February 2015 #3

CFTC Chairman Calls for Increased Funding and Discusses Priorities During Congressional Testimony - Timothy Massad, Chairman of the Commodity Futures Trading Commission, appeared before members of the House of...more

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