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Developments in New York and Colorado Cybersecurity Regulations

by Wilson Elser on

New York - For the first time since New York’s Cybersecurity Regulation (23 NYCRR Part 500) became effective on March 1, 2017, the Department of Financial Services (DFS) has issued Frequently Asked Questions to assist...more

SEC Issues Risk Alert To Improve Cybersecurity Readiness

by King & Spalding on

On August 7, 2017, the U.S. Securities and Exchange Commission (“SEC”) published a risk alert directed to the financial advisory industry, identifying cybersecurity vulnerabilities that could make the industry’s networks...more

Part Two: Abandoned Mines and Data Retention Policies

by McGuireWoods LLP on

As discussed in Tuesday’s post, in addition to taking reasonable precautions to secure data, companies should consider whether they have an affirmative duty to destroy data in the United States – to clear the explosives out...more

OCIE Observations from the Second Round of Cybersecurity Examinations

by K&L Gates LLP on

On August 7, 2017, the Securities and Exchange Commission’s (“SEC”) Office of Compliance Inspections and Examinations (“OCIE”) released a risk alert (the “Risk Alert”) summarizing observations from the second round of...more

SEC Cybersecurity Risk Alert Emphasizes Proactive Compliance and Ongoing Vigilance

by BakerHostetler on

On August 7, 2017, the Securities and Exchange Commission (SEC) released its latest cybersecurity risk alert, detailing findings from the examination of 75 broker-dealers, investment advisers and investment companies carried...more

SEC Watch: “Observations” from SEC’s Cybersecurity 2 Initiative

Last week, the U.S. Securities and Exchange Commission’s (“SEC”) Office of Compliance Inspections and Examinations (“OCIE”) released its “Observations from Cybersecurity Examinations” conducted pursuant to OCIE’s...more

OCIE Provides Insight into Issues Identified in Recent Cybersecurity Sweep

by Morrison & Foerster LLP on

The National Exam Program of the SEC’s Office of Compliance Inspections and Examinations (OCIE) recently published its observations from the second generation of its Cybersecurity Initiative. It reported overall improvement...more

SEC Observations from Recent Cybersecurity Examinations Identify Best Practices

by Morgan Lewis on

The SEC continues to focus on cybersecurity as an area of concern within the investment management industry....more

SEC Report Highlights Financial Firms’ Cybersecurity Improvements and Shortcomings

On August 7, the Securities and Exchange Commission’s Office of Compliance Inspections and Examinations (OCIE) released a Risk Alert summarizing the results of its second cybersecurity preparedness examination. The...more

SEC’s Latest Cybersecurity Risk Alert Identifies Elements of Robust Policies and Procedures

by Dorsey & Whitney LLP on

On August 7, 2017 the Securities and Exchange Committee (“SEC”) Office of Compliance Inspections and Examinations (“OCIE”) released yet another cybersecurity Risk Alert entitled, “Observations from Cybersecurity...more

Key Regulatory Topics: Weekly Update - 4 August - 10 August 2017

by Allen & Overy LLP on

Brexit - Brexit – PRA letter to HoC Treasury Committee on firms' contingency planning - On 9 August, the HoC Treasury Committee published a letter (dated 2 August) from Sam Woods, BoE Deputy Governor, Prudential...more

SEC Cybersecurity Alert

by Liskow & Lewis on

The SEC published a National Exam Program Risk Alert describing the results of cybersecurity exams of 75 broker-dealers and investment advisors on August 7, 2017. “National Exam Program Risk Alert, Observations from...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

Cybersecurity Insights From The SEC

by Fox Rothschild LLP on

Over the last several months, the SEC’s Office of Compliance Inspections and Examinations (“OCIE”) has been conducting a “sweep examination” of over 70 broker-dealers and investment advisers to assess their cybersecurity...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

SEC Increases Focus on Cyber Incident Response

by Reed Smith on

In the past few years, we have seen an uptick in agencies beginning to focus on the cybersecurity readiness and response of organizations subject to their jurisdiction. The U.S. Securities and Exchange Commission (SEC),...more

Financial Services Weekly News - August 2017

by Goodwin on

Editor's Note - In This Issue. The Office of the Comptroller of the Currency (OCC) announced that it was seeking public comments on revising the Volcker Rule; the Securities and Exchange Commission (SEC) offered a window...more

FINRA Video Series Highlights Broker-Dealers' Common Cybersecurity Deficiencies

by BakerHostetler on

In a series of three video programs published on the FINRA website in recent weeks, FINRA provided guidance on common deficiencies it has been seeing in its cybersecurity examinations of member firms, and recommended a number...more

If You SEC Something, Say Something

Just about every survey of General Counsels reveals the same #1 culprit of sleepless nights….. a cybersecurity hack. If you run a business in today’s global environment, it is hard to escape the fundamental reality that it is...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

SEC Filings: Reports Of Cybersecurity As A Corporate Risk Factor On The Rise

by Fox Rothschild LLP on

One way to measure the increasing importance of cybersecurity to American businesses is to track how often the issue arises as a risk factor in corporate filings with the Securities and Exchange Commission. A recent...more

Colorado Set to Regulate Cybersecurity Practices of Broker-Dealers and Investment Advisers

by Carlton Fields on

On May 15, Colorado became the latest state to publish major regulations tackling cybersecurity in the financial services industry when the Colorado Division of Securities released amendments to existing division rules...more

Six Ways to Improve Cybersecurity Policies and Procedures

The SEC has declared cybersecurity to be an examination priority for financial institutions (i.e., broker-dealers, investment advisers, and registered investment companies) in each of the past four years. While the SEC’s...more

At the Intersection of Cybersecurity and White Collar

by Blank Rome LLP on

The global "ransomware" cyberattack in early May 2017 resulted in tens of thousands of computer systems being taken hostage by hackers and, in the instances involving hospitals, put lives at risk. Companies that suffered...more

Lessons From the CoinDash Initial Coin Offering Hack

On July 17, 2017, the CoinDash initial coin offering (ICO) was hacked within minutes of its launch, resulting in numerous potential purchasers sending their money to a fraudulent address. The hack has raised many questions...more

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Cybersecurity

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