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Privacy Finance & Banking

Read Privacy Law updates, news, and legal commentary from leading lawyers and law firms:

The Good and the Bad from OCIE’s Cyber Examinations and What Firms Should Do Next

by Dechert LLP on

The Office of Compliance Inspections and Examinations (OCIE) of the U.S. Securities and Exchange Commission (SEC) released a National Examination Program Risk Alert (Risk Alert) on August 7, 2017 regarding observations from...more

New York State Cybersecurity Regulations: First milestone in sight, what is next on the horizon?

by Shearman & Sterling LLP on

The New York State Department of Financial Services (“NYDFS”) enacted final cybersecurity regulations (“Regulations”) for NYDFS regulated entities that went into effect on March 1, 2017. The first deadline for compliance...more

Third Circuit Introduces New Uncertainty While Attempting to Clarify Ascertainability Jurisprudence

by Pepper Hamilton LLP on

On August 16, the Third Circuit gave the plaintiff a pass for failing to pursue evidence necessary to determine whether its proposed class was ascertainable and took the opportunity to clarify that affidavits may be used, at...more

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

Robins v. Spokeo: Opening the Door to Standing on Privacy Lawsuits?

by Foley & Lardner LLP on

In a ruling that is likely to have significant impact on privacy litigation, the Ninth Circuit determined on Tuesday that a plaintiff’s claim that the Fair Credit Reporting Act (FCRA) had been violated was sufficient “injury”...more

Deadline to Comply with New York's Cybersecurity Regulation Is Approaching

by Jones Day on

For entities regulated by the New York Department of Financial Services, the deadline for complying with the new Cybersecurity Requirements for Financial Services Companies, 23 NYCRR Part 500, is Monday, August 28, 2017. To...more

9th Circuit Clarifies Standard For Article III Standing Based On Statutory Violations

On August 15, 2017, the 9th Circuit, in Thomas Robins v. Spokeo, Inc., reversed the district court’s dismissal of an action alleging willful violations of the Fair Credit Reporting Act (FCRA), 15 U.S.C. § 1681 et seq. The 9th...more

The Ninth Circuit Revives Consumer Class Action, Finding Intangible Harm Sufficient to Confer Article III Standing

by Hogan Lovells on

The six-year fight over the type of harm a plaintiff must allege to satisfy the “injury in fact” requirement for lawsuits alleging false reporting of credit information took its latest turn this week. On Tuesday, August 15,...more

Mistake in Your Credit Report? The Latest Spokeo Decision Suggests You May Have A Case.

In the 9th Circuit’s August 15, 2017 decision in Robins v. Spokeo, the latest in the long-running legal debate about when a consumer cause of action exists for a data breach, the 9th Circuit has declared that inaccuracies in...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

NY Cybersecurity Regulations for Financial Services Companies: Enforcement Begins Aug. 28

by McGuireWoods LLP on

August 17, 2017 The 180-day transitional period under the New York Department of Financial Services (NYDFS) Cybersecurity Requirements for Financial Services Companies is set to expire Aug. 28, 2017. Financial services...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’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

Are You Ready for the New York August 28th Compliance Deadline?  

If you are one of the many businesses licensed by the New York Department of Financial Services (DFS), and cannot avail yourself of the (very) limited exemptions, you must be ready for the first compliance transition date for...more

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

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

And So It Begins: The First DFS Transition Period Comes to an End August 28

by King & Spalding on

In September 2016, the New York Department of Financial Services (“DFS”) introduced the first draft of its cybersecurity regulation, which is now in a position to lead a new trend in industry-specific cybersecurity...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

DFS Provides Answers to Cybersecurity FAQs

Hoping to provide greater clarity to financial institutions subject to its new cybersecurity requirements, New York’s Department of Financial Services (DFS) published a Frequently Asked Questions (FAQ) document to assist...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

State Updates on Cybersecurity Regulations: New York DFS Issues FAQs on Its Cybersecurity Regulations and Colorado Adopts Rules...

by Sedgwick LLP on

New York and Colorado have continued to take the lead in cybersecurity requirements for regulated financial institutions. The New York Department of Financial Services (DFS), which issued the first state cybersecurity...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

Data Breach at Italy’s No. 1 Bank Exposes 400,000 Accounts

Italy’s top bank, UniCredit SpA, is yet another victim in a series of cyberattacks exploiting vulnerabilities in the financial services industry. Criminals made off with biographical and loan data from 400,000 UniCredit loan...more

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Cybersecurity

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