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The Obama Administration Eases Sanctions Against Sudan

On January 13, 2017, the White House, the U.S. Department of Treasury ’s Office of Foreign Assets Control (OFAC) , and the U.S. Department of Commerce ’s Bureau of Industry and Security (BIS) announced a host of policy...more

New Year, Similar Priorities: SEC Announces 2017 OCIE Areas of Focus

On January 12, 2017 the SEC announced its Office of Compliance Inspections and Examinations (OCIE) priorities for the year, including areas of focus for Retail Investors, Senior Investors and Retirement Investments,...more

Hogan Lovells Global Payments Newsletter l January 2017

Welcome to the Hogan Lovells Global Payments Newsletter. In this monthly publication we provide an overview of the most recent payments, regulatory and market developments from major jurisdictions around the world as well as...more

NY DFS’s Revised Cybersecurity Rules Are More Flexible, Still Mandatory For Banks And Financial Institutions

On December 28, 2016, the New York Department of Financial Services (“DFS”) issued a revised version of its proposed cybersecurity rule for banks, insurers, money service businesses, and regulated virtual currency operators...more

Central Bank of UAE issues new security requirements for digital payments and prohibits virtual currencies

The Regulatory Framework for Stored Values and Electronic Payment Systems (Regulation) issued by the UAE's Central Bank came into effect on 1 January 2017. Digital payment service providers in the UAE must now comply with a...more

Compliance into the Weeds-Episode 25 [Video]

In this episode Matt Kelly and I take a deep dive into a couple of recent SEC enforcement actions. The first involved L-3 Technologies and accounting irregularities. The second involves BlackRock and the continued issues...more

NY DFS Proposed Cybersecurity Regulations Revised and Implementation Delayed

We previously reported on the New York Department of Financial Services’ proposed cybersecurity regulations. During the public comment period, the DFS received over 150 comments. In response, the DFS announced on December 28,...more

SEC Announces 2017 Exam Priorities

Each year, the SEC’s Office of Compliance Inspections and Examinations (the “OCIE”) releases its priorities for the upcoming year. For regulated entities such as investment companies and investment advisers, the release of...more

European Supervisory Authorities Consult on the Use of Big Data by Financial Institutions

The Joint Committee of the European Supervisory Authorities launched a consultation paper on the use of big data by financial institutions. The ESAs are the European Banking Authority, the European Securities and Markets...more

Day 15 of 30 Days to a Better Compliance Program-Post Training Evaluation [Video]

What if you want to take you post-training analysis to a higher level and begin to consider the effectiveness through your return on investment (ROI)? Joel Smith, the founder of Inhouse Owl, a training services provider,...more

Day 14 of 30 Days to a Better Compliance Program-Design of Your Compliance Training Program [Video]

For compliance training to be effective its needs to risk-based in its focus. This means employees with highest risk of exposure to bribery and corruption need to receive the highest levels of training and refreshers. From...more

This Week in FCPA-Episode 35-the Friday the 13th edition [Video]

Show Notes for Episode 35, week ending January 13, the Friday the 13th edition   1.       Hernandez and Beech FCPA guilty pleas. 2.       VW guilty plea in emissions-testing scandal. 3.       VW executive Oliver...more

Day 13 of 30 Days to a Better Compliance Program, create a data action plan [Video]

You should work to create an action plan to use your data. But never forget you need to get your digital information right. That means several sources of data to help you choose the best course of action. Earlier this year,...more

Cybersecurity 2017: Top Exam Priorities for Federal Securities Regulators

Hedge funds and broker dealers can expect their cybersecurity preparedness to come under scrutiny again this year by federal securities regulators....more

Day 12 of 30 Days to a Better Compliance Program, creating a culture of data in compliance [Video]

You should work to create a culture of data in your compliance program. This comes from an understanding that data is a product, which you can consume internally in the compliance function. Your data is a corporate asset so...more

2017 Resolutions for Community Banks: A Focus on Cybersecurity

In December 2016, Thomas Curry, the Comptroller of the Currency, stated that cybersecurity was the single greatest systemic threat to our financial system. He was not being hyperbolic. Cybersecurity should be on...more

Reduce Potential Liability for Data Security Breaches by Negotiating Coverage in Payment Processing Agreements

Credit cards are the primary form of payment received by most retailers. In order to process a credit card, a retailer must enter into an agreement with a bank and a payment processor. Payment processing agreements often have...more

Expect the Unexpected: The Year Ahead for the Financial Institutions Sector

With contributors across the sector and the globe, we've compiled a review of some of the developments that will affect financial institutions in 2017 and beyond. The one thing that 2016 taught us was to expect the...more

New York Department of Financial Services Revises Proposed Cybersecurity Rule

The New York Department of Financial Services (NYDFS) recently issued a revised proposed regulation seeking to add its own mandate of cybersecurity requirements to those already in existence for banks, insurance companies and...more

Cybersecurity Still Top FINRA Operational Risk

On January 4, the Financial Industry Regulatory Authority (FINRA) published its annual Regulatory and Examination Priorities Letter providing firms with information about areas FINRA plans to review in 2017 as well as...more

DIFC to Launch FinTech Hive

The Dubai International Financial Center (DIFC) is set to launch the FinTech Hive—an accelerator program for developing financial technology (fintech) start-ups and entrepreneurs—in the first quarter of 2017. The FinTech Hive...more

NYDFS Modifies, Delays Implementation of Cybersecurity Rules

The modified rules, which still remain among the most prohibitive, could be adopted in final form as early as this month. Since September 2016, the New York State Department of Financial Services (DFS) has been...more

Compliance into the Weeds-Episode 24 [Video]

In this episode Matt Kelly and myself take a deep dive into the compliance weeds by looking at a paper written by then SEC General Counsel James Doty (later head of the PCAOB) in 2007 where he proposes a regulatory scheme for...more

What does 2017 have in store for blockchain technology?

Many are expecting 2017 to be a great year for blockchain technology. As 2017 began, the price of Bitcoin, one of the most-recognized digital currencies using blockchain technology, rose to over $1,000 in the wake of market...more

How Distributed Ledger Technology Might Grow in the Insurance Industry

On Jan. 5, 2017, the Department of Treasury Federal Insurance Office held its first committee meeting of the new year. Several topics were addressed, including the use of blockchain/distributed ledger technology (“DLT”) in...more

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