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Trade & Manufacturing - October 2015

Ending the Crude Oil Export Ban - On September 17, the House Energy and Commerce Committee passed a bill to end the 40-year-old ban on the export of domestic crude oil. The Committee vote was passed by a Republican...more

New PCI Guidance Provides Businesses With Security Incident Response Assistance

A security event involving payment card data, especially card present data, can be one of the most costly events a company may face. Not only did a recent study report the average total cost of a data breach as $3.8 million,...more

6,400 American Bankers Association members’ usernames and passwords compromised

Late last week, the American Bankers Association disclosed that its computer systems had been compromised exposing thousands of members’ personal information. The hacking occurred through its website’s shopping cart tool,...more

Pacific Rim Countries Reach Historic Agreement on the Trans-Pacific Partnership, But Will Congress Approve It?

Trade ministers from 12 Pacific Rim countries announced, on October 5, 2015, that they had reached an agreement in principle on the Trans-Pacific Partnership (TPP). The TPP would arguably be the largest free trade agreement...more

Investment Adviser Settles SEC Cybersecurity Enforcement Action; SEC Issues Investor Alert

On September 22, the U.S. Securities and Exchange Commission (“SEC”) and R.T. Jones Capital Equities Management, Inc. (“R.T. Jones”), a St. Louis-based investment adviser, settled charges that R.T. Jones failed to adopt...more

Financial Services Weekly News - October 2015

Regulatory Developments - FINRA Files Proposed Rule Change to Apply Markup Rule to Government Securities: On Sept. 30 FINRA filed with the SEC a proposed rule change, published in the Federal Register on Oct. 6, to...more

Trade & Manufacturing - News of Note - October 2015

President Xi's State Visit Brings Announcements on Cybersecurity and Climate Change - In late September, Chinese President Xi Jinping made his first state visit to the United States. Cybersecurity and climate change...more

Strike Suit Offers Conjectures, And Little More, About Scottrade Data Breach

As reported on Friday in the Krebs on Security blog, online broker Scottrade had sent an e-mail to customers earlier that day stating that it recently had learned from law enforcement officials that Scottrade was one of a...more

SEC Brings First Cybersecurity Enforcement Proceeding in Wake of Risk Alert

Highlights Areas of High Risk and Examination Priorities for Financial Industry Firms - On September 15, the U.S. Securities and Exchange Commission’s (SEC’s) Office of Compliance, Inspections and Examinations (OCIE),...more

Resolution Ready? New Controls For IT Supplies to Distressed Banks

A current "hot topic" for banking technology contracts is termination rights. 1 October brings new statutory controls, potentially affecting termination rights in many IT contracts. For banks in particular, regulatory led...more

New CFTC Cybersecurity Standards Are Coming Soon

On September 29, 2015, Commodity Futures Trading Commission (CFTC) Chairman Timothy Massad delivered a “State of the Derivatives Marketplace” speech before the 3rd Annual OTC Derivative Summit North America. The speech...more

The SEC Opens Up a New Front in the Cybersecurity Wars

For the last few years, the SEC has been issuing guidance as to appropriate cybersecurity policies and procedures for financial firms. In a move that signal’s the regulator’s willingness to put muscle into its cybersecurity...more

Apple Pay, Android Pay, Samsung Pay: Where’s Your Wallet?

Last week Samsung launched its mobile payments app to compete with ApplePay and Android Pay, with much anticipation among technology bloggers. A few Technorati rushed to try the application so they could compare and contrast...more

Trump Hotel Collection Confirms Year-Long Data Breach

Trump Hotel Collection, the high-end hotel chain owned by the billionaire Republican presidential hopeful and real estate developer Donald Trump, has confirmed a data security breach involving malware that the company says...more

Investment Adviser and SEC Agree to Settle Charges Arising out of Failure to Adopt Written Cybersecurity Policies Required by the...

The SEC charged investment adviser R.T. Jones with willfully violating the Safeguards Rule by failing to adopt written policies and procedures designed to protect customer records and information. The Safeguards Rule requires...more

SEC Ramps up Cybersecurity Scrutiny With Examination Priorities and an Enforcement Action

Why it matters - Signaling that it will continue to increase its scrutiny of firms' cybersecurity readiness, the Office of Compliance, Inspections and Examinations of the Securities and Exchange Commission (SEC) issued a...more

SEC Steps Up Cybersecurity Enforcement

September has been a busy month for the SEC in addressing cybersecurity. In the span of a week, the SEC issued a new alert in connection with its cybersecurity examination of Wall Street firms, entered a Cease and Desist...more

FFIEC Weighs in on Cybersecurity in Light of Unprecedented Risk of Cyber Threats

As financial institutions of all sizes continue to face unprecedented cybersecurity risk, the Federal Financial Institutions Examination Council (FFIEC) released its Cybersecurity Assessment Tool. The Assessment is...more

O’Reilly Paints Team Telecom As an “Inextricable Black Hole” for Applicants, but Will His Call for Reform Fare Better?

On October 1, Chairman Wheeler announced that he has circulated a Notice of Proposed Rulemaking among his fellow Commissioners that would seek comment on simplifying the FCC’s foreign ownership approval process for broadcast...more

That is SO last week - October 2015

Last week saw a lot of media coverage about “Yelp for People.” The app, called Peeple, allows users to rate friends, co-workers, and romantic partners based on a five-star rating system. Recruiters could review the ratings...more

Business Litigation Alert - "Fraud Alert: Even Lawyers Get Scammed"

Law Firms Lose Millions in Wire Transfer Scheme - Unfortunately, it has become all too easy for companies and individuals to become the victims of fraud, and law firms are not immune from this risk. ...more

Security Breach at Experian Exposes Personal Data of 15 Million T-Mobile Customers and Prospective Customers

On October 1, 2015, Experian, the world’s largest consumer credit monitoring firm, announced that an unauthorized party (i.e., hacker) had gained access to the personal data of approximately 15 million customers and...more

Virtual Currencies: International Actions and Regulations

This chart is provided by Perkins Coie LLP’s Decentralized Virtual Currency industry practice group for informational purposes only and is not legal advice. This information is not intended to create, and receipt of it does...more

HFSB adds cyber security memo

HFSB has added a cyber security memo to its toolbox. This memo is intended to help managers identify their key digital assets, or “crown jewels”, and also provide a list of practical quick win cyber security action items and...more

Systema Software exposes information of 1.5 million on Amazon Web Service

Systema Software, which provides software solutions for claims management, is investigating a breach (although it was discovered, accessed and confirmed by an independent third party) involving information of 1.5 million...more

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