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NY BitLicense Update: 45 Days to Apply

After almost a year of discourse and revision, New York’s Department of Financial Services’ final “BitLicense” regulation has been published in the New York State Register and an application has been made available. This...more

Energy Technology Connections Newsletter: Your Law Firm Link to Industry News - June 2015

In This Issue: - Leaders in the News - Innovator Profile - Event Highlights - Washington Update - Energy Navigator - Upcoming Events - Excerpt from Leaders in the...more

New York BitLicense Rules Have Far-Reaching Effects on Virtual Currency Businesses

The final rules’ significant operational requirements for licensees could prove to be expensive and substantial barriers to entry for small businesses interested in engaging in virtual currency business activities in New...more

Visa And MasterCard: Card Issuers May Disclose Breached Merchant Names

Credit union and other card issuers got clarification from Visa and MasterCard this month on when they are contractually permitted to disclose the identities of merchants involved in data breaches. In substantially similar...more

Digital Privacy Act Modernizes PIPEDA

On June 18, 2015, significant portions of the Digital Privacy Act received Royal Assent. This Act, amends the Personal Information Protection and Electronic Documents Act (PIPEDA), and brings important certainty to how...more

Risk of ”Standard-Essential” Patent Litigation to Bitcoin

It’s tempting to think that Bitcoin services would be immune to patent litigation. After all, Bitcoin protocol is open source and seems to be in the public domain. Satoshi Nakamoto, the pseudonymous designer of...more

Recent Investment Management Developments - June 2015

In This Issue: - SEC Proposes Changes to Reporting and Disclosure Obligations for Investment Companies and Advisers - SEC Charges Hedge Fund Executives and External Auditor for Improper Disclosure of Expense...more

SEC Says Fantasy Stock Trading Violates Securities Laws; Charges Others for Selling Illegal Security-Based Swaps

The SEC issued an Investor Alert which says fantasy stock trading for small amounts of money can violate provisions of securities laws implemented by the Dodd-Frank Act. I bet the Congressional drafters of these provisions...more

Going for Brokerages: FINRA and SEC Take Aim at Deficient Cyber Policies and Practices

On Feb. 3, the Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA) each released reports regarding cybersecurity issues for brokerage and advisory firms, both of which should be...more

Orrick's Derivatives in Review - June 2015

NYDFS Finalizes BitLicense Regulations - On June 3, 2015, the New York Department of Financial Services released its final BitLicense regulations, which it described as "the first comprehensive framework for regulating...more

Corporate & Financial Weekly Digest - Volume X, Issue 23

In This Issue: - Meeting of the SEC Advisory Committee on Small and Emerging Companies - FINRA Requests Comment on a Proposed Rule to Require Delivery of an Educational Communication to Customers of a Transferring...more

The NYDFS Finalizes its BitLicense Proposal

On June 3, 2015, the New York Department of Financial Services (“NYDFS”) issued a final rule regarding its “BitLicense” regulatory regime (“Final Rule”). The Final Rule follows an initial proposal from July 2014 and a revised...more

NY Dept. of Financial Services releases final Bitcoin license regulations

The New York Department of Financial Services (NYDFS) made history last summer when it proposed Bitcoin regulations (reportedly the first in the nation) including the requirement that financial firms handling virtual...more

Overstock Issues First Cryptosecurity

In January 2014, Overstock.com became the first major online retailer to accept payment in bitcoin. Less than eighteen months later, Overstock is now the first company to offer qualified buyers the option of purchasing...more

NY DFS Reveals Final BitLicense Requirements for Digital Currency Firms

On June 3, New York’s departing superintendent of financial services, Benjamin Lawsky, revealed that the agency has adopted final regulations of the BitLicense, the regulatory framework in which digital currency firms operate...more

Bridging the Week - June 2015 #2

NYDFS Issues BitLicense Framework for Regulating Virtual Currency Firms - The New York State Department of Financial Services issued final regulations requiring a so-called “BitLicense” and establishing minimum...more

ESMA Calls for EMIR Modifications to UCITS Directive

On May 22, the European Securities and Markets Authority (ESMA) published an opinion to the EU institutions (including the Commission, Parliament and Council) calling for a modification of the Directive for Undertakings for...more

“Forewarned Is Forearmed” – The Rise of Chinese Data-Flow Restrictions

Manufacturers with operations, employees, and/or customers in China must be aware of a long list of China-specific data-flow and content restrictions. Data-flow restrictions in particular affect manufacturers employing or...more

Bitcoin Basics for Corporate Counsel

Bitcoin, the online “cryptocurrency,” is not just for anti-government doomsday fanatics and drug dealers. Seen everywhere from SEC filings, to state legislature hearings, to an episode of The Good Wife, it is both an...more

Points & Authorities - Spring 2015

In this Issue: - Negotiating Strategies for the Successful Sale of Technology Companies - Broker Beware: Are Real Estate Brokers Susceptible to Agent v. Agent Fee Splitting Disputes After Sanowicz v. Bacal? -...more

CFTC Announces Agenda For Upcoming Market Risk Advisory Committee Meeting

The Commodity Futures Trading Commission’s Market Risk Advisory Committee (MRAC) announced its agenda for its upcoming meeting on June 2. MRAC will discuss: (1) the Bank of England’s CBEST Program and its impact on addressing...more

Failure to Obtain Required Retailer Approval Scuttles Target-MasterCard Data Breach Settlement

Target’s attempt to resolve claims of MasterCard-issuing banks through a $19 million private settlement with MasterCard has been terminated for failure of issuers of 90% of the affected cards to accept the settlement by the...more

Cyber Resilience for Financial Services Entities

In March this year, the Australian Securities and Investments Commission (ASIC), issued Report 429 Cyber resilience: Health check (REP 429). The report aims to highlight the importance of cyber resilience for entities...more

Client Update: Technology And Sourcing Update

POST BUDGET - What it means for digital innovation and emerging technology: The theme of the 2015 Budget encourages Australian Government entities to proactively reform the way they do business. Specifically,...more

Cybersecurity: Integral to Overall Risk Management for Insurers and TPAs

Recent data breaches have brought cybersecurity to the attention of insurance companies, and serve as a reminder to third party administrators ("TPAs") that cybersecurity issues are a serious compliance and regulatory...more

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