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Read Science, Computers & Technology updates, news, alerts, and legal analysis from leading lawyers and law firms:

Guilt by Association: Bitcoin and the WannaCry Ransomware Attack

by Perkins Coie on

The recent so-called “WannaCry” ransomware cyber-extortion attack has thrust bitcoin as a means of payment back into the debate surrounding illegal online activity. Much in the way that the internet, in its early days, was...more

New York & Colorado Propose “New” Cybersecurity Regulations for Broker-Dealers

by Wilson Elser on

In the wake of the promulgation of new cybersecurity regulations by New York State’s Department of Financial Services, Colorado has proposed cybersecurity regulations for broker-dealers, investment advisers and other fund...more

Circular on Pilot Tax Policies for Venture Capital Firms and Individual Angel Investors

In order to promote the sustainable and healthy development of venture capital investment, the Ministry of Finance and the State Administration of Taxation have jointly promulgated the Circular on Pilot Tax Policies for...more

RegTech as a Competitive Advantage

by K&L Gates LLP on

According to a recent Thomson Reuters Survey, financial institutions on average spend £40m a year on compliance, with some spending up to £300M annually on compliance and customer due diligence. In an environment of constant...more

CFTC Launches LabCFTC as Major Fintech Initiative

On May 17, 2017, the Commodity Futures Trading Commission (“CFTC“) approved the creation of LabCFTC, which it describes as “a new initiative aimed at promoting responsible fintech innovation to improve the quality, resiliency...more

Where Does One Find Bitcoin to Pay the Hacker When Your Computer is Locked? An ATM, Of Course!: Cybersecurity Trends

by CloudNine on

Needless to say, cybersecurity and its challenges have become even more of a hot topic than ever, with ransomware stories becoming more prevalent. If you want to learn more about how to prevent ransomware attacks, read...more

Blockchain and the financial markets: Will 2017 be the year of the regulators? New rules covering blockchain and distributed...

by White & Case LLP on

In 2016, policy makers and regulators started to take an active interest in blockchain and distributed ledger technology (DLT). However, many adopted a "wait and see" approach rather than producing binding regulations. 2017...more

Officer and director checklist: Complying with the global reach of the New York Department of Financial Services Cybersecurity...

by White & Case LLP on

The New York State Department of Financial Services (NYDFS) issued Cybersecurity Requirements for Financial Services Companies (the "Cybersecurity Regulation") effective March 1, 2017. The regulation imposes tight compliance...more

Financial Services Weekly News - May 2017 #4

by Goodwin on

Editor's Note - Memorial Day. On Memorial Day, we will be celebrating the men and women whose service and sacrifice ensures the preservation of freedom and opportunity across the United States. Rather than summarize the...more

Banking on IT

by Latham & Watkins LLP on

The European Banking Authority (EBA) has published its consultation document on security measures for operational and security risks under the revised Payment Services Directive (PSD2). The WannaCry ransomware attack that...more

Federal Court Stands By Earlier Decision Holding Financial Institutions To Higher Standard Than Customers When Pursuing Data...

by King & Spalding on

On May 1, 2017, an Illinois federal district judge dismissed data breach-related claims brought by financial institutions against a grocer. The court distinguished the case from similar lawsuits aimed at Home Depot and...more

Kmart Breach Settlement of $6.9M With Banks Approved by Court

Kmart’s proposed settlement with banks that had to reimburse customers following Kmart’s 2014 data breach was approved by an Illinois federal judge last week with one caveat: he wants to see how much each bank is being paid...more

OIG Report Continues Criticism of CFPB Enforcement Data Security Practices

by Ballard Spahr LLP on

On May 15, 2017, the Federal Reserve Office of Inspector General – which also oversees the CFPB – released a report finding deficiencies in the CFPB Office of Enforcement’s (Enforcement) processes for securing sensitive...more

Silicon Valley Venture Capital Survey - First Quarter 2017

by Fenwick & West LLP on

We analyzed the terms of 191 venture financings closed in the first quarter of 2017 by companies headquartered in Silicon Valley. Overview of Fenwick & West Results - Venture valuations showed small...more

Legal Aspects of Smart Contract Applications - Digital Asset Sales and Capital Markets, Supply Chain Management, Land Registries,...

by Perkins Coie on

Smart contracts have received significant attention from legal academics and attorneys for the impact they may have on contract law and the role of lawyers. Some have also identified and described a series of use cases for...more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

Citigroup announced yesterday that it’ll pay nearly $100 million to resolve a long-running federal investigation into its Banamex USA group over lax money-laundering monitoring (largely for transfers between the US and...more

Trust No One - Lunchtime Deals Should End in Intention, Not Retention

by Burr & Forman on

What You Can Learn about Vendor Management from the DocuSign Breach While some industries may get away with the “trust but verify” model, heavily regulated industries such as financial services have no such luxury. Trust...more

Colorado Division of Securities Publishes Final Cybersecurity Rules

by Ballard Spahr LLP on

The Colorado Division of Securities (Division) has published final cybersecurity rules applicable to broker-dealers and investment advisers. The Colorado Attorney General's office has 20 days to write an opinion on the rules,...more

New FCA Web Page on Cyber Resilience

On May 18, 2017, the FCA published a new Web page on cyber resilience. The FCA notes that cyber risks pose a threat to all financial services firms. Firms should be aware of the threat, able to defend themselves...more

Roundtable on Geopolitical Risks and Effective Response Strategies

On May 4, 2017, 15 business leaders gathered at Skadden’s Palo Alto office to discuss the current political and policy environments in the U.S. and abroad, as well as their implications for the technology sector. Participants...more

OCIE Publishes Risk Alert In Response to WannaCry Ransomware

by Dechert LLP on

The Office of Compliance Inspections and Examinations (OCIE) of the U.S. Securities and Exchange Commission (SEC) issued a National Exam Program Risk Alert (Risk Alert) on May 17, 2017 in response to “WannaCry,” the ongoing...more

Comments Reveal Mixed Reaction to OCC Fintech Charter

As the comment period ended on the Office of the Comptroller of the Currency's (OCC) proposal to establish a fintech charter, stakeholders weighed in on both sides of the idea....more

CFTC Launches FinTech Innovation Initiative “LabCFTC”

by Reed Smith on

On May 17, 2017, Commodity Futures Trading Commission (“CFTC”) Acting Chairman J. Christopher Giancarlo announced an “important step forward” in bringing the CFTC’s regulations into the “digital world of the 21st century.” ...more

DocuSign Breach Leads to Email Malware Campaign Requesting Wire Transfers

Electronic signature technology company DocuSign has admitted that it suffered a breach of one of its computer systems resulting in stolen data including customer and user email addresses. The breach has allowed the hackers...more

This Week in FCPA-Episode 53, the I left my heart in San Francisco edition [Video]

by Thomas Fox on

This week, Jay and I have a wide-ranging discussion on some of the week’s top compliance related stories. We discuss: 1. Brazilian President Temer comes under corruption fire? 2. The turmoil at FIFA continues as FIFA’s...more

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