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NY DFS Signals a Detailed Framework for Cybersecurity Compliance

On November 9, 2015, the New York State Department of Financial Services (“DFS”) sent a letter to a number of state and federal financial regulators signaling that DFS may issue comprehensive cybersecurity regulations for...more

Lawmaker seeks information on CFPB’s role in regulating online lending to small businesses

Congresswoman Nydia Velázquez, ranking Democratic member on the House Small Business Committee, has sent a letter to Director Cordray and Mary Jo White, SEC Chair, seeking information about the roles of the CFPB and SEC in...more

Auto Loans at the Top of OCC's Supervisory Priority List

Why it matters - In two recent speeches, Comptroller of the Currency Thomas J. Curry discussed the supervisory priorities of the Office of the Comptroller of the Currency (OCC), including bank operational risks,...more

Ben Indek on The SEC's Record-Setting Year [Video]

Ben A. Indek, Co-Managing Partner of the New York office, looks back on the year in securities regulation and talks about some of the things the SEC and FINRA will focus on going forward....more

Financial Institutions Council Publishes Statement On Hacker Extortion

Amid the recent increase in hacker extortion cases, the Federal Financial Institutions Examination Council (“FFIEC”) issued a statement on November 3 (the “Statement”) describing steps financial institutions should take to...more

Our Modern Markets: SEC Enforcement Focuses On Market Structure In Response To Rapidly-Changing Equity Markets

On Monday, November 2, 2015, Andrew Ceresney, Director of the SEC’s Division of Enforcement, gave a speech at the SIFMA Compliance & Legal Society New York Regional Seminar in which he sought to address what he views as the...more

Following the Wisdom of the Crowd? A Look at the SEC’s Final Crowdfunding Rules

In this alert, we provide a detailed overview of the final rules, Regulation Crowdfunding, which will be applicable to crowdfunding offerings conducted in reliance on Section 4(a)(6) of the Securities Act of 1933 as amended...more

CFTC Approves NFA Interpretive Notice on Information Systems Security Programs, Including Cybersecurity Guidance

The CFTC recently approved the National Futures Association’s interpretive notice (the “Cybersecurity Notice”) on the general requirements that members should implement for their information systems security programs...more

Financial Services Weekly News - October 2015 #3

Regulatory Developments: FINRA Requests Comment on Rules Relating to Financial Exploitation of Vulnerable Adults - On Oct. 15 FINRA published Regulatory Notice 15-37, requesting comment on proposed amendments to...more

SEC Cybersecurity Update

Results from the SEC’s First Round of Cybersecurity Examinations - On February 3, 2015, the OCIE published a risk alert summarizing its findings from its examinations of over 100 registered investment advisers and...more

SEC Announces Second Wave of Cyber Exams of Broker Dealers and Advisors – Is Your Firm Ready?

In April 2014, the Securities and Exchange Commission’s (“SEC”) Office of Compliance Inspections and Examinations (“OCIE”) issued a Risk Alert announcing its first cybersecurity sweep initiative. Pursuant to that initiative,...more

Proactive Approach To Cybersecurity: Recent SEC guidance and enforcement actions suggest that reactive firms may be in the SEC’s...

In an environment where even the largest and most powerful corporations have fallen victim to data breaches, it can be challenging to fathom how to protect against the sophisticated and ever-evolving threat of cyber attacks....more

CFPB Moves to Ban Class Action Waivers But Will Not Ban Individual Arbitration

In a move that the financial industry long anticipated but nonetheless greeted with loud groans, the Consumer Financial Protection Bureau (“CFPB”) on October 7, 2015 proposed to ban class action waivers in contracts for...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

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

Hacked Investment Advisor Fined $75,000 for Lack of Cyber-Security Measures

Many in the investment advisory community are following the story of R.T. Jones Capital Equities Management, an investment advisor that, according to the Securities and Exchange Commission (SEC), suffered a hack exposing the...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

The SEC Charges Investment Adviser with Violating Regulation S-P by Failing to Adopt Cybersecurity Policies and Procedures

In recent years, the SEC has been focused on cybersecurity. It has issued risk alerts, conducted examinations and provided guidance about what the agency sees as widespread weaknesses in many policies and procedures to...more

Montana Temporarily Reduces Licensing Renewal Fees

Montana has adopted a temporary rule to reduce certain licensing renewal fees by 50 percent for the period of January 1, 2016 through December 31, 2016. The Department of Administration believes that adopting the Uniform...more

SEC Sanctions Investment Adviser Under the Safeguards Rule

The Securities and Exchange Commission (“SEC”) has sanctioned an investment adviser and fined it $75,000 for failing to “adopt written policies and procedures reasonably designed to protect customer records and information.”...more

SEC Charges Investment Adviser With Failure to Adopt Proper Cybersecurity Policies and Procedures

A registered investment adviser agreed to settle SEC charges that it failed to adopt adequate cybersecurity policies and procedures reasonably designed to protect customer records and information as required by Rule 30(a) of...more

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