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FINRA Issues its Cybersecurity Report, Providing Tools and Encouragement to Broker-Dealers

FINRA recently issued a Report on Cybersecurity Practices (“Report”), growing out of its targeted examination of firms last year. To issue the Report, FINRA gave careful consideration to the needs of many broker-dealers for...more

Financial Regulatory Developments Focus - February 2015 #3

In this issue: - Bank Prudential Regulation & Regulatory Capital - Regulatory Capital Tool for Securitization Exposures - European Banking Authority Reports on Implications of Regulatory Reforms for...more

A Few Takeaways from the OCIE Cybersecurity Examination Sweep Summary

On February 3, 2015, the Securities and Exchange Commission’s (“SEC”) Office of Compliance Inspections and Examinations (“OCIE”) released a Risk Alert (the “2015 Risk Alert”) with summary observations from its recently...more

SEC and FINRA Publish Materials Addressing Cybersecurity

Twin reports provide a roadmap to best practices. U.S. financial markets and participants, much like other segments of the U.S. economy, are prime targets for technological hacks, intrusions, and breaches that can occur...more

SEC Provides Guidance on Important Considerations for Effective and Reasonable Prevention of Cyber Attacks

As many of you know, last April the SEC issued the Cybersecurity Examination Initiative to assess the cybersecurity practices and preparedness of registered broker-dealers and investment advisers. The initiative arose from an...more

Bridging the Week - February 2015 #2

Industry Watchdogs Warn Brokers and Advisory Firms on Cybersecurity Threats - Both the Securities and Exchange Commission and the Financial Industry Regulatory Authority published observations of their review of...more

Two Criminal Investment Fund Fraud Actions

Despite massive publicity and numerous cases by enforcement authorities, investment fund fraud actions continue to be a staple of the SEC, CFTC and the DOJ. In case after case investors are convinced to part with their hard...more

SEC Releases Results of Financial Industry Examination Sweep Regarding Cybersecurity - The publications highlight the SEC’s...

On February 3, 2015, the U.S. Securities and Exchange Commission (“SEC”) staff released two publications: the results of an examination sweep of 57 registered broker-dealers and 49 registered investment advisers, and guidance...more

SEC and FINRA Issue Cyber Security “Alert”

The SEC and FINRA each issued February 3 cyber security “alerts” summarizing last year’s sweep exams and pointing out the obvious. In two parts, the SEC’s press-release covered the results of the Commission’s 2013-2014 sweep...more

Bridging the Week - February 2015

CFTC Commissioner Laments Flawed US Swaps Trading Model - J. Christopher Giancarlo, the newest commissioner of the Commodity Futures Trading Commission, published a white paper that severely criticized the Commission’s...more

Financial Regulatory Developments Focus - February 2015

In this issue: - US Federal Deposit Insurance Corporation Issues Proposal Revising Provisions of Securitization Safe Harbor Rule - US Federal Deposit Insurance Corporation Issues Proposal Amending Regulations...more

What Will 2015 Look Like? Trends in the Securities Industry

... it’s never too early to look into the future to see how the year might unfold in the securities industry. Here are some trends and predictions for early 2015: - In Increased regulatory scrutiny of ..securities...more

House Financial Services Committee Approves Agenda for 114th Congress

On January 21, the Committee on Financial Services, in a voice vote, agreed to a new oversight plan that identifies the areas that the Committee and its subcommittees plan to oversee during the 114th Congress. Notable...more

The Risk Retention Rules: A Victory for Securitizations Involving Residential Mortgage-Backed Securities?

When Congress passed the Dodd-Frank Act, it mandated the creation of risk retention rules in an effort to align the incentives of sponsors of asset-backed securities (ABS) with the interests of investors and to improve the...more

Update on state AGs/regulator lawsuits using Dodd-Frank authority

Below is an update on the lawsuits we have been following that state attorneys general and a state regulator have brought using their Dodd-Frank enforcement authority. Under Dodd-Frank Section 1042, a state AG or regulator is...more

House Financial Services Committee approves oversight plan; Committee chair gets new subpoena authority

The House Financial Services Committee voted unanimously today to approve the Committee’s oversight plan for the 114th Congress. The plan provides that the Committee intends to continue its close examination of the...more

House Bill Seeks to Limit Certain Provisions of Dodd-Frank

On Jan. 14, 2015, the effort to repeal or amend certain provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (Dodd-Frank) continued in the heavily Republican House of Representatives with the...more

SEC Adopts New Rules, Regulatory Framework for Swap Data Repositories

On January 14, the SEC adopted new rules for security-based swap data repositories (SDRs), which store swap trading data. The rules require SDRs to register with the SEC and set reporting and public dissemination requirements...more

SEC and FINRA Announce 2015 Exam Priorities

The U.S. Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA) recently announced their 2015 exam priorities for their respective examination programs. Both the SEC and FINRA have...more

SEC Issues Report on Examination Findings of Credit Rating Agencies

On December 23, the SEC released its annual staff report on the findings of examinations of credit rating agencies registered as nationally recognized statistical rating organizations (NRSROs). As required by the Dodd-Frank...more

Financial Regulatory Developments Focus - December 2014 #5

In this issue: - Bank Prudential Regulation & Regulatory Capital - Consumer Protection - Credit Ratings - Enforcement - Funds - Excerpt from Bank Prudential Regulation &...more

Financial Industry Regulatory Update - December 2014

In this issue: - The Financial Services (Banking Reform) Act 2013 - Proprietary Treading And Ring Fencing (EU) - Shadow Banking - Mobile Banking And Payments - Stress Testing And Asset...more

SEC Issues Regulation SCI Upping Information Security Requirements for Key Market Participants

The SEC today published in the Federal Register its Regulation SCI (Regulation Systems Compliance and Integrity), which requires key market participants to have and implement written policies and procedures reasonably...more

Loan Syndicators Sue to Invalidate Risk Retention Rules

The Loan Syndications and Trading Association, or LSTA, is a not-for-profit trade association representing members participating in the syndicated corporate loan market. The LSTA has petitioned the United States Court of...more

Financial Services Weekly News Roundup - November 2014 #4

Editor’s Note: Spotlight on the FDIC: In a Financial Institutions Letter, FIL-56-2014, the FDIC announced additional guidance on its 1998 Statement of Policy on Applications for Deposit Insurance in a Q&A format on...more

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