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Hinch Newman LLP

FTC Drops the Hammer on Security Camera Firm Over Charges it Failed to Secure Videos and Personal Data, and that it Violated...

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On August 30, 2024, the Federal Trade Commission announced that the Department of Justice filed a complaint upon notification and referral from the FTC against a surveillance camera company that allegedly failed to provide...more

K&L Gates LLP

Overview of the CFPB's Proposed Open Banking Rule and Final Industry Standard Setting Rule

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The financial services and banking industry landscape continues to evolve in the face of new and emerging technologies. This phenomenon is especially prevalent in the sharing of consumer data between financial institutions...more

Robinson+Cole Data Privacy + Security Insider

Update on Snowflake Cyber Threat

On June 2, 2024, cloud service provider Snowflake reported increased cyber threat activity targeting some of its customer’s accounts. Snowflake recommended that customers review unusual activity to detect and prevent...more

Alston & Bird

Data Breach Notification Requirements Under the Safeguards Rule Now in Effect

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For years, the Gramm-Leach-Bliley Act (GLBA) has required financial institutions to maintain reasonable safeguards for consumer data, but has only had limited breach-reporting requirements. To the extent financial...more

Eversheds Sutherland (US) LLP

Dual registrant regulatory roundup - June 2024

Welcome to the Regulatory Roundup. Each month, Eversheds Sutherland Investment Services attorneys review significant regulatory developments (including notable rulemakings and guidance from securities regulators) from the...more

Paul Hastings LLP

SEC Adopts Amendments To Regulation S-P

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On May 15, 2024, the Securities and Exchange Commission (the “SEC”) adopted amendments to Regulation S-P. Originally passed in 2000, Regulation S-P regulates the treatment of non-public personal information of consumers by...more

Foley Hoag LLP - Security, Privacy and the...

SEC Revamps and Enhances Data Protections with Amendments to Regulation S-P

The Securities and Exchange Commission (“SEC”) has announced the adoption of amendments to Regulation S-P (“Amendments”) to modernize and enhance the rules that govern the treatment of consumers’ nonpublic personal...more

A&O Shearman

SEC adopts amendments to Regulation S-P to address risks associated with the expanded use of technology

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On May 16, 2024, the U.S. Securities and Exchange Commission (“SEC”) adopted amendments to Regulation S-P (“Reg S-P”) that are intended to help protect investors’ privacy from the “expanded use of technology and corresponding...more

Davis Wright Tremaine LLP

SEC Adopts Amendments to Regulation S-P That Require Reporting Breaches of "Sensitive Customer Information"

On May 15, the Securities and Exchange Commission adopted amendments to Regulation S-P, which covers broker-dealers, registered investment advisors (RIAs), and investment companies (funds). These entities are now required to...more

Proskauer Rose LLP

SEC Adopts Rule Amendments to Regulation S-P to Enhance Protection of Customer Information

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On May 16, 2024, the U.S. Securities and Exchange Commission (“SEC”) announced the adoption of amendments to Regulation S-P that were proposed last year (“Final Amendments”).[1] The Final Amendments impose enhanced...more

BCLP

SEC and FinCEN Propose Rules to Impose Customer Identification Program Obligations on Certain Investment Advisers

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On May 13, 2024, the Securities and Exchange Commission (SEC) and the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) proposed rules (CIP Rules) that would impose customer identification...more

Akin Gump Strauss Hauer & Feld LLP

New Privacy and Cybersecurity Obligations for Private Fund Sponsors and Managers

Last week, the Securities and Exchange Commission imposed expanded privacy and cybersecurity obligations on fund managers and sponsors registered with the SEC as investment advisers. While many registered investment advisers...more

Fisher Phillips

The 10 Things Employers Need to Know About Sweeping New Federal Data Privacy Law Proposal

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A bipartisan group of federal lawmakers just unveiled a sweeping proposal to pass the nation’s first data privacy law and hand a significant amount of power to consumers, one that would bring about a massive change in the way...more

Akin Gump Strauss Hauer & Feld LLP

FTC Requires Non-Banking Financial Institutions to Report Data Security Breaches

Beginning May 11, 2024, non-banking financial institutions regulated by the Federal Trade Commission (FTC) will be required to submit notifications of data breaches or other security events that impact 500+ consumers. The FTC...more

Ankura

The Evolution of KYC: Exploring Perpetual Know Your Customer (PKYC)

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Know Your Customer (KYC) is a fundamental process used by Financial Institutions (FIs) to verify the identities of their customers and assess the associated financial crime risk. Its primary goal is to prevent money...more

UB Greensfelder LLP

[Webinar] FINRA Expungement: A Rundown of Recent Amendments Regarding Expunging Customer Dispute Information - December 14th,...

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Join Michael J. Charlillo as he discusses FINRA's latest expungement process enhancements. He will explore process changes implemented when requesting and obtaining expungement of customer dispute information. Michael will...more

Davis Wright Tremaine LLP

FTC Adds Data Breach Notification Requirement to Safeguards Rule

The Federal Trade Commission (FTC or Commission) has amended its Standards for Safeguarding Customer Information, commonly known as the "Safeguards Rule," to require non-bank financial institutions to report certain data...more

Lowenstein Sandler LLP

FTC Amends Safeguard Rule

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On October 27, 2023, the Federal Trade Commission (FTC) further tightened requirements to safeguard customers’ financial information in the hands of financial institutions, with their release of a new amendment (Amendment) to...more

Sheppard Mullin Richter & Hampton LLP

Reminder: The FTC “Safeguards Rule” Compliance Date is June 9

The FTC’s Safeguards Rule compliance deadline is right around the corner – June 9. The Safeguards Rule requires non-banking financial institutions to develop, implement, and maintain a comprehensive security program to keep...more

McDermott Will & Emery

[Webinar] Trends in Customer Data Acquisition and Use for Alcohol Companies - June 8th, 12:00 pm - 1:00 pm EDT

The legal privacy landscape is quickly shifting as new consumer privacy laws spring up each year. Alcohol companies looking to maximize their customer data must understand how to comply with applicable privacy rules and...more

Tonkon Torp LLP

What You Need to Know about the FTC Safeguards Rule

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The compliance deadline for implementation of certain requirements of the Federal Trade Commission’s (FTC) Standards for Safeguarding Customer Information, better known as the “Safeguards Rule,” is June 9, 2023. Here is what...more

Seward & Kissel LLP

SEC Staff Issue Risk Alert on Safeguarding Customer Records and Information at Branch Offices

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Who may be interested: Registered Investment Advisers, Broker-Dealers. Quick Take: The SEC’s Division of Examinations staff (Staff) recently issued a risk alert (Alert) highlighting deficiencies and trends that the Staff...more

Skadden, Arps, Slate, Meagher & Flom LLP

Investment Management Update - April 2023

SEC Rules and Amendments - Liquidity Rule Amendments: Interval Funds to the Rescue? On November 2, 2022, the Securities and Exchange Commission (SEC) voted to propose significant amendments to Rule 22e-4 under the...more

Goodwin

SEC Proposes Changes to Reg S-P to Enhance Protection of Customer Information

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In this Weekly Roundup Issue. The Securities and Exchange Commission (SEC) proposed changes to Reg S-P to enhance protection of customer information, and reopened the comment period on proposed cybersecurity rules and...more

Morgan Lewis

INFORM Act Imposes New Due Diligence Rules to Protect Consumers

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The INFORM ACT represents a legislative effort to protect consumers from unknowingly purchasing stolen, counterfeit, or unsafe consumer products from online sellers. With a June 27, 2023 compliance deadline, operators of...more

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