News & Analysis as of September 18, 2024

Recordkeeping Requirements

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Follow this channel for advisories on one of the biggest threats to businesses today. Read a morning brief of fresh guidance and commentary by leading lawyers on security, privacy, risk management, global regulations, data protection, leaks, hacking, cyber insurance, compliance, HIPAA, and every other aspect of cybersecurity of import to corporate readers right now. less -

Public Companies Update – August One-Minute Reads

Cooley LLP on 9/10/2024

Federal court dismisses some – but not all – of SEC’s complaint against SolarWinds - As originally reported in our November 2023 edition of One-Minute Reads, the Securities and Exchange Commission (SEC) announced charges...more

SEC Adopts Amendments To Regulation S-P

Paul Hastings LLP on 6/5/2024

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

Client Alert: The SEC Expands Its Cybersecurity Oversight by Adopting Regulation S-P Amendments

Jenner & Block on 6/3/2024

Earlier this month, approximately one year after releasing its proposed amendments to Regulation S-P, the SEC announced the adoption of final amendments to Regulation S-P, expanding the information protected, the policies and...more

U.S. SEC Adopts Amendments to Reg S-P

Morrison & Foerster LLP on 5/29/2024

On May 16, 2024, the SEC adopted amendments to Regulation S-P (“Reg S-P”). The finalized amendments (the “Amendments”) to Reg S-P are designed to address the expanded use of technology and corresponding risks that have...more

New Privacy and Cybersecurity Obligations for Private Fund Sponsors and Managers

Akin Gump Strauss Hauer & Feld LLP on 5/21/2024

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

Cybersecurity Continues to be a Focal Point for Regulators in 2024

Proskauer - The Capital Commitment on 4/18/2024

The SEC’s new and proposed rules on cybersecurity and cyber-incident reporting will have a dual impact on private investment advisers and funds. First, the proposal by the SEC will impose cybersecurity related...more

CISA’s Proposed Cyber Incident Reporting Requirements Would Hit a Range of Industries and Sectors

Wiley Rein LLP on 4/1/2024

The U.S. Department of Homeland Security’s (DHS) Cybersecurity and Infrastructure Security Agency (CISA) is publishing a proposed rule (Proposal or NPRM) that will require broad segments of industry to meet onerous and quick...more

SEC to Continue Aggressive Enforcement Efforts in 2024 After Record-Setting 2023

Foley Hoag LLP - White Collar Law &... on 2/27/2024

This is the fourth in our 2024 Year in Preview series examining important trends in white collar law and investigations in the coming year. We will be posting further installments in the series throughout the next several...more

Takeaways from the SEC Division of Enforcement’s FY 2023 Report

Patterson Belknap Webb & Tyler LLP on 12/6/2023

On November 14, 2023, the Securities and Exchange Commission (the “SEC”) published its enforcement results for fiscal year 2023. FY23 was another active year in terms of SEC enforcement, with a 3 percent increase in total...more

SEC Enforcement Activity: Public Companies and Subsidiaries—FY 2023 Key Trends

Cornerstone Research on 12/4/2023

The SEC noted cooperation by 69% of public companies and subsidiaries that settled in FY 2023, the third highest of any fiscal year in the Securities Enforcement Empirical Database (SEED). Of the cooperating defendants that...more

Investment Management Update - November 2023

Skadden, Arps, Slate, Meagher & Flom LLP on 11/16/2023

...SEC Adopts Amendments to Fund Names Rule - On September 20, 2023, the U.S. Securities and Exchange Commission (SEC) adopted amendments to Rule 35d-1 under the Investment Company Act of 1940 (the Fund Names Rule) as well...more

SEC Proposes New Cybersecurity Risk Management Rule for Various Market Entities

Dechert LLP on 5/11/2023

At an open meeting on March 15, 2023, the U.S. Securities and Exchange Commission voted three to two to propose a new rule, form and amendments (together, “Proposed Rule”) and published an accompanying release (“Release”)...more

SEC Proposes Robust Amendments to Regulation S-P

Dechert LLP on 4/18/2023

At an open meeting on March 15, 2023, the U.S. Securities and Exchange Commission voted unanimously to propose rule amendments to Regulation S-P (Proposed Rule) and published an accompanying release (Release). The Proposed...more

The SEC Expands Focus on Cybersecurity Risk to Include Registered Advisers, Broker‑Dealers, and other Market Participants

Morrison & Foerster LLP on 4/14/2023

Last month, the SEC took a big step toward strengthening the cybersecurity of financial systems by proposing regulations that, taken together, will require registered investments advisers, broker‑dealers, and all national...more

SEC Proposes New Cybersecurity Rule and Amendments

Paul Hastings LLP on 3/30/2023

On March 15, 2023, the SEC issued proposed amendments and a proposed rule addressing cybersecurity. Specifically, the SEC proposed Rule 10, which addresses cybersecurity risks, and proposed to amend Regulation SCI and...more

Changing of the Guard? SEC Proposes Significant Amendments to the Safeguards Rule

Holland & Knight LLP on 3/23/2023

The SEC continued its recent onslaught of proposed cybersecurity rules in mid-March with three new proposals covering a litany of entities, including investment advisers, broker-dealers, investment companies, clearing...more

SEC Proposes RIA Outsourcing Rule

King & Spalding on 12/13/2022

On October 26, the SEC proposed a new Advisers Act rule (the “Proposed Rule”) that would establish specific obligations for Registered Investment Advisers with respect to outsourcing of “Covered Functions”, as that term is...more

Financial Markets and Funds Quick Take | Issue 8

Katten Muchin Rosenman LLP on 11/14/2022

SEC Advertising Rules – Client Resource Center - November 4 was the compliance date for the new rule governing advertising and solicitation activities by investment advisers. The new rule substantially revises decades old...more

Man the Cyber Forts! – SEC Proposes New Cybersecurity Regulations for RIAs and Funds

Kilpatrick on 2/24/2022

With cybersecurity incidents increasing in frequency and notoriety, the Securities and Exchange Commission (the “SEC”) has set its sights on fortifying cybersecurity regulations across the entire financial industry, including...more

SEC Proposes New Cybersecurity Regulations for RIAs and Funds

Davis Wright Tremaine LLP on 2/18/2022

On February 9, 2021, the Securities and Exchange Commission (SEC) announced new proposed cybersecurity rules (Proposed Rules) for registered investment advisors and investment companies (funds) addressing cybersecurity risk...more

SEC Proposes Cybersecurity Risk Management Requirements for Investment Advisers and Registered Funds

Kramer Levin Naftalis & Frankel LLP on 2/14/2022

On Feb. 9, 2022, the Securities and Exchange Commission (SEC or Commission) proposed a suite of new rules and amendments concerning cybersecurity risk management for registered investment advisers (advisers) and registered...more

SEC Cybersecurity Rules Target Investment Advisers and Investment Companies

Goodwin on 2/11/2022

On February 9, 2022, the U.S. Securities and Exchange Commission (“SEC”) proposed a package of new rules and amendments to enhance cybersecurity preparedness and improve cyber resilience of investment advisers and investment...more

SEC to Advisors and Funds – Adopt and Implement Cybersecurity Policies and Procedures

Jackson Lewis P.C. on 2/11/2022

On February 9, the Securities and Exchange Commission (“SEC”) voted to propose rule 206(4)-9 under the Advisers Act and 38a-2 under the Investment Company Act (collectively, “Proposed Rule”). In general, the Proposed Rule...more

Agencies Approve Final Rule: Computer-Security Incident Notification

Goodwin on 12/6/2021

In This Issue. The Office of the Comptroller of the Currency (OCC), the Federal Deposit Insurance Corporation (FDIC) and the Board of Governors of the Federal Reserve System (together, the Agencies) issued a final rule...more

SEC OCIE Issues Guidance on Advisers’ Recordkeeping Requirements for Electronic Messaging Following its Sweep Examination

Akin Gump Strauss Hauer & Feld LLP on 12/18/2018

• On December 14, the SEC’s OCIE issued a Risk Alert summarizing the findings of its limited-scope examination initiative relating to electronic messaging. • Noting a “pervasive use” of electronic messaging by adviser...more

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