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Hackers Office of Compliance Inspections and Examinations

Goodwin

Federal Reserve Proposes Rules To Modernize Regulations That Implement CRA

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In the News. The Board of Governors of the Federal Reserve System (Federal Reserve) proposed rules to modernize the regulations that implement the Community Reinvestment Act (CRA); the Conference of State Bank Supervisors...more

NAVEX

3 Coronavirus Compliance Tips From the SEC

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The coronavirus crisis is far from over, and compliance professionals still need every scrap of guidance that regulators can provide about how to run compliance programs in these difficult times. So when the Securities and...more

Burr & Forman

Cyber Still Atop Exam Priorities

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FINRA held its bi-annual Cybersecurity Conference in January and recently published five take-away real-world experiences from the conference...more

Skadden, Arps, Slate, Meagher & Flom LLP

Privacy & Cybersecurity Update - April 2019

In this month's Privacy & Cybersecurity Update, we examine several recent U.K.-related cybersecurity developments and the SEC's risk alert reminding investment advisers and broker-dealers to follow through on implementing...more

Akin Gump Strauss Hauer & Feld LLP

Top 10 Topics for Directors in 2018

EXECUTIVE SUMMARY - 1. Cybersecurity threats. Cybersecurity preparedness is essential in 2018 as the risk of, and associated adverse impact of, breaches continue to rise. The past year redefined the upward bounds of the...more

Dechert LLP

SEC Enforcement Division Priorities Pertaining to Retail Investors and Cybersecurity

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In a keynote speech to the Securities Enforcement Forum on October 26, 2017, U.S. SEC Division of Enforcement (Division) Co-Director Stephanie Avakian emphasized the protection of retail investors and cybersecurity as...more

Vedder Price

Investment Services Regulatory Update - October 2017

Vedder Price on

New Rules, Propsed Rules, Guidance and Alerts - SEC STAFF GUIDANCE AND ALERTS - SEC Staff Extends No-Action Relief on Auditor Independence and the “Loan Provision” - On September 22, 2017, the staff of the SEC’s...more

Skadden, Arps, Slate, Meagher & Flom LLP

Privacy & Cybersecurity Update - May 2017

In this edition of our Privacy and Cybersecurity Update, we take a look at the Trump administration's executive order outlining its cybersecurity plans, Acting FTC Chairwoman Maureen Ohlhausen's comments on the possible...more

Nossaman LLP

SEC Urges Investment Firms to Better Prepare for Ransomware Attacks

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On May 17, 2017, the SEC’s Office of Compliance Inspection and Examination (“OCIE”) issued a risk alert urging broker-dealers, investment advisors and investment companies to safeguard themselves against ransomware in light...more

Ballard Spahr LLP

SEC Emphasizes Cybersecurity Preparedness in Wake of Global Ransomware Attack

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The U.S. Securities and Exchange Commission's Office of Compliance Inspections and Examinations (OCIE) has issued a Risk Alert in the wake of the widespread WannaCry ransomware attack that has inflicted hundreds of thousands...more

Blank Rome LLP

Cybersecurity, Cyber Insurance: What Fund Directors Need to Know

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Cyberattacks are attempts by hackers to damage, destroy and/or steal data from a computer network or system. From 2013 to 2015, more than 153.6 million people had information stolen in cyberattacks involving companies such as...more

Manatt, Phelps & Phillips, LLP

Corporate Investigations & White Collar Defense - October 2015

"Wherefore Art Thou Due Process?" Part III - Why it matters: It is time for another installment in our continuing "Wherefore Art Thou Due Process?" coverage into the ongoing constitutional challenges to the SEC's...more

Foley & Lardner LLP

SEC Brings First Cybersecurity Enforcement Proceeding in Wake of Risk Alert

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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

Foley & Lardner LLP

A Compilation of Enforcement and Non-Enforcement Actions

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Non-Enforcement Cybersecurity Is At the Top of SEC Examination Concerns In a recent SEC “risk alert” for registered broker-dealers and investment advisers, the SEC’s Office of Compliance Inspections and Examinations (OCIE)...more

BakerHostetler

The SEC OCIE Announces Increased Scrutiny of Broker-Dealers’ and Investment Advisers’ Cybersecurity Programs

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On September 15, 2015, the Securities and Exchange Commission’s Office of Compliance Inspections and Examinations (OCIE) issued a National Exam Program Risk Alert (2015 Risk Alert) to provide broker-dealers and investment...more

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

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

Broker-Dealer Compliance + Regulation

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

Burr & Forman

SEC Shows It’s Serious About Cyber Security

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A week after OCIE announced it would conduct a second round of cyber-security exams, the Commission emphasized the issue by bringing an enforcement action against a non-custodial investment-adviser over a remediated data...more

Troutman Pepper

SEC Releases First Cybersecurity Enforcement Action for Failure to Protect Client Data

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The SEC’s focus in the action was not on the manner of the firm’s responses to the breach or whether there was any actual harm, but predominantly on the adequacy of the firm’s written policies for safeguarding customer...more

Broker-Dealer Compliance + Regulation

Cybersecurity, Round 2: OCIE Announces Areas of Focus for Cybersecurity Examinations

On September 15, 2015, OCIE issued a risk alert relating to its new cybersecurity examination initiative. This is the second round of these examinations, and the alert provides a detailed look at OCIE’s current areas of...more

Morgan Lewis

SEC and DOJ Hacking Prosecutions Highlight SEC’s Increased Interest in Cybersecurity Risks

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Companies are reminded of the need for strong internal controls. The US Securities and Exchange Commission (SEC) and the Department of Justice (DOJ) recently filed civil and criminal actions in the largest hacking and...more

Carlton Fields

Seeking Clarity on SEC Disclosure Obligations Related to Cybersecurity

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In response to increasing pressure to update its existing disclosure guidance regarding cybersecurity risks and cyber-incidents, the U.S. Securities and Exchange Commission (the “SEC”) is widely expected to overhaul its...more

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