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Investment Adviser Broker-Dealer

SEC Watch: “Observations” from SEC’s Cybersecurity 2 Initiative

Last week, the U.S. Securities and Exchange Commission’s (“SEC”) Office of Compliance Inspections and Examinations (“OCIE”) released its “Observations from Cybersecurity Examinations” conducted pursuant to OCIE’s...more

SEC Observations from Recent Cybersecurity Examinations Identify Best Practices

by Morgan Lewis on

The SEC continues to focus on cybersecurity as an area of concern within the investment management industry....more

The Guide to Social Media and the Securities Laws

The growing use of social media has created challenges for federal securities regulators, who must enforce antifraud rules that were written at a time when the prevailing technology was the newspaper. This Guide...more

SEC Report Highlights Financial Firms’ Cybersecurity Improvements and Shortcomings

On August 7, the Securities and Exchange Commission’s Office of Compliance Inspections and Examinations (OCIE) released a Risk Alert summarizing the results of its second cybersecurity preparedness examination. The...more

SEC’s Latest Cybersecurity Risk Alert Identifies Elements of Robust Policies and Procedures

by Dorsey & Whitney LLP on

On August 7, 2017 the Securities and Exchange Committee (“SEC”) Office of Compliance Inspections and Examinations (“OCIE”) released yet another cybersecurity Risk Alert entitled, “Observations from Cybersecurity...more

OCIE Publishes Risk Alert Summarizing Observations from Recent Cybersecurity Examinations

by Bryan Cave on

On August 7, 2017, the SEC’s Office of Compliance Inspections and Examinations (OCIE) issued a Risk Alert summarizing its observations from cybersecurity preparedness examinations conducted of 75 broker-dealers, investment...more

SEC Cybersecurity Alert

by Liskow & Lewis on

The SEC published a National Exam Program Risk Alert describing the results of cybersecurity exams of 75 broker-dealers and investment advisors on August 7, 2017. “National Exam Program Risk Alert, Observations from...more

Cybersecurity Insights From The SEC

by Fox Rothschild LLP on

Over the last several months, the SEC’s Office of Compliance Inspections and Examinations (“OCIE”) has been conducting a “sweep examination” of over 70 broker-dealers and investment advisers to assess their cybersecurity...more

DOL Extends Fiduciary Rule Transition Period, Issues FAQs on Fee Disclosures

Transition Period Extension - In an August 9th court filing, the DOL announced it will extend the transition period for three prohibited transaction exemptions relating to the fiduciary investment advice rule (the...more

New Cybersecurity Rules for Colorado Investment Advisers and Broker-Dealers

by Snell & Wilmer on

Colorado has adopted new rules that add cybersecurity requirements for certain entities with Colorado securities licenses. The rules are from the regulatory agency the Division of Securities. It licenses securities...more

State Updates on Cybersecurity Regulations: New York DFS Issues FAQs on Its Cybersecurity Regulations and Colorado Adopts Rules...

by Sedgwick LLP on

New York and Colorado have continued to take the lead in cybersecurity requirements for regulated financial institutions. The New York Department of Financial Services (DFS), which issued the first state cybersecurity...more

Family Offices Included as ‘Investment Advisers’ Under IPO Allocation Rule 5131(b)

by Shearman & Sterling LLP on

On May 9, 2017, the Financial Industry Regulatory Authority, Inc. (“FINRA”) issued an interpretive letter (the “Letter”) regarding its IPO allocation rule 5131(b) and its exception 5131.02(b) (the “IPO Allocation Rule”, or...more

Colorado adopts new cybersecurity rules applicable to broker-dealers and investment advisors: key features

by DLA Piper on

The Colorado Division of Securities has adopted new cybersecurity rules applicable to broker-dealers purchasing securities in the state and investment advisers who do business in the state. The rules, which are...more

2017 Mid-Year Securities Litigation and Enforcement Highlights

by BakerHostetler on

Welcome to the 2017 Mid-Year Report from the BakerHostetler Securities Litigation and Regulatory Enforcement Practice Team. The purpose of this report is to provide a periodic survey – in addition to our Practice Team...more

It's Not Reefer Madness, It's Risk Management: Providing Investment Services to the Marijuana-Related Industry

by Baker Donelson on

Investment advisors and broker-dealers ask more and more whether they can safely provide investment services to prospective customers in the marijuana industry. The answer is still that there is a risk of liability under...more

SEC Seeks Public Comments on Standards of Conduct for Investment Advisors and Broker-Dealers

by Carlton Fields on

On June 1, SEC Chairman Jay Clayton issued a statement seeking comments from interested parties regarding the standards of conduct for investment advisers and broker-dealers providing investment advice to retail investors....more

FINRA Proposes to Loosen Restrictions on Performance Projections

by Carlton Fields on

In March, FINRA solicited comments on proposed amendments to Rule 2210, Communications with the Public, that would create an exception to the rule’s prohibition on projecting investment performance. The proposed exception...more

Colorado Set to Regulate Cybersecurity Practices of Broker-Dealers and Investment Advisers

by Carlton Fields on

On May 15, Colorado became the latest state to publish major regulations tackling cybersecurity in the financial services industry when the Colorado Division of Securities released amendments to existing division rules...more

Six Ways to Improve Cybersecurity Policies and Procedures

The SEC has declared cybersecurity to be an examination priority for financial institutions (i.e., broker-dealers, investment advisers, and registered investment companies) in each of the past four years. While the SEC’s...more

Broker-Dealers and Investment Advisers Exempted from CFPB’s Arbitration Agreement Rule

The Consumer Financial Protection Bureau (the “CFPB”) issued a final rule on July 10, 2017 that has received widespread attention. The rule, promulgated pursuant to section 1028(b) of the Dodd-Frank Act, generally regulates...more

Regulatory Update and Recent SEC Enforcement Actions

by Blank Rome LLP on

REGULATORY UPDATE - Department of Labor (“DOL”) Fiduciary Rule Partially Goes into Effect - On June 9, 2017, after a near two month delay, the DOL’s controversial Fiduciary Rule (“the Rule”) became partially effective....more

Privacy & Cybersecurity Update - June 2017

In this month's edition of our Privacy & Cybersecurity Update, we examine a new Chinese cybersecurity law that went into effect despite international concern for how it will be implemented; Colorado's adoption of new...more

Nevada Imposes Fiduciary Obligations on Broker-Dealers and Investment Advisers

by Morgan Lewis on

Broker-dealers and investment advisers with clients in Nevada should review the fiduciary obligations contained in new amendments to the Nevada financial planner statute that go into effect on July 1, 2017....more

The Department of Labor’s New Fiduciary Rule: Frequently Asked Questions for Private Fund Advisers

by Jackson Walker on

Core elements of the U.S. Department of Labor’s controversial new fiduciary investment advice rule (the “Fiduciary Rule”) became effective on June 9, 2017, despite President Trump’s February 3, 2017 memorandum ordering...more

FINRA Requests Comment on Rules Governing Outside Business Activities and Private Securities Transactions

by K&L Gates LLP on

The Financial Industry Regulatory Authority (“FINRA”) recently issued a notice requesting comments on the effectiveness and efficiency of its Rules 3270 (Outside Business Activities of Registered Persons) and 3280 (Private...more

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Cybersecurity

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