News & Analysis as of

Risk Management Broker-Dealer

Colorado Regulator Proposes New Cybersecurity Rules for Financial Institutions

Increasingly, states are enacting cybersecurity regulations for financial institutions and investment advisors. Following New York’s groundbreaking regulation, Colorado recently proposed changes to its state...more

Nutter Bank Report, March 2017

Fed Raises Threshold That Triggers Review of Systemic Risk of a Proposed Merger - In a recent decision on a proposed merger of two bank holding companies, the Federal Reserve indicated that it has increased the...more

SEC Adopts T+2 Securities Settlement Cycle

by Carlton Fields on

On March 22, the Securities and Exchange Commission (“Commission”) adopted a rule amendment that shortens the time by which most securities transactions effected by a broker-dealer are required to settle. Under the amendment,...more

New Year, Similar Priorities: SEC Announces 2017 OCIE Areas of Focus

On January 12, 2017 the SEC announced its Office of Compliance Inspections and Examinations (OCIE) priorities for the year, including areas of focus for Retail Investors, Senior Investors and Retirement Investments,...more

FinCEN’s Beneficial Ownership Rule and Increased AML Burden

Compliance officers at financial institutions have made great strides in improving Know Your Customer (KYC) programs to focus on knowing their customers as a critical function in combating money laundering. As regulators...more

Twenty-Three Years Later, One Day Shorter: SEC Proposes T+2 Rule Amendment

Twenty-three years after adopting Rule 15c6-1 under the Securities Exchange Act of 1934 (“Exchange Act”) to establish T+3 as the standard settlement cycle for broker-dealer transactions, on September 28, 2016, the SEC...more

Merrill Lynch Settles SEC Market Access Charges

by Dorsey & Whitney LLP on

The Commission has brought a series of cases under Exchange Act Section 15(c)(3) and Rule 15c3-5, its market access rule. That rule requires that broker-dealers with market access establish risk management controls to prevent...more

Investment Management Legal + Regulatory Update - August 2016

by Morrison & Foerster LLP on

Regulation - Next on the SEC’s Regulatory Agenda: A Chief Valuation Officer? - First, the SEC required funds to designate a chief compliance officer. Then, the SEC proposed that funds designate a liquidity...more

FINRA Targets AML Programs and “Culture of Compliance” as 2016 Enforcement Priority, Particularly for High-Risk Broker/Dealers

by K&L Gates LLP on

Under Securities and Exchange Commission (“SEC”) authorization, the Financial Industry Regulatory Authority (“FINRA”) is “responsible for regulating (1) all securities firms that do business with the public[,]” (2) key stock...more

Preparing for the SEC’s Increased Pursuit of Compliance Officers

by Perkins Coie on

The SEC’s recent aggressive enforcement posture against chief compliance officers has raised many concerns, including whether the SEC’s actions are actually chilling robust compliance efforts. To protect themselves against...more

SEC Releases Guidance on Examination of Broker-Dealer and Investment Advisor Information Security Practices; NYSE Releases...

by Locke Lord LLP on

The Security and Exchange Commission’s Office of Compliance Inspections and Examinations (the “OCIE”) recently announced its 2015 Cybersecurity Examination Initiative, which describes the focus of the OCIE’s examination of...more

Our Modern Markets: SEC Enforcement Focuses On Market Structure In Response To Rapidly-Changing Equity Markets

by King & Spalding on

On Monday, November 2, 2015, Andrew Ceresney, Director of the SEC’s Division of Enforcement, gave a speech at the SIFMA Compliance & Legal Society New York Regional Seminar in which he sought to address what he views as the...more

SEC Director of the Division of Enforcement Discusses Market Structure Enforcement

On November 2, 2015, the Director of the SEC Division of Enforcement Andrew Ceresney spoke at the “SIFMA Compliance & Legal Society New York Regional Seminar” and outlined the SEC’s enforcement priorities with respect to...more

This Week In Securities Litigation

by Dorsey & Whitney LLP on

The SEC prevailed on two summary judgment motions. One centered on a manipulation action. The other was against an attorney who facilitated a prime bank fraud. The Commission also filed: An action against UBS tied to its...more

A Compilation of Enforcement and Non-Enforcement Actions

by Foley & Lardner LLP on

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

Unprecedented Hacking and Trading Scheme Highlights Key Cybersecurity Lessons

by King & Spalding on

On Aug. 11, 2015, federal prosecutors in the District of New Jersey and the Eastern District of New York unsealed indictments against nine individuals in the U.S. and Ukraine who were allegedly involved in a five-year,...more

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

Structured Thoughts: News for the financial services community, Volume 6, Issue 5

by Morrison & Foerster LLP on

OCIE Issues Risk Alert Relating to Structured Note Sales - Earlier this year, the SEC’s Office of Compliance Inspections and Examinations (the “OCIE”) indicated branch offices and structured products as two of its...more

Brokers Beware: Will the SEC Extend New Cyber Guidance to Brokers and Investment Advisers?

by Snell & Wilmer on

Against the backdrop of a steady stream of cyber-attacks and data breaches, Securities and Exchange Commissioner Luis A. Aguilar recently spoke about his hope to expand upcoming SEC cyber security guidance, known as...more

Bridging the Week - July 2015 #2

Alleged Fictitious Sales to Facilitate Improper Money Pass Prompts CFTC Injunctive Action and Asset Freeze: The Commodity Futures Trading Commission filed a lawsuit in a federal court in Illinois against Yumin Li and Kering...more

A Few Takeaways from the OCIE Cybersecurity Examination Sweep Summary

by K&L Gates LLP on

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

Hackers Gonna Hack—FINRA’s Report on Cybersecurity Practices Assists Firms in Responding to Threats

On February 3, 2015 the Financial Industry Regulatory Authority (FINRA) released its long-awaited Report on Cybersecurity Practices, a broad overview of the state of play in the cybersecurity arena for broker-dealers....more

FINRA Conducting Cyber-Security Sweep Exam

by Burr & Forman on

Reacting in part to recent data-breaches and cyber-attacks on larger retailers, the Financial Industry Regulatory Authority (“FINRA”) is conducting a targeted examination of some 20 broker-dealer member firms’ compliance and...more

SEC Adopts Amendments Removing References to Credit Ratings from Exchange Act Rules Relating to Broker-Dealer Financial...

by Goodwin on

The SEC issued Release No. 34-71194 (the “Adopting Release”) adopting amendments under the Securities Exchange Act of 1934 (the “Exchange Act”) that remove references to credit ratings by ratings agencies (including...more

SEC Amends Financial Responsibility Rules for Broker-Dealers

by Morgan Lewis on

Amendments impact many aspects of broker-dealers' back-office operations and will require changes to a number of existing practices. On July 30, the Securities and Exchange Commission (SEC) adopted amendments to the...more

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Cybersecurity

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