News & Analysis as of

Securities and Exchange Commission (SEC) Safeguards Rule

Troutman Pepper

Navigating Emerging Privacy Issues in Financial Services — The Consumer Finance Podcast

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In this episode of The Consumer Finance Podcast, Chris Willis is joined by privacy Partner Kim Phan and Rami Haddad, deputy general counsel at PRA Group. This episode delves into a range of emerging privacy issues impacting...more

Morrison & Foerster LLP

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

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

Mayer Brown

SEC Adopts Amendments to Regulation S-P

Mayer Brown on

On May 15, 2024, the U.S. Securities and Exchange Commission (“SEC”) adopted amendments (the “Amendments”) to Regulation S-P under the Securities Exchange Act of 1934 (the “Exchange Act”), which governs the treatment of...more

WilmerHale

Potential Impact of the SEC’s Rulemaking Agenda on Crypto

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The current SEC administration has expressed the view that most crypto assets are offered and sold as securities and has proposed several rules that address “digital asset securities” or “crypto asset securities.” In this...more

Goodwin

2023 Year in Review: Data Privacy and Cybersecurity

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Welcome to the Data Privacy and Cybersecurity chapter of our annual report Consumer Financial Services 2023 Year in Review. Looking Ahead to 2024 - Amendments to key rules and regulations will take effect in 2024,...more

WilmerHale

Year in Review: The Top 10 US Data Privacy Developments From 2023

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2023 marked a pivotal moment in US data privacy and cybersecurity, characterized by substantial regulatory and legislative advances at the international, federal, and state levels. The Federal Trade Commission (FTC) took a...more

Bradley Arant Boult Cummings LLP

Federal Government Continues Its Big Push for Cybersecurity with SEC Action Against SolarWinds and Its CISO

On October 30, 2023, the Securities and Exchange Commission (SEC) announced a civil suit against SolarWinds and their chief information security officer (CISO) for fraudulent cybersecurity information. The SEC claims that...more

Husch Blackwell LLP

Federal Trade Commission Amends GLBA’s Safeguards Rule

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Key Point: The Federal Trade Commission (FTC) has amended the Safeguards Rule to require non-banking financial institutions to inform the FTC within 30 days of discovering any unauthorized acquisition of unencrypted customer...more

J.S. Held

Crosscurrents: California’s Senate Bill 253 Mandates Carbon Reporting for Large Companies

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Meta Description: California’s Senate Bill 253 introduces mandatory climate disclosure requirements for large companies. Learn about emissions reporting and how Bill 253 leads the way into environmental accountability....more

Seward & Kissel LLP

SEC Reopens Comment Period for Proposal on New Safeguarding Rule for Investment Advisers

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Who may be interested: Investment Advisers. Quick Take: The SEC recently reopened the comment period for proposed rule changes that would amend and redesignate Rule 206(4)-2 under the Advisers Act (the “Current Custody...more

Bradley Arant Boult Cummings LLP

Complying With the FTC's Amended Safeguards Rule

Cybersecurity is a looming threat for most businesses. The impact of a major cyber event can resonate for weeks, months, and even years after the initial attack. To mitigate the risks to consumers, there have been several...more

Goodwin

FinCEN and the U.S. Department of Commerce’s BIS Issues Supplemental Alert Urging Continued Vigilance for Potential Russian Export...

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On May 19, FinCEN and BIS issued an alert urging financial institutions to watch for attempts to evade export controls imposed on Russia. The alert focuses on ongoing federal initiatives to limit Russian access to technology...more

Goodwin

Our Comments on the SEC’s Proposed Safeguarding Rule

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On February 16, 2023, we circulated a client alert, “SEC Proposes Radical Transformation of Custody Rule Into New Safeguarding Rule,” concerning the proposed significant transformation of Rule 206(4)-2 (the Custody Rule)...more

Dechert LLP

SEC Proposes Robust Amendments to Regulation S-P

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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

Goodwin

SEC to Impose Significant New Privacy and Cybersecurity Rules for BDs, RIAs, TAs, and Mutual Funds

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The SEC continues its overhaul of cybersecurity, cyber incident reporting, and privacy controls and requirements for industry registrants, their services providers, and corporate America generally. On March 15, 2023, the SEC...more

ArentFox Schiff

SEC Proposes Safeguarding Rule Amending Custody Rule

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The US Securities and Exchange Commission (SEC) released a proposal to amend Rule 206(4)-2, the “custody rule” (the “current rule”), which currently requires all investment advisors with the ability to possess client funds...more

Holland & Knight LLP

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

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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

Tannenbaum Helpern Syracuse & Hirschtritt LLP

How the SEC’s Proposed New Safeguarding Rule May Impact Private Fund Advisers

On February 15, 2023, the U.S. Securities and Exchange Commission (“SEC”) issued a proposed rule (the “Proposal”) under the Investment Advisers Act of 1940 (the “Advisers Act”), which would (i) amend certain provisions of the...more

Lowenstein Sandler LLP

SEC Proposes to Redesignate Custody Rule as New Safeguarding Rule Under the Investment Advisers Act

On February 15, the Securities and Exchange Commission (“SEC”) issued a rule release (“Release” or “Proposal”) that proposes new Rule 223-1 (“Safeguarding Rule”) under the Investment Advisers Act of 1940, as amended...more

Hogan Lovells

SEC proposes overhaul of ‘custody rule’ to include all assets as part of new ‘safeguarding rule’

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The U.S. Securities and Exchange Commission (SEC) proposed broad changes to Advisers Act Rule 206(4)-2, popularly known as the “custody rule,” on February 15, 2023. The amendments would create a new Rule 223-1 that would...more

Perkins Coie

SEC Spotlights Crypto With New “Safeguarding Rule” Proposal

Perkins Coie on

On February 15, 2023, the U.S. Securities and Exchange Commission (SEC) published sweeping and controversial proposed amendments to Rule 206(4)-2 (Custody Rule) under the Investment Advisers Act of 1940 (Advisers Act). Last...more

Goodwin

Digital Asset Custody and the SEC’s Proposed Safeguarding Rule: Significant Potential Implications and Unanswered Questions

Goodwin on

On February 15, 2023, the Securities and Exchange Commission (SEC) released a proposed rulemaking (the Proposal) that would transform existing Rule 206(4)-2 (the Custody Rule) under the Investment Advisers Act of 1940 (the...more

Seward & Kissel LLP

SEC Proposes New Safeguarding Rule for Investment Advisers

Seward & Kissel LLP on

Quick Take: The SEC recently proposed rule changes that would amend and redesignate Rule 206(4)-2 under the Advisers Act (the “Current Custody Rule”) and amend certain recordkeeping and reporting requirements. The proposals...more

Seward & Kissel LLP

The New Whopper: SEC Proposes New Safeguarding Rule Which Would Have Significant Impact on Advisers That Engage with...

Seward & Kissel LLP on

Just days after a flurry of crypto-related enforcement actions, the SEC voted to propose the new “Safeguarding Rule” under the Advisers Act, a whopper of a rule proposal which would amend and replace the current Custody Rule...more

Foley & Lardner LLP

SEC Proposed Safeguarding Rule

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On February 15th 2023, the Securities and Exchange Commission (the “SEC”, or the “Commission”) proposed a new safeguarding rule. Comments must be received by the SEC on or before 60 days after the rule’s publication in the...more

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