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Privacy Legislation Floodgates Have Opened: Virginia Passes the Consumer Data Protection Act

Virginia has become the latest state to pass comprehensive privacy legislation as its legislature voted to enact SB 1392, known as the Consumer Data Protection Act (the "Act"). Although many other states have proposed privacy...more

U.S.'s First Cyber Insurance Risk Framework Issued by New York Department of Financial Services

New York remains extremely active in the cybersecurity and data protection arena. As we have recently discussed, New York is considering a proposed privacy bill that would greatly enhance consumer privacy rights, increase...more

Proposed NY Privacy Bill Would Increase Business Obligations and Litigation/Enforcement Exposure for Businesses, Including...

While California understandably has received most of the attention given its recent passage of the California Privacy Rights Act (CPRA), several other states continue to move forward with consideration of their own privacy...more

Faster and More Comprehensive Breach Notification Requirements Proposed for Banks

The Office of the Comptroller of the Currency (OCC), the Federal Reserve Board (FRB), and the Federal Deposit Insurance Company (FDIC), have issued a notice of proposed rulemaking (Proposed Rule) that would require a banking...more

The Year Ahead: Privacy and Cybersecurity Issues Facing Financial Institutions in 2021

The financial services industry faced unprecedented cybersecurity and privacy challenges in 2020. From learning how to operate with a remote workforce, dealing with a complex and evolving regulatory environment, facing an...more

New Ransomware Advisories from OFAC and FinCEN Create Additional Challenges for Financial Institutions

Both the Office of Foreign Assets Control (OFAC) and the Financial Crimes Enforcement Network (FinCEN) of the U.S. Department of Treasury have issued advisories recently regarding regulatory considerations financial...more

How California's New(er) Privacy Legislation Will Affect U.S. Businesses

While most of us have been understandably focused on the presidential election, the State of California has passed significant new privacy legislation that may have a substantive impact on your business. Specifically,...more

OCC Issues Guidance on Safekeeping and Custody Services for Cryptocurrency

Late last month, the Office of the Comptroller of the Currency (OCC) issued an Interpretive Letter clarifying that national banks and federal savings associations are authorized to provide safekeeping and custody services for...more

Lessons Learned from the NYDFS First Cybersecurity Regulation Enforcement Action

Last week, the New York Department of Financial Services (NYDFS) filed its first enforcement action against a title insurance company (the company) alleging multiple violations of its Cybersecurity Regulation. New York's...more

Critical Guidance for Financial Institutions on Security Considerations for Cloud Computing Environments

On April 30, 2010, the Federal Financial Institutions Council (FFIEC) issued Guidance on the use of cloud computing services and security risk management principles in the financial services sector. The Guidance reminds...more

SEC Signals How Examinations Will Focus on Compliance with Reg BI and Form CRS

The countdown to June 30, 2020 is on – the deadline by which broker-dealers with retail customers must comply with Regulation Best Interest (Reg BI), and broker-dealers and investment advisers must comply with Customer...more

Cybersecurity Preparedness: Standardization is Key

On August 28, 2019, the Federal Financial Institutions Examination Council (FFIEC) issued a press release encouraging organizations to utilize a standardized approach to assess and improve cybersecurity preparedness. ...more

SEC Issues Risk Alert on Regulation S-P

It should not be surprising to anyone that cybersecurity and data protection remain top priorities for regulators of the financial services industry. Indeed, cybersecurity has been regularly identified as a key priority by...more

SEC & FINRA: Shared Regulatory Priorities for 2019

Each year, both the United States Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA) issue guidance concerning their regulatory priorities for the coming year. ...more

Public Company Cybersecurity Disclosures: The SEC Means What It Says

On April 24, 2018, the U.S. Securities and Exchange Commission (SEC) fined Altaba Inc. – formerly known as Yahoo – $35 million for failing to disclose a substantial data breach and cyberattack that occurred in December 2014....more

SEC & FINRA: Shared Regulatory Priorities for 2018

Each year, both the United States Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA) issue guidance concerning their regulatory priorities for the coming year. This year, FINRA...more

SEC Expands Cybersecurity Guidance: All Public Companies Must Take Note

On February 21, the U.S. Securities and Exchange Commission (SEC) issued interpretive guidance (the "Guidance") to public companies updating and expanding on the SEC Staff's prior cybersecurity guidance that was released in...more

Supreme Court Deals Major Blow to SEC Disgorgement Claims in Kokesh

The U.S. Securities and Exchange Commission (SEC) may now only collect disgorgement from defendants within five years of filing suit. On June 5, the United States Supreme Court ruled unanimously that the five-year statute of...more

SEC and FINRA Regulatory Priorities: Common Goals for 2017

Each year, both the United States Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA) issue guidance concerning their regulatory priorities for the coming year. This year, FINRA...more

Salman v. U.S.: More Questions than Answers?

The United States Supreme Court recently rendered a decision in Salman1 resolving a circuit split over whether the government prosecuting an insider trading case must show that the person giving an insider tip received...more

SEC, FINRA and the DOL Take Aim at Confidentiality Provisions in Firm Agreements

On October 24, 2016, the United States Securities and Exchange Commission (SEC)'s Office of Compliance Inspections and Examinations (OCIE) released an alert examining whistleblower rule compliance and the use of...more

New Requirements for Broker Recruitment

On December 16, 2015, the Financial Industry Regulatory Authority (FINRA) proposed Rule 2273 requiring brokers who move to a new firm to send an "educational communication" to customers they want to take with them, informing...more

SEC Amendments Require Advisers to Disclose More Information and Keep Additional Records

On August 25, 2016, the Securities and Exchange Commission (SEC) adopted amendments to Form ADV and to several rules under the Investment Advisers Act of 1940 (Advisers Act) (collectively, the Amendments). The SEC adopted the...more

New Fiduciary Duty Rule: What You Need to Do Now

On April 6, 2016, the U.S. Department of Labor (DOL) released its Final Fiduciary Duty Rule. The effective date for the rule is June 7, 2016, which is 60 days after its Federal Register publish date of April 8. The rule takes...more

OCC Issues White Paper on "Responsible Innovation"

On March 31, 2016, the Office of the Comptroller of the Currency (OCC) issued a white paper on the growing intersection between financial services and technology. The OCC stated that "[w]hile banks continue to innovate, rapid...more

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