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Administrative Agency Science, Computers & Technology Finance & Banking

Read need-to-know updates, commentary, and analysis on Administrative Agency issues written by leading professionals.

Federal Judge Rules Virtual Currencies Are Commodities Under the Commodity Exchange Act

On March 6, 2018, Judge Jack B. Weinstein of the U.S. District Court for the Eastern District of New York ruled that virtual currencies are commodities under the Commodity Exchange Act (CEA) and therefore subject to the...more

The President’s Budget and Shifting Policy on Prescription Drugs

On February 12, the Trump administration released the President’s Budget (or “the Budget”), outlining spending priorities for FY 2019. The Budget—though an important annual milestone and barometer of the administration’s...more

President Trump Sets Cybersecurity Funding Goals In Budget Proposal

by King & Spalding on

On February 12, 2018, President Trump released a budget proposal for fiscal year 2019 that includes requests for cybersecurity-related funding for the Department of Defense (“DOD”), Department of Homeland Security (“DHS”),...more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

More trouble for the embattled British PM Theresa May. We learned yesterday that Britain’s second-largest construction firm—Carillion—was forced into liquidation after amassing a staggering $1.35 billion in debt. The downfall...more

ML Strategies Outlook: Health Care

“We’re going to have to get back next year at entitlement reform, which is how you tackle the debt and the deficit” Paul Ryan, Speaker of the House. Happy New Year!?! - 2017 was an eventful year for health care, and...more

With Zenefits Settlement Award SEC Demonstrates Continued Commitment to “Unicorn” Scrutiny Despite Administration Change: Same Old...

Last week the SEC announced it had reached an agreement with privately-held company Zenefits, and its co-founder and former CEO Parker Conrad, to settle allegations that Zenefits materially misled Series B and C investors....more

President's Executive Order on Cybersecurity: Impact on Banks Unclear

President Donald Trump has signed an executive order addressing cybersecurity. But for financial institutions, is the executive order much ado about nothing? Not exactly....more

Curry Defends OCC's Fintech Charter, New York's DFS Sues

Stepping down as the leader of the Office of the Comptroller of the Currency (OCC), Thomas J. Curry highlighted the efforts of the agency to encourage financial innovation, particularly the agency's decision to grant fintech...more

US Comptroller of the Currency Discusses Fintech

by Shearman & Sterling LLP on

US Comptroller of the Currency Thomas Curry provided remarks describing actions the OCC has taken to meet the needs of all types of consumers, businesses and communities in the US. Specifically, he described a new department...more

Swimming in dark pools

by DLA Piper on

NZX has published its regulatory agenda for 2017 setting out its regulatory priorities and resourcing, and the outcomes it seeks to achieve over the coming year. In both the 2016 and 2017 regulatory agendas, NZX has flagged...more

Surviving Alice in the Finance Arts

by Fenwick & West LLP on

The U.S. Supreme Court’s 2014 decision in Alice Corp. v. CLS Bank (“Alice”)[i] has had a dramatic impact on the allowability of computer implemented inventions, especially in the finance arts (e.g. insurance, banking, etc.). ...more

DFS Announces “Updated” Cybersecurity Regulation

Yesterday, the New York Department of Financial Services (DFS) announced an “updated” cybersecurity regulation that will go into effect on March 1, 2017. The updated regulation is, in many respects, less stringent than the...more

Major Security Breach Reported to Congress By Federal Bank Regulator

by Nossaman LLP on

Recently, the Office of the Comptroller of the Currency (OCC) informed Congress that it had suffered a major information security incident. The agency reported that, in November 2015, a former employee downloaded over...more

What Happens When My Company Receives a National Security Letter? A Primer

by Orrick - Trust Anchor on

Even today, most companies—even technology companies—do not think they have information that the U.S. Government wants or needs, particularly as it might relate to a national security investigation. The reality is that as...more

Shortridge v. Foundation Construction Payroll Service, LLC (Fed. Cir. 2016)

Douglas M. Shortridge, the named inventor of U.S. Patent No. 8,744,933, sued Foundation Construction Payroll Service, LLC ("Foundation") for infringement thereof in the U.S. District Court for the Northern District of...more

New Appointment Underscores SEC’s Focus on Cybersecurity Threats

On June 2, 2016, the SEC announced the appointment of Christopher Hetner as Senior Advisor to the Chair for Cybersecurity Policy. Hetner, who was formerly the Cybersecurity Lead for the Technology Control Program within the...more

The SEC’s Return to Accounting Fraud Enforcement

by Michael Volkov on

Just like the ups and downs of the business cycle, SEC enforcement of accounting fraud cases follow an up and down trend as well. For example, during the financial crisis, SEC enforcement of accounting fraud cases took a back...more

FINRA’s Cancelled CARDS

by Burr & Forman on

A little over one year ago, the Financial Industry Regulatory Authority (FINRA) announced a proposal to increase substantially its collection of brokerage data. That proposal, named the Comprehensive Automated Risk Data...more

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

Response Plan Rewind: The Essentials of Data Breach Response Plans

From the financial sector to the healthcare industry, and even the security business itself, hackers are creeping their way into business data systems and pilfering personal information. For financial institutions, security...more

Virtual Currencies are Getting Attention from Industry and Bank Regulators

by Sherman & Howard L.L.C. on

Virtual currencies such as Bitcoin, once a novel means of exchange, have become so commonplace that in May of this year the New York Stock Exchange created a first-of-its-kind index (the “Index”) representing the U.S. dollar...more

Upper Tribunal Criticises FCA's Approach To Publicising Decision Notices

by Allen & Overy LLP on

We consider here the decision of the Upper Tribunal (Tax and Chancery Chamber) in Bayliss & Co (Financial Services) Limited and Clive John Rosier v the Financial Conduct Authority [2015] UKUT 0265 (TCC) in which the tribunal...more

NYDFS Releases Final Rules for Licensing Virtual Currency Businesses in New York

by Morgan Lewis on

After multiple proposals and significant industry comment, the NYDFS has released a final “BitLicense” framework that establishes a comprehensive licensing and regulatory regime for New York businesses engaged in activities...more

Lost, Unencrypted Laptop Leads FINRA to Fine a Broker-Dealer $225,000 for Violating Reg S-P

by BakerHostetler on

With the recent focus by the SEC and FINRA on cybersecurity for broker-dealers and investment advisers as a backdrop, FINRA recently brought and settled an enforcement action under SEC Regulation S-P against broker-dealer...more

Ripple Labs Fined $700,000 Over Bank Secrecy Act Violations: Lessons Learned from FinCEN’s first Civil Enforcement Action Against...

by Reed Smith on

On May 5, 2015, the Financial Crimes Enforcement Network (“FinCEN”) fined Ripple Labs Inc. (“Ripple Labs”) and its wholly owned subsidiary XRP Fund II LLC (“XRP II”) $700,000 for violations of the Bank Secrecy Act (“BSA”)....more

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