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Insurance Commissions Approve Data Security Model Law

The National Association of Insurance Commissioners (NAIC) has approved its draft of the Insurance Data Security Model Law (Model Law) via a meeting of its Executive and Plenary Committees. This important development follows...more

Compliance With New York’s Cybersecurity Regulation 23 NYCRR Part 500

On March 1, 2017, New York’s Cybersecurity Regulation (23 NYCRR Part 500) became effective. The regulation is the first of its kind in the nation and requires certain companies, including banks, insurance companies and other...more

Key Regulatory Topics: Weekly Update - 20 October 2017 – 26 October 2017

by Allen & Overy LLP on

BREXIT - Brexit – HoC Treasury Committee launches inquiry into UK's economic relationship with the EU - On 20 October, the HoC Treasury Committee launched an inquiry into the UK's economic relationship with the EU. The...more

SEC Cautions on Use of Distributed Ledger/Blockchain Technology to Raise Capital

by Carlton Fields on

In July, the SEC issued a report addressing the applicability of U.S. federal securities laws to the offer and sale of securities by "virtual corporations or capital raising entities that use distributed ledger or blockchain...more

NAIC Cybersecurity Working Group Votes to Approve Insurance Data Security Model Law

by Carlton Fields on

The National Association of Insurance Commissioners (NAIC) Cybersecurity (EX) Working Group (Cybersecurity WG) approved Version 6 (Finalized) of its Insurance Data Security Model Law (Model) on August 7 at the NAIC Summer...more

Financial Regulatory Observer - September 2017: Cybersecurity: Regulators show their teeth

by White & Case LLP on

New formal cybersecurity standards covering US financial institutions could have ramifications that reach far beyond New York. US regulators usually issue cybersecurity guidance instead of regulator standards and...more

New York DFS Cybersecurity Regulation Update: Lots Left To Do

by Locke Lord LLP on

Insurance companies and producers, banks, lenders and others licensed by the New York Department of Financial Services (DFS) have already had to comply with several of the requirements of the new DFS Cybersecurity Regulation,...more

New York DFS Tightens Cybersecurity Gaps

by Carlton Fields on

Equifax takes no deposits and makes no loans, but New York now says that it, as well as all other consumer reporting agencies, must protect consumer data to the same degree as banks and other financial institutions. On...more

Equifax Data Suppliers Urged by DFS to Give Hack “Highest Degree of Attention”

Yesterday, New York’s top financial regulator asked state-chartered banks and insurers to take immediate precautions to protect consumers and the financial markets “in light of the cybersecurity attack” at Equifax Inc....more

NAIC Cybersecurity Progress

by Locke Lord LLP on

On August 7, 2017, the NAIC’s Cybersecurity (EX) Working Group met in its continuing effort to develop a model cybersecurity law for the insurance industry. This effort, which commenced over a year ago, has taken a new...more

New York DFS Cyber Rules Go Live: Here’s Your Roadmap

by Orrick - Trust Anchor on

August 28, 2017 marks the end of the initial 180-day grace period for compliance under the New York Department of Financial Services’ “first-in-the-nation” cybersecurity regulations (the “Rules”). The initial regulations...more

Blockchain Technology: Inevitable Disruption or Inflated Hype?

by Carlton Fields on

The virtual currency Bitcoin has gained notoriety and intrigued entrepreneurs, finance magnates and governments. Lauded and criticized for its ability to offer relatively fast, inexpensive and nearly anonymous transactions,...more

Deadline to Meet DFS Cyber Regulation Is Monday

Banks, insurance companies and other financial institutions have only a few days left to comply with the first wave of requirements under New York’s controversial new cybersecurity regulation....more

Deadline to Comply with New York's Cybersecurity Regulation Is Approaching

by Jones Day on

For entities regulated by the New York Department of Financial Services, the deadline for complying with the new Cybersecurity Requirements for Financial Services Companies, 23 NYCRR Part 500, is Monday, August 28, 2017. To...more

Are You Ready for the New York August 28th Compliance Deadline?  

If you are one of the many businesses licensed by the New York Department of Financial Services (DFS), and cannot avail yourself of the (very) limited exemptions, you must be ready for the first compliance transition date for...more

DFS Cyber Regulation Countdown: Who Should Certify Compliance?

Companies subject to New York’s Department of Financial Services (DFS) new cybersecurity regulation should be preparing to comply with the first round of requirements by the upcoming August 28th deadline: enacting a...more

A Guide to NYDFS Cybersecurity Regulations’ August 28 Implementation Deadline

by Hogan Lovells on

As a follow-up to our previous reports (December 30, 2016 Alert; February 24, 2017 Alert) regarding the cybersecurity regulations issued by the New York State Department of Financial Services (NYDFS), we would like to remind...more

Forging ahead: US M&A H1 2017: Fintech forces the fate of US financials

by White & Case LLP on

Banks and insurers turn to M&A, as technology transforms how financial services are purchased and used - The financial services sector recorded 212 deals worth US$38.6 billion in H1 2017, a 42.4 percent uptick in value...more

What Is so Important About Blockchain?

by Carlton Fields on

It seems everyone today is talking about blockchain and cryptocurrencies. In this podcast, you're going to hear from David Adams, Matthew Kohen, and Justin Wales, who consult on these exciting emerging technologies....more

Special Purpose National Bank Charter for FINTECH Firms

by Carlton Fields on

The office of the Comptroller of the Currency (OCC) published a draft supplement to its licensing manual, to define and tailor the requirements for FINTECH companies that apply for special purpose national bank charters. This...more

FINRA Issues New Guidance on Social Media and Digital Communications

by Carlton Fields on

In April, FINRA issued Regulatory Notice 17-18, which reiterates previous rules and provides additional guidance regarding the application of several key rules governing communications with the public to digital...more

Blockchain: The Policyholder Plan for Smart Insurance Policies

Insurers’ exploration of distributed ledger technology (DLT), commonly referred to as blockchain, continues to expand. Last month, AIG announced a partnership with IBM and Standard Chartered Bank P.L.C. to test a “smart...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

Holland & Knight's Inaugural Israel Practice Newsletter - July 2017

by Holland & Knight LLP on

...We invite you to read our inaugural Israel Practice newsletter, in which our authors discuss pertinent American-Israeli topics. As Israel has been a crossroads and a prolific source of new ideas for more than 3,000 years,...more

NYDFS Makes Inquiry into Life Insurers’ Use of Algorithmic Underwriting

On June 29, 2017, the New York Department of Financial Services (NYDFS) issued an information request pursuant to Section 308 of the New York Insurance Law addressed to all life insurers and fraternal benefit societies...more

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