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SEC Guidelines on Public Company Cybersecurity Disclosures

by Lane Powell PC on

On February 21, the Securities and Exchange Commission (SEC) published interpretive guidance concerning cybersecurity disclosures for public companies. The new guidance reinforces companies’ existing obligations to disclose...more

Issuers of Tokens Beware: Class Action Lawsuits Are Coming

by Polsinelli on

Initial Coin Offerings, or ICOs, were an extremely popular way of raising capital in exchange for crypto tokens in 2017 and have led to class action litigation in 2017 and 2018. While ICOs have been around since 2013, they...more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

The Chinese government has seized control of Anbang Insurance Group, the formerly staid insurance conglomerate with a murky leadership structure that in recent years has amassed billions in debt through a global acquisition...more

U.S. Securities and Exchange Commission Updates Cybersecurity Disclosure Guidance - Agency Continues to Prioritize Cybersecurity...

by Holland & Knight LLP on

• The U.S. Securities and Exchange Commission (SEC) released, on Feb. 21, 2018, updated guidance regarding public company cybersecurity disclosures. The guidance updates the Commission's 2011 non-binding guidance and...more

Blockchain and Quantum Computing

2018 promises great inroads in the realm of “quantum computing.” While conventional computers use binary data or bits (i.e., 0s and 1s) to store and process information (a bit can either store a 0 or 1), a quantum computer...more

Cybersecurity: FINRA Guidance through 2018 Priorities and Recent Exam Findings

by McGuireWoods LLP on

The Financial Industry Regulatory Authority (FINRA) is ramping up on their commitment to assist the industry in its cybersecurity compliance efforts. Recent guidance to the industry from FINRA includes: - an Examination...more

New York State Department of Financial Services Issues Guidance to Virtual Currency Entities

On February 7, 2018, the New York State Department of Financial Services (“DFS”) issued guidance for all virtual currency entities licensed by New York State regarding the prevention of market manipulation, fraud, and other...more

Four Blockchain Technology Bills Proposed by New York Assemblyman

New York Assemblyman Clyde Vanel has introduced proposals in the state legislature for four laws which, if passed, could transform how the State of New York interacts with and views blockchain technology. The first...more

Virtual Currency Tax Consequences

by Carlton Fields on

A growing number of startups are offering virtual currencies to investors through initial coin offerings (ICOs) as a way to raise capital, often with little or no awareness of the tax consequences of their actions....more

Cybersecurity Guidance Issued

We had previously reported on a Securities and Exchange Commission open meeting that had been scheduled for today, Febuary 21, 2018. The open meeting was cancelled. ...more

HaoBao Malware Hitting Banks Scans for Bitcoin Activity

Lazarus, the well-known hacking group responsible for the WannaCry ransomware attack from last year, as well as the attack on the Bangladesh Central Bank and Sony, is now targeting global financial firms and Bitcoin adopters...more

Between Bridges, Featuring Topics on Cybersecurity, Cryptocurrencies and Compliance

Last week, a futures commission merchant settled an enforcement action brought by the Commodity Futures Trading Commission, claiming that it failed to supervise a third-party technology provider it engaged to implement...more

Global Ambitions for the FCA’s Sandbox

by Latham & Watkins LLP on

The FCA seeks industry feedback to capitalise on global regulatory sandbox trend. The regulatory sandbox was pioneered by the Financial Conduct Authority (FCA) back in November 2015 — a “safe space” in which businesses can...more

Further SEC action and guidance with respect to ICOs and cryptocurrencies

The SEC took two additional steps today in its regulation and oversight of the initial coin offering (“ICO”) and cryptocurrency markets. In the SEC’s latest action targeting an ICO, the SEC Enforcement Division’s new Cyber...more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

Walmart’s shares took a hit yesterday on Q4 results that showed slowing online sales and below-expected earnings despite a rise in revenue....more

U.S. House Subcommittee Holds Hearing On Cybersecurity In The Financial Industry

by King & Spalding on

On February 14, 2018, the U.S. House of Representatives Subcommittee on Financial Institutions and Consumer Credit of the Committee on Financial Services held a hearing entitled “Examining the Current Data Security and Breach...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

New York DFS Cybersecurity Certifications Due

The time has come for entities regulated by the New York Department of Financial Services to make their first certification of compliance with the regulator’s cybersecurity rules....more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

A quiet Monday appears to be leading to a busy Tuesday morning, with Qualcomm upping its bid for NXP (in a move that could help it fend off Broadcom) and Albertson’s looking to join forces with what’s left of Rite Aid Corp...more

Federal Lawmakers Consider Fintech

Federal lawmakers discussed financial technology at a recent hearing, with topics ranging from regulatory sandboxes to marketplace lending....more

Countdown to GDPR-Episode 1, Introduction to GDPR

by Thomas Fox on

Whether you are ready or not, the EU General Data Protection Regulation (GDPR) goes live on May 25, 2018. It will impact companies doing business in London as much as any other EU legislation. To help US companies prepare,...more

Do Your Cyber and D&O Policies Cover Emerging Exposures Arising Out Of The New NYDFS Cybersecurity Regulations?

by King & Spalding on

March 1, 2018 will mark one year since the effective date of the New York Department of Financial Services’ (“NYDFS”) cybersecurity regulations, which may signal a trend towards stricter industry-specific regulatory oversight...more

SEC Staff Announces 2018 OCIE Examination Priorities

by Proskauer Rose LLP on

Last week the staff of the Office of Compliance Inspections and Examinations (OCIE) of the SEC announced its 2018 examination priorities. The 2018 examination priorities include five thematic areas: (i) compliance and risks...more

Blockchain: Not Just A Platform For Cryptocurrency But A Potential Method For Protecting Trade Secrets And Other IP

Cryptocurrency has dominated the attention of the financial world for most of the past 12 months as Bitcoin’s value (as well as other cryptocurrencies’) soared over 1,500% in 2017 (though it has experienced some recent...more

Cryptocurrency and Money Laundering

by Sanford Millar on

In a recent enforcement action FinCEN, the Financial Crimes Enforcement Network levied an $8 million fine on a California card club for violation of the Anti-Money Laundering provisions of the Bank Secrecy Act. (“BSA”). One...more

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