Financial Services Weekly News: Regulators Prepare for End of LIBOR

Goodwin

REGULATORY DEVELOPMENTS

NY Department of Financial Services Seeks Assurances for LIBOR Preparedness

On December 23, DFS issued a letter to financial institutions regulated by the DFS to seek assurance that regulated institutions’ boards of directors, or the equivalent governing authorities, and senior management fully understand and have assessed the risks associated with LIBOR cessation, have developed an appropriate plan to manage them, and have initiated actions to facilitate transition. The letter reminded institutions that trillions of dollars in credit, derivatives, and securities transactions are linked to LIBOR, and that the cessation of LIBOR by the end of 2021, and transition to the Secured Overnight Financing Rate (SOFR) in 2020, will have a significant impact on such institutions as well as the broader market. DFS warned that the likely cessation of LIBOR poses significant risks if not appropriately managed. Therefore, DFS requires that each regulated institution submit a response to DFS describing the institution’s plan to address its LIBOR cessation and transition risk. The plan should describe (1) programs that would identify, measure, monitor and manage all financial and non-financial risks of transition, (2) processes for analyzing and assessing alternative rates, and the potential associated benefits and risks of such rates both for the institution and its customers and counterparties, (3) processes for communications with customers and counterparties, (4) a process and plan for operational readiness, including related accounting, tax and reporting aspects of such transition, and (5) the governance framework, including oversight by the board of directors, or the equivalent governing authority, of the regulated institutions. Financial institutions regulated by DFS must submit their assurances regarding LIBOR preparedness to DFS before February 7, 2020.

CFTC Issues Three No-Action Letters to Facilitate Swaps Market Transition From LIBOR to SOFR

On December 18, the CFTC issued three important no-action letters to provide relief to swap dealers and other market participants as part of the industry-wide initiative to transition legacy swaps that reference LIBOR to new swaps that reference alternative benchmarks, including SOFR, the preferred alternative benchmark for U.S. dollar LIBOR contracts. Each of the CFTC’s no-action letters set forth conditions under which counterparties will qualify for relief in connection with amending swap transactions to update provisions referencing LIBOR, or other interbank offered rates, to replacement rates such as SOFR and other alternative benchmarks.

To prepare for the possible permanent cessation of LIBOR, and in order to facilitate the adoption of SOFR, market participants are expected to (1) amend swaps to include new fallback provisions for when LIBOR is discontinued, (2) amend swaps to replace LIBOR with SOFR and (3) potentially enter into new swaps to hedge the basis risk between legacy rates and new rates. When swap dealers and other market participants amend legacy swap transactions or enter into new swap transactions, such amendments or new trades trigger the application of a wide range of rules adopted by the CFTC pursuant to Title VII of the Dodd-Frank Act. If market participants had to comply with the rules imposed under Title VII, it could jeopardize the industry-wide effort to efficiently transition away from LIBOR. The CFTC’s no-action letters provide relief from the requirements that would otherwise be applicable as a result of the expected swap amendments. To provide the necessary relief, the separate divisions issued the no-action letters.

  • The Division of Swap Dealer and Intermediary Oversight issued CFTC Letter 19-26, which provides relief to swap dealers from registration de minimis requirements, uncleared swap margin rules, business conduct requirements, confirmation, documentation, and reconciliation requirements, and certain requirements applicable to commercial end-user counterparties.
  • The Division of Market Oversight CFTC issued CFTC Letter 19-27, which provides time-limited relief from the swap execution facility trade execution requirement.
  • The Division of Clearing and Risk CFTC issued CFTC Letter 19-28, which provides time-limited relief from the swap clearing requirement and related exceptions and exemptions.

As previously reported in the Roundup, CFTC Chairman Heath Tarbert had already notified market participants that the CFTC would publish series of no-action letters in Chairman Tarbert’s recent speech regarding “Zombie LIBOR” issues on December 11. Upon announcing the CFTC’s no-action letters, Chairman Tarbert said, “I am pleased that the CFTC is one of the first agencies out of the gate to provide LIBOR-transition relief. This is a testament to the hard work of our dedicated staff and our commitment to providing market participants with clarity.” Chairman Tarbert also reminded market participants that “next year is going to be crucial for the transition away from LIBOR. Firms that fail to do so will put themselves and the global financial system at risk. The CFTC remains committed to working with market participants and our fellow regulators on this critical issue.”

SEC’s OCIE Announces 2020 Examination Priorities

On January 7, the SEC’s OCIE announced its 2020 examination priorities for its national exam program. These priorities provide insight into areas where the OCIE intends to focus during the coming year, but they do not necessarily encompass all of the areas that will be covered in its examinations. The general categories for the 2020 examination priorities are: (1) matters of importance to retail investors, including disclosures pertaining to fees and expenses that investors pay, and conflicts of interest; (2) information security; (3) financial technology and innovation, including digital assets and electronic investment advice (often referred to as “robo-advisers”); (4) focus areas relating to registered investment advisers (RIAs), including new RIAs that have never been examined, investment companies, broker-dealers and municipal advisors; (5) anti-money laundering programs; (6) compliance and risks at entities responsible for critical market infrastructure, such as clearing agencies, national securities exchanges, alternative trading systems and transfer agents; and (7) the operations of the Financial Industry Regulatory Authority (FINRA) and the Municipal Securities Rulemaking Board.

As compared to last year, the OCIE’s priorities have largely remained consistent, with one notable development pertaining to the SEC’s adoption of Regulation Best Interest: the Broker-Dealer Standard of Conduct and new Form CRS Relationship Summary and release of its Interpretation Regarding Standard of Conduct for Investment Advisers in June 2019. To further assist broker-dealers before the June 30, 2020 compliance date, the OCIE notes that it plans to engage with broker-dealers during examinations on their progress on implementing the new rules. After the compliance date, the OCIE intends to assess implementation of the requirements of Regulation Best Interest, including policies and procedures regarding conflict disclosures, and for both broker-dealers and RIAs, the content and delivery of Form CRS. In addition, in light of SEC-registered firms’ and other market participants’ transition away from LIBOR, a widely used reference rate in a number of financial instruments, to an alternative reference rate, the OCIE noted that it will be reviewing firms’ preparations and disclosures regarding their readiness, particularly in relation to the transition’s effects on investors.

SEC Proposes to Codify Certain Consultations and Modernize Auditor Independence Rules

On December 30, the SEC announced that it is proposing amendments to Rule 2-01 under Regulation S-X to codify certain staff consultations and modernize certain aspects of its auditor independence framework. The proposed amendments primarily focus on fact patterns presented to SEC staff through consultations that involve a relationship with, or services provided to, an entity that has little or no relationship with the entity under audit, and no relationship to the engagement team conducting the audit. In particular, the SEC proposes to amend the definition of an affiliate of the audit client to address certain affiliate relationships in common control scenarios and the definition of investment company complex, shorten the look-back period for domestic first-time filers in assessing compliance with the independence requirements, add certain student loans and de minimis consumer loans to the categorical exclusions from independence-impairing lending relationships, replace the reference to “substantial stockholders” in the business relationship rule with the concept of beneficial owners with significant influence, introduce a transition framework for merger and acquisition transactions to consider whether an auditor’s independence is impaired, and make certain other updates. The proposed amendments are subject to public comment for 60 days after publication in the Federal Register.

Goodwin Alert: SEC Proposes to Expand and Update Accredited Investor and Qualified Institutional Buyer Definitions

The SEC has approved proposed amendments to the definitions of “accredited investor” and “qualified institutional buyer” (QIB). If approved, the proposed amendments would expand investor access to private capital markets by adding new categories of natural persons and entities that may qualify as accredited investors or QIBs. The proposed amendments are subject to public comment for 60 days after publication in the Federal Register. To learn more, read the client alert issued by Goodwin’s Public Companies practice.

SEC Publishes Guidance on Confidential Treatment Applications Submitted Pursuant to Rules 406 and 24b-2

The staff of the SEC Division of Corporation Finance has published “Confidential Treatment Applications Submitted Pursuant to Rules 406 and 24b-2,” Disclosure Guidance Topic No. 7, which updates and replaces the prior guidance in Staff Legal Bulletin 1 (1997) and Staff Legal Bulletin 1A (2001). In March 2019, the SEC adopted amendments to the exhibit requirements in Item 601(b) of Regulation S-K that permit companies to file redacted material contracts without having to provide the information to the SEC staff for review and apply for confidential treatment of the redacted information, as long as the redacted information is not material and would be competitively harmful if publicly disclosed. Although most companies now use this method to protect competitively sensitive information, the confidential treatment application process provided by Securities Act Rule 406 and Exchange Act Rule 24b-2 is still available, and in some cases is the only available method to protect confidential information in exhibits filed with the SEC. These include:

  • Extensions of previously-granted confidential treatment applications; and
  • Filings such as Schedule 13D or filings for which the exhibit requirements are governed by Item 1016 of Regulation M-A.

CF Disclosure Guidance Topic No. 7 provides updated guidance for companies on how and what they should submit when filing a confidential treatment application. This includes:

  • How to apply for confidential treatment, including instructions on filing the exhibit on EDGAR and the required contents and process for submitting the written application;
  • Guidance on the materiality of omitted information and excessive omissions;
  • The process that the staff follow when reviewing confidential treatment applications; and
  • The process for requesting extensions of previously-granted confidential treatment orders, including use of the short form application for an extension.

When seeking to extend previously-granted confidential treatment orders, companies should note that filing the redacted exhibit on EDGAR following the procedures provided by the 2019 amendments to Item 601(b) will not provide confidential treatment for previously filed information.

FED EXTENDS SAME-DAY ACH SERVICE

On December 23, the Board of Governors of the Federal Reserve System (Federal Reserve Board) approved (1) modifications to the Federal Reserve Banks’ National Settlement Service (NSS) and Fedwire® Funds Service to support enhancements to the same-day automated clearinghouse (ACH) service, (2) changes intended to reduce the risk that the modified service closings and cutoffs would increase the frequency of delays to the reopening of the Fedwire Funds Service, and (3) corresponding changes to the Federal Reserve Policy on Payment System Risk (PSR policy) related to a new posting time for transactions and an increased daylight overdraft fee. Specifically, the Federal Reserve Board has approved the following modifications and enhancements to be implemented in March 2021, which would accommodate Nacha's current effective date of March 19, 2021 for implementing the later same-day ACH window:

  • The National Settlement Service will close at 6:30 p.m. ET, one hour later than its current closing at 5:30 p.m. ET. The opening time for the National Settlement Service will remain at 7:30 a.m. ET.
  • The Fedwire Funds Service will close at 7 p.m. ET, 30 minutes later than its current cutoff at 6:30 p.m. ET. The Fedwire Funds third-party cutoff will occur at 6:45 p.m. ET, 45 minutes later than its current cutoff at 6 p.m. ET. The opening time for the Fedwire Funds Service will remain at 9 p.m. ET on the previous calendar day.
  • The Reserve Banks will modify their current practice of maintaining a two-hour window between the closing and the reopening of the Fedwire Funds Service to maintain only a 90-minute window.
  • The Reserve Banks will raise the threshold for granting extensions to the Fedwire Funds Service closing time from $1 billion to $3 billion. The Reserve Banks, in consultation with the Federal Reserve Board, will determine whether further increases to the threshold are warranted to maintain the regular and consistent opening of the Fedwire Funds Service at 9 p.m. ET.
  • The Federal Reserve Board is amending part II of the PSR policy to add a new 6 p.m. ET posting time for same-day ACH transactions, remove the current 5:30 p.m. ET posting time for ACH return transactions, and make conforming changes to the daylight overdraft fee calculation.

AGENCIES EXTEND COMMENT PERIOD FOR PROPOSED RULE TO AMEND SWAP MARGIN RULES

On December 20, the Federal Reserve Board, Federal Deposit Insurance Corporation (FDIC), Office of the Comptroller of the Currency, Farm Credit Administration and Federal Housing Finance Agency announced they will reopen and extend until January 23, 2020 the comment period on their September 17, 2019 proposal that would, as covered in the September 18, 2019 edition of the Roundup, amend the 2015 Swap Margin Rule to, among other things, remove the requirement for covered swap entities to collect initial margin from affiliates and promote an orderly transition away from LIBOR. The agencies extended the comment period to allow interested persons more time to analyze the issues and prepare their comments, which were originally due by December 9, 2019.

Agencies Extend Deadline on Request for Information on CAMELS Rating System

On December 20, the FDIC and the Federal Reserve Board announced that they will extend until February 28, 2020 the deadline on the request for information on their use of the Uniform Financial Institutions Rating System, also known as the CAMELS rating system. As covered in the October 23, 2019 edition of the Roundup, the agencies had, on October 18, 2019, requested comments on both the consistency of ratings assigned under the CAMELS rating system and how the agencies use CAMELS ratings in enforcement actions and in reviewing bank applications. The agencies extended the comment period to allow interested persons more time to analyze the issues and prepare their comments, which were originally due by December 30, 2019.

Massachusetts Regulators Hold First “Meet the Regulators” Event for Fintech Industry

On December 13, Massachusetts regulators held their first “Meet the Regulators” event, connecting key Massachusetts regulators with the Fintech community. At the event, Undersecretary Edward A. Palleschi from the Office of Consumer Affairs and Business Regulation, and regulators from the Division of Banks (DOB), the Division of Insurance (DOI), and the Massachusetts Securities Division (MSD) made introductions and presented on areas of the law in the Fintech space most recently garnering regulator attention.

The DOB noted the broad scope of Fintech activities, including algorithms, robo-advising, automation, and other innovative communication methods, identifying their supervisory focus on cybersecurity as well as initial due diligence, contract language, and ongoing monitoring involving third-party service providers. The DOB also acknowledged the breadth of its regulatory reach, which includes not only institutions taking deposits, but a variety of non-depository consumer financial service providers, such as mortgage, consumer finance, debt collection, money services businesses, and other lending and payment platforms.

 

The DOI encouraged innovators in the Insuretech space to engage with the DOI if there is a perceived roadblock or issue with a proposed, new service or product, as the DOI is interested in helping to find a path forward for innovations that benefit consumers and insurers.

The MSD discussed its Fintech Working Group, newly formed in March 2019 to facilitate listening, learning, and addressing issues of innovation and regulation in emerging Fintech. The MSD explained that because it defines a “security” as encompassing unconventional financial investments, innovators should carefully consider how their products or services might fall under existing regulatory regimes, including banking, insurance, or securities.

The Massachusetts regulators expressed their hope that this event would mark the first of a series of regular gatherings.

FTC and CFPB Host Workshop on Consumer Reporting Accuracy

On December 10, the Federal Trade Commission (FTC) and Consumer Financial Protection Bureau (CFPB) jointly hosted a workshop on accuracy in consumer reporting. The workshop was divided into four panels and featured a variety of speakers ranging from consumer advocates to industry representatives. Each panel sought to address the unique challenges, complexities, and recent developments that impact accuracy in consumer reports. Read the LenderLaw Watch blog post.

ENFORCEMENT & LITIGATION

Goodwin Alert: Second Circuit Ruling Could Significantly Affect How the Government Charges Insider Trading Cases

In a recent decision, the Second Circuit in ;United States v. Blaszczak may have made the prosecution of insider trading significantly easier by ruling that the government is not required to prove that an insider received any “personal benefit” in exchange for sharing material, nonpublic information with a trader when the crime is charged under the wire fraud and securities fraud statutes in Title 18 of the United States Code. This ruling establishes an explicit distinction between what the government must prove to convict defendants of insider trading charges brought under Title 18 rather than those charged under the Securities Exchange Act of 1934, found in Title 15 of the United States Code (Exchange Act). To learn more, read the client alert issued by Goodwin’s White Collar Defense practice.

FTC Settles With Operators of Debt Collection Scheme, Permanently Barring Defendants From Debt Collection

On December 11, the FTC announced it had reached a settlement with the remaining defendants in an enforcement action against multiple related companies and their controllers involved in an alleged phantom debt scheme in which the defendants pressured consumers into paying non-existent debts by threatening legal action and falsely claiming to be attorneys or affiliated with attorneys. Read the Enforcement Watch blog post.

CFPB Sued Over Prepaid Accounts Rule

On December 11, PayPal, Inc. filed suit against the CFPB in the District of Columbia, challenging the CFPB’s Prepaid Accounts Under the Electronic Fund Transfer Act (Regulation E) and the Truth in Lending Act (Regulation Z) Rule’s application to digital wallets. Read the LenderLaw Watch blog post.

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

© Goodwin | Attorney Advertising

Written by:

Goodwin
Contact
more
less

Goodwin on:

Readers' Choice 2017
Reporters on Deadline

"My best business intelligence, in one easy email…"

Your first step to building a free, personalized, morning email brief covering pertinent authors and topics on JD Supra:
*By using the service, you signify your acceptance of JD Supra's Privacy Policy.
Custom Email Digest
- hide

JD Supra Privacy Policy

Updated: May 25, 2018:

JD Supra is a legal publishing service that connects experts and their content with broader audiences of professionals, journalists and associations.

This Privacy Policy describes how JD Supra, LLC ("JD Supra" or "we," "us," or "our") collects, uses and shares personal data collected from visitors to our website (located at www.jdsupra.com) (our "Website") who view only publicly-available content as well as subscribers to our services (such as our email digests or author tools)(our "Services"). By using our Website and registering for one of our Services, you are agreeing to the terms of this Privacy Policy.

Please note that if you subscribe to one of our Services, you can make choices about how we collect, use and share your information through our Privacy Center under the "My Account" dashboard (available if you are logged into your JD Supra account).

Collection of Information

Registration Information. When you register with JD Supra for our Website and Services, either as an author or as a subscriber, you will be asked to provide identifying information to create your JD Supra account ("Registration Data"), such as your:

  • Email
  • First Name
  • Last Name
  • Company Name
  • Company Industry
  • Title
  • Country

Other Information: We also collect other information you may voluntarily provide. This may include content you provide for publication. We may also receive your communications with others through our Website and Services (such as contacting an author through our Website) or communications directly with us (such as through email, feedback or other forms or social media). If you are a subscribed user, we will also collect your user preferences, such as the types of articles you would like to read.

Information from third parties (such as, from your employer or LinkedIn): We may also receive information about you from third party sources. For example, your employer may provide your information to us, such as in connection with an article submitted by your employer for publication. If you choose to use LinkedIn to subscribe to our Website and Services, we also collect information related to your LinkedIn account and profile.

Your interactions with our Website and Services: As is true of most websites, we gather certain information automatically. This information includes IP addresses, browser type, Internet service provider (ISP), referring/exit pages, operating system, date/time stamp and clickstream data. We use this information to analyze trends, to administer the Website and our Services, to improve the content and performance of our Website and Services, and to track users' movements around the site. We may also link this automatically-collected data to personal information, for example, to inform authors about who has read their articles. Some of this data is collected through information sent by your web browser. We also use cookies and other tracking technologies to collect this information. To learn more about cookies and other tracking technologies that JD Supra may use on our Website and Services please see our "Cookies Guide" page.

How do we use this information?

We use the information and data we collect principally in order to provide our Website and Services. More specifically, we may use your personal information to:

  • Operate our Website and Services and publish content;
  • Distribute content to you in accordance with your preferences as well as to provide other notifications to you (for example, updates about our policies and terms);
  • Measure readership and usage of the Website and Services;
  • Communicate with you regarding your questions and requests;
  • Authenticate users and to provide for the safety and security of our Website and Services;
  • Conduct research and similar activities to improve our Website and Services; and
  • Comply with our legal and regulatory responsibilities and to enforce our rights.

How is your information shared?

  • Content and other public information (such as an author profile) is shared on our Website and Services, including via email digests and social media feeds, and is accessible to the general public.
  • If you choose to use our Website and Services to communicate directly with a company or individual, such communication may be shared accordingly.
  • Readership information is provided to publishing law firms and authors of content to give them insight into their readership and to help them to improve their content.
  • Our Website may offer you the opportunity to share information through our Website, such as through Facebook's "Like" or Twitter's "Tweet" button. We offer this functionality to help generate interest in our Website and content and to permit you to recommend content to your contacts. You should be aware that sharing through such functionality may result in information being collected by the applicable social media network and possibly being made publicly available (for example, through a search engine). Any such information collection would be subject to such third party social media network's privacy policy.
  • Your information may also be shared to parties who support our business, such as professional advisors as well as web-hosting providers, analytics providers and other information technology providers.
  • Any court, governmental authority, law enforcement agency or other third party where we believe disclosure is necessary to comply with a legal or regulatory obligation, or otherwise to protect our rights, the rights of any third party or individuals' personal safety, or to detect, prevent, or otherwise address fraud, security or safety issues.
  • To our affiliated entities and in connection with the sale, assignment or other transfer of our company or our business.

How We Protect Your Information

JD Supra takes reasonable and appropriate precautions to insure that user information is protected from loss, misuse and unauthorized access, disclosure, alteration and destruction. We restrict access to user information to those individuals who reasonably need access to perform their job functions, such as our third party email service, customer service personnel and technical staff. You should keep in mind that no Internet transmission is ever 100% secure or error-free. Where you use log-in credentials (usernames, passwords) on our Website, please remember that it is your responsibility to safeguard them. If you believe that your log-in credentials have been compromised, please contact us at privacy@jdsupra.com.

Children's Information

Our Website and Services are not directed at children under the age of 16 and we do not knowingly collect personal information from children under the age of 16 through our Website and/or Services. If you have reason to believe that a child under the age of 16 has provided personal information to us, please contact us, and we will endeavor to delete that information from our databases.

Links to Other Websites

Our Website and Services may contain links to other websites. The operators of such other websites may collect information about you, including through cookies or other technologies. If you are using our Website or Services and click a link to another site, you will leave our Website and this Policy will not apply to your use of and activity on those other sites. We encourage you to read the legal notices posted on those sites, including their privacy policies. We are not responsible for the data collection and use practices of such other sites. This Policy applies solely to the information collected in connection with your use of our Website and Services and does not apply to any practices conducted offline or in connection with any other websites.

Information for EU and Swiss Residents

JD Supra's principal place of business is in the United States. By subscribing to our website, you expressly consent to your information being processed in the United States.

  • Our Legal Basis for Processing: Generally, we rely on our legitimate interests in order to process your personal information. For example, we rely on this legal ground if we use your personal information to manage your Registration Data and administer our relationship with you; to deliver our Website and Services; understand and improve our Website and Services; report reader analytics to our authors; to personalize your experience on our Website and Services; and where necessary to protect or defend our or another's rights or property, or to detect, prevent, or otherwise address fraud, security, safety or privacy issues. Please see Article 6(1)(f) of the E.U. General Data Protection Regulation ("GDPR") In addition, there may be other situations where other grounds for processing may exist, such as where processing is a result of legal requirements (GDPR Article 6(1)(c)) or for reasons of public interest (GDPR Article 6(1)(e)). Please see the "Your Rights" section of this Privacy Policy immediately below for more information about how you may request that we limit or refrain from processing your personal information.
  • Your Rights
    • Right of Access/Portability: You can ask to review details about the information we hold about you and how that information has been used and disclosed. Note that we may request to verify your identification before fulfilling your request. You can also request that your personal information is provided to you in a commonly used electronic format so that you can share it with other organizations.
    • Right to Correct Information: You may ask that we make corrections to any information we hold, if you believe such correction to be necessary.
    • Right to Restrict Our Processing or Erasure of Information: You also have the right in certain circumstances to ask us to restrict processing of your personal information or to erase your personal information. Where you have consented to our use of your personal information, you can withdraw your consent at any time.

You can make a request to exercise any of these rights by emailing us at privacy@jdsupra.com or by writing to us at:

Privacy Officer
JD Supra, LLC
10 Liberty Ship Way, Suite 300
Sausalito, California 94965

You can also manage your profile and subscriptions through our Privacy Center under the "My Account" dashboard.

We will make all practical efforts to respect your wishes. There may be times, however, where we are not able to fulfill your request, for example, if applicable law prohibits our compliance. Please note that JD Supra does not use "automatic decision making" or "profiling" as those terms are defined in the GDPR.

  • Timeframe for retaining your personal information: We will retain your personal information in a form that identifies you only for as long as it serves the purpose(s) for which it was initially collected as stated in this Privacy Policy, or subsequently authorized. We may continue processing your personal information for longer periods, but only for the time and to the extent such processing reasonably serves the purposes of archiving in the public interest, journalism, literature and art, scientific or historical research and statistical analysis, and subject to the protection of this Privacy Policy. For example, if you are an author, your personal information may continue to be published in connection with your article indefinitely. When we have no ongoing legitimate business need to process your personal information, we will either delete or anonymize it, or, if this is not possible (for example, because your personal information has been stored in backup archives), then we will securely store your personal information and isolate it from any further processing until deletion is possible.
  • Onward Transfer to Third Parties: As noted in the "How We Share Your Data" Section above, JD Supra may share your information with third parties. When JD Supra discloses your personal information to third parties, we have ensured that such third parties have either certified under the EU-U.S. or Swiss Privacy Shield Framework and will process all personal data received from EU member states/Switzerland in reliance on the applicable Privacy Shield Framework or that they have been subjected to strict contractual provisions in their contract with us to guarantee an adequate level of data protection for your data.

California Privacy Rights

Pursuant to Section 1798.83 of the California Civil Code, our customers who are California residents have the right to request certain information regarding our disclosure of personal information to third parties for their direct marketing purposes.

You can make a request for this information by emailing us at privacy@jdsupra.com or by writing to us at:

Privacy Officer
JD Supra, LLC
10 Liberty Ship Way, Suite 300
Sausalito, California 94965

Some browsers have incorporated a Do Not Track (DNT) feature. These features, when turned on, send a signal that you prefer that the website you are visiting not collect and use data regarding your online searching and browsing activities. As there is not yet a common understanding on how to interpret the DNT signal, we currently do not respond to DNT signals on our site.

Access/Correct/Update/Delete Personal Information

For non-EU/Swiss residents, if you would like to know what personal information we have about you, you can send an e-mail to privacy@jdsupra.com. We will be in contact with you (by mail or otherwise) to verify your identity and provide you the information you request. We will respond within 30 days to your request for access to your personal information. In some cases, we may not be able to remove your personal information, in which case we will let you know if we are unable to do so and why. If you would like to correct or update your personal information, you can manage your profile and subscriptions through our Privacy Center under the "My Account" dashboard. If you would like to delete your account or remove your information from our Website and Services, send an e-mail to privacy@jdsupra.com.

Changes in Our Privacy Policy

We reserve the right to change this Privacy Policy at any time. Please refer to the date at the top of this page to determine when this Policy was last revised. Any changes to our Privacy Policy will become effective upon posting of the revised policy on the Website. By continuing to use our Website and Services following such changes, you will be deemed to have agreed to such changes.

Contacting JD Supra

If you have any questions about this Privacy Policy, the practices of this site, your dealings with our Website or Services, or if you would like to change any of the information you have provided to us, please contact us at: privacy@jdsupra.com.

JD Supra Cookie Guide

As with many websites, JD Supra's website (located at www.jdsupra.com) (our "Website") and our services (such as our email article digests)(our "Services") use a standard technology called a "cookie" and other similar technologies (such as, pixels and web beacons), which are small data files that are transferred to your computer when you use our Website and Services. These technologies automatically identify your browser whenever you interact with our Website and Services.

How We Use Cookies and Other Tracking Technologies

We use cookies and other tracking technologies to:

  1. Improve the user experience on our Website and Services;
  2. Store the authorization token that users receive when they login to the private areas of our Website. This token is specific to a user's login session and requires a valid username and password to obtain. It is required to access the user's profile information, subscriptions, and analytics;
  3. Track anonymous site usage; and
  4. Permit connectivity with social media networks to permit content sharing.

There are different types of cookies and other technologies used our Website, notably:

  • "Session cookies" - These cookies only last as long as your online session, and disappear from your computer or device when you close your browser (like Internet Explorer, Google Chrome or Safari).
  • "Persistent cookies" - These cookies stay on your computer or device after your browser has been closed and last for a time specified in the cookie. We use persistent cookies when we need to know who you are for more than one browsing session. For example, we use them to remember your preferences for the next time you visit.
  • "Web Beacons/Pixels" - Some of our web pages and emails may also contain small electronic images known as web beacons, clear GIFs or single-pixel GIFs. These images are placed on a web page or email and typically work in conjunction with cookies to collect data. We use these images to identify our users and user behavior, such as counting the number of users who have visited a web page or acted upon one of our email digests.

JD Supra Cookies. We place our own cookies on your computer to track certain information about you while you are using our Website and Services. For example, we place a session cookie on your computer each time you visit our Website. We use these cookies to allow you to log-in to your subscriber account. In addition, through these cookies we are able to collect information about how you use the Website, including what browser you may be using, your IP address, and the URL address you came from upon visiting our Website and the URL you next visit (even if those URLs are not on our Website). We also utilize email web beacons to monitor whether our emails are being delivered and read. We also use these tools to help deliver reader analytics to our authors to give them insight into their readership and help them to improve their content, so that it is most useful for our users.

Analytics/Performance Cookies. JD Supra also uses the following analytic tools to help us analyze the performance of our Website and Services as well as how visitors use our Website and Services:

  • HubSpot - For more information about HubSpot cookies, please visit legal.hubspot.com/privacy-policy.
  • New Relic - For more information on New Relic cookies, please visit www.newrelic.com/privacy.
  • Google Analytics - For more information on Google Analytics cookies, visit www.google.com/policies. To opt-out of being tracked by Google Analytics across all websites visit http://tools.google.com/dlpage/gaoptout. This will allow you to download and install a Google Analytics cookie-free web browser.

Facebook, Twitter and other Social Network Cookies. Our content pages allow you to share content appearing on our Website and Services to your social media accounts through the "Like," "Tweet," or similar buttons displayed on such pages. To accomplish this Service, we embed code that such third party social networks provide and that we do not control. These buttons know that you are logged in to your social network account and therefore such social networks could also know that you are viewing the JD Supra Website.

Controlling and Deleting Cookies

If you would like to change how a browser uses cookies, including blocking or deleting cookies from the JD Supra Website and Services you can do so by changing the settings in your web browser. To control cookies, most browsers allow you to either accept or reject all cookies, only accept certain types of cookies, or prompt you every time a site wishes to save a cookie. It's also easy to delete cookies that are already saved on your device by a browser.

The processes for controlling and deleting cookies vary depending on which browser you use. To find out how to do so with a particular browser, you can use your browser's "Help" function or alternatively, you can visit http://www.aboutcookies.org which explains, step-by-step, how to control and delete cookies in most browsers.

Updates to This Policy

We may update this cookie policy and our Privacy Policy from time-to-time, particularly as technology changes. You can always check this page for the latest version. We may also notify you of changes to our privacy policy by email.

Contacting JD Supra

If you have any questions about how we use cookies and other tracking technologies, please contact us at: privacy@jdsupra.com.

- hide

This website uses cookies to improve user experience, track anonymous site usage, store authorization tokens and permit sharing on social media networks. By continuing to browse this website you accept the use of cookies. Click here to read more about how we use cookies.