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Broker-Dealer Regulation S-ID

Dechert LLP

Dechert Cyber Bits - Issue 25

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SEC Division of Examinations Issues Risk Alert on Regulation S-ID and Identity Theft Prevention Programs - On December 5, 2022, the Securities and Exchange Commission (“SEC”) Division of Examinations (“EXAMS”) issued a...more

Goodwin

SEC EXAMS Division Issues Reg. S-ID Risk Alert

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The SEC Division of Examinations recently published a risk alert summarizing observations from exams of registered investment advisers and broker-dealers related to compliance with Reg. S-ID, which is generally designed to...more

Goodwin

Federal Reserve Invites Public Comment on Proposed Principles for Large Banking Organizations to Manage Climate-Related Financial...

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Regulatory Developments - Federal Reserve Invites Public Comment on Proposed Principles for Large Banking Organizations to Manage Climate-Related Financial Risks - On December 2, the Federal Reserve announced that it...more

Carlton Fields

Regulation S-ID: Financial Institutions Take Note

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The SEC enacted “Regulation S-ID: Identity Theft Red Flags Rules” in 2013. The regulation’s purpose is to help protect investors from theft, loss, and abuse of their personal information. Broker-dealers, investment advisers,...more

WilmerHale

SEC Brings First Identity Theft Enforcement Actions Since 2018

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On July 27, 2022, the SEC charged three broker dealers for violations of the Identity Theft Red Flags Rule (also known as “Regulation S-ID”), with penalties ranging from $425,000 to $1,200,000. The regulation requires that...more

BCLP

FINRA Files Complaint Against Firm CEO/CCO for Causing Regulation S-ID Violations, In First-Ever FINRA Enforcement Case of its...

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FINRA recently filed a Complaint against a Chief Executive Officer and Chief Compliance Officer of a registered broker-dealer alleging, among other things, that the individual caused the broker-dealer to have wide-ranging...more

Kramer Levin Naftalis & Frankel LLP

OCIE Warns of Increased ‘Credential Stuffing’ Cyberattacks on Investment Advisers, Broker-Dealers

The  Securities and Exchange Commission’s (SEC) Office of Compliance Inspections and Examinations (OCIE) has published a risk alert, warning SEC-registered investment advisers, brokers and dealers about the increasing use of...more

Jones Day

SEC Releases Cybersecurity Observations and Guidance - The SEC's Office of Compliance Inspections and Examinations ("OCIE")...

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On January 27, 2020, OCIE issued a report detailing cybersecurity and resiliency observations the staff made after "thousands of examinations of broker-dealers, investment advisers, clearing agencies, national securities...more

Sheppard Mullin Richter & Hampton LLP

SEC Issues Alert On Outsourcing and Data Security

The SEC recently issued a risk alert warning about using vendors and cloud-based platforms. Many broker dealers and investment advisors are turning to these third parties to store customer data. In its alert, the SEC’s Office...more

Akin Gump Strauss Hauer & Feld LLP

SEC OCIE Issues Guidance on Advisors’ and Broker-Dealers’ Cloud-Based and Other Network Storage of Customer Data

• On May 23, 2019, the Securities and Exchange Commission’s (SEC) Office of Compliance Inspections and Examinations (OCIE) issued a Risk Alert describing its observations in past examinations of weaknesses and best practices...more

Faegre Drinker Biddle & Reath LLP

U.S. Securities and Exchange Commission Issues Risk Alert Regarding Safeguarding Customer Records and Information Stored on...

On May 23, 2019, the United States Securities and Exchange Commission (“SEC”)’s Office of Compliance Inspections and Examinations (“OCIE”) issued a Risk Alert entitled “Safeguarding Customer Records and Information in Network...more

Katten Muchin Rosenman LLP

Bridging the Week - April 2019 #3

The watchdog arm of the Securities and Exchange Commission – the Office of Compliance Inspections and Examinations – issued a Risk Alert summarizing breakdowns in compliance by broker-dealers and investment advisers of their...more

Sheppard Mullin Richter & Hampton LLP

SEC Issues $1 Million Identity Theft Rule Fine

The Securities and Exchange Commission recently settled with Voya Financial Advisors, Inc. for alleged violation of Regulation S-ID (otherwise known as the Identity Theft Red Flags Rule) and Regulation S-P (otherwise known as...more

Proskauer on Privacy

SEC Charges Broker-Dealer and Investment Adviser with Violations of the Safeguards Rule and Identity Theft Red Flags Rule

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In September 2018, the Securities and Exchange Commission (“SEC”) announced that broker-dealer and investment adviser Voya Financial Advisors Inc. (“VFA”) agreed to pay $1,000,000 to settle charges related to alleged failures...more

A&O Shearman

SEC Brings Enforcement Action Against Broker-Dealer For Deficient Cybersecurity Procedures

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On September 26, 2018, the United States Securities and Exchange Commission (“SEC”) announced a $1 million settlement with an Iowa-based broker-dealer over allegations that it maintained deficient cybersecurity policies and...more

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