News & Analysis as of May 31, 2025

Broker-Dealer

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Follow this channel for advisories on one of the biggest threats to businesses today. Read a morning brief of fresh guidance and commentary by leading lawyers on security, privacy, risk management, global regulations, data protection, leaks, hacking, cyber insurance, compliance, HIPAA, and every other aspect of cybersecurity of import to corporate readers right now. less -

Summary of Regulation S-P Revisions Applicable to Investment Advisers

Dinsmore & Shohl LLP on 1/14/2025

On May 15, 2024 the SEC issued Release Nos. 34-100155; IA-6604 (the “Adopting Release”) providing for amendments to the safeguards and disposal rules of Regulation S-P (the “Amendments”). The compliance dates for the...more

DOJ Issues Final Rule Restricting Flow of Bulk Sensitive Personal Data to China and Other Countries of Concern

Ropes & Gray LLP on 1/9/2025

On January 8, 2025, the Department of Justice (“DOJ”) published its Final Rule to implement President Biden’s Executive Order 14117, “Preventing Access to Americans’ Bulk Sensitive Personal Data and United States...more

FINRA Publishes Metaverse Report and Requests Industry Comments

Goodwin on 10/28/2024

FINRA’s Office of Financial Innovation published a report on “The Metaverse and the Implications for the Securities Industry” to raise awareness among its member firms and the broader securities industry and seek industry...more

SEC Revamps and Enhances Data Protections with Amendments to Regulation S-P

Foley Hoag LLP - Security, Privacy and the... on 5/30/2024

The Securities and Exchange Commission (“SEC”) has announced the adoption of amendments to Regulation S-P (“Amendments”) to modernize and enhance the rules that govern the treatment of consumers’ nonpublic personal...more

AI Legal News Summer Roundup: Edition 3

White & Case LLP on 8/10/2023

Welcome to the third edition of our AI Legal News Summer Roundup! After five class actions were filed between June 28 and July 11 (as reported on in our first edition of this series), on July 21, another class action lawsuit...more

SEC Stirs Its Pot of Cybersecurity Preparedness and Response Proposals

Carlton Fields on 6/14/2023

The SEC remains laser-focused on cybersecurity, with the agency recently reopening the comment period on a sweeping rule for investment advisers and investment companies. In addition, the SEC issued proposed enhancements to...more

SEC Proposes Cybersecurity Incident Reporting and Broker-Dealer Cyber Risk Management Requirements

Morgan Lewis on 3/30/2023

The US Securities and Exchange Commission (SEC) issued a notice of proposed rulemaking (the Proposal) on March 15 that would require SEC-regulated investment advisers, investment companies, and broker dealers to provide...more

December 9 Looms as Compliance Date for Private Investment Funds and Certain Investment Advisers to Comply With New Cybersecurity...

Katten Muchin Rosenman LLP on 12/6/2022

Additional Requirements to Go Into Effect June 9, 2023 - As we discussed in our March 3 Advisory, on October 27, 2021, the Federal Trade Commission (FTC) announced revisions (the 2021 Revisions) to its information...more

SEC Chair Gensler Remarks Indicate 2022 Action Expanding Cyber Requirements

Holland & Knight LLP on 1/31/2022

U.S. Securities and Exchange Commission (SEC) Chair Gary Gensler made remarks on Jan. 24, 2022, at Northwestern University Pritzker School of Law's Annual Securities Regulation Institute regarding the SEC's work to improve...more

SEC Heightens Focus on Cybersecurity

Skadden, Arps, Slate, Meagher & Flom LLP on 9/3/2021

On August 30, 2021, the Securities and Exchange Commission (SEC) announced that eight broker-dealers and/or investment advisers will pay civil monetary penalties to resolve enforcement actions arising from cybersecurity...more

3 Coronavirus Compliance Tips From the SEC

NAVEX on 8/21/2020

The coronavirus crisis is far from over, and compliance professionals still need every scrap of guidance that regulators can provide about how to run compliance programs in these difficult times. So when the Securities and...more

SEC Examiners Warn of COVID-Related Compliance Risks for Broker-Dealers and Investment Advisers

King & Spalding on 8/19/2020

The Securities and Exchange Commission (“SEC”) last week published its observations from the first five months operating the SEC’s national examination program during the ongoing COVID-19 pandemic. This is the latest...more

Data Privacy + Cybersecurity Insider - July 2020 #2

Robinson & Cole LLP on 7/17/2020

CYBERSECURITY - SEC Issues Warning for Advisors and Broker-Dealers on Increased Ransomware Attacks - On July 10, 2020, the Securities and Exchange Commission (SEC), through its Office of Compliance Inspections and...more

Privacy in the Time of Pandemic: COVID-19 Provides Opportunity to Revisit Regulation S-P Privacy Policies

Proskauer - The Capital Commitment on 6/30/2020

With more people working remotely than ever before in light of COVID-19, firms in the private equity and hedge fund space should review their Regulation S-P privacy and information-safeguarding policies to ensure they are...more

FINRA Fines Broker-Dealer for Sharing Customer Data with Third-Party Vendor

Mintz - Employment Viewpoints on 5/1/2020

Kestra Investment Services LLC (“Kestra”) was fined $125,000 by FINRA for sharing personal customer data with a third-party vendor. Kestra had engaged the vendor to assist newly hired brokers with the transfer of customer...more

OCIE Publishes Cybersecurity and Resiliency Observations

Proskauer Rose LLP on 2/10/2020

Background - On January 27, 2020, the U.S. Securities and Exchange Commission's Office of Compliance Inspections and Examinations ("OCIE") published its Cybersecurity and Resiliency Observations. Cybersecurity and data...more

SEC Examiners Release Cyber Observations: What You Need To Know

Bracewell LLP on 2/6/2020

On January 27, 2020, the SEC’s Office of Compliance Inspections and Examinations (OCIE) announced its most recent Cybersecurity and Resiliency Observations. This report highlights specific practices that have been, and can be...more

SEC Issues Risk Alert on Regulation S-P

Baker Donelson on 5/3/2019

It should not be surprising to anyone that cybersecurity and data protection remain top priorities for regulators of the financial services industry. Indeed, cybersecurity has been regularly identified as a key priority by...more

SEC Issues Risk Alert on Customer Privacy Safeguards

Sheppard Mullin Richter & Hampton LLP on 4/30/2019

Earlier this month, the Securities and Exchange Commission (“SEC”) took a break from its recent focus on digital assets and the Best Interest fiduciary standard to publish a Risk Alert encouraging investment advisers and...more

SEC Warns Registered Firms about Client Privacy and Data Security

Akin Gump Strauss Hauer & Feld LLP on 4/29/2019

• The SEC released a Risk Alert summarizing key areas in which it continues to see compliance deficiencies related to Regulation S-P, the primary SEC rule regarding privacy notices and safeguard policies of investment...more

SEC Warns Advisers Over Privacy Compliance Issues

Patterson Belknap Webb & Tyler LLP on 4/29/2019

The Securities and Exchange Commission is warning investment firms to step up their game when it comes to following the agency’s privacy rules. In a Risk Alert issued by the Office of Compliance Inspections and Examinations...more

SEC Issues Risk Alert on Privacy Issues

Bass, Berry & Sims PLC on 4/26/2019

The SEC has again signaled that now is the time for investment advisers and broker-dealers to get serious about compliance with Reg. S-P. For years, the SEC’s examination priorities have included a focus on cybersecurity...more

The SEC Released A Risk Alert On Reg S-P, a/k/a How To Avoid A $1 Million Penalty

UB Greensfelder LLP on 4/24/2019

I am hardly saying that SEC Regulation S-P is the sexiest of regulations. I mean, has any customer is history actually read one of those exciting statement stuffers that discloses in some dense font a BD’s privacy policy?...more

SEC Updates Data Privacy and Cybersecurity Guidance for Registered Firms

BakerHostetler on 4/23/2019

On April 16, 2019, the Office of Compliance Inspections and Examinations (OCIE) of the Securities and Exchange Commission (SEC) issued a risk alert, “Investment Adviser and Broker-Dealer Compliance Issues Relating to...more

SEC Issues Privacy And Data Security Risk Alert

Jackson Lewis P.C. on 4/18/2019

Following recent examinations of SEC-registered investment advisers and broker-dealers, the Securities and Exchange Commission’s (SEC) Office of Compliance Inspections and Examinations (OCIE) published a privacy risk alert on...more

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