JONES DAY TALKS®: Financial Regulators and Asset Managers Warm to Acknowledging Climate Risks
Morrison Foerster’s State and Local Government Task Force is pleased to provide our bimonthly newsletter summarizing some of the most important and interesting developments from state attorneys general across the country and...more
The past year has seen a flurry of crypto-related activities by the federal financial regulators, including the issuance of reports, guidance, joint statements, and interpretive letters....more
IN THIS ISSUE - Eleventh Circuit Overturns Dismissal of Cryptocurrency Ponzi Scheme Class Action Suit; Federal Court of Appeals Dismisses Leading Fannie Mae and Freddie Mac Shareholder Lawsuits; NY Seeks Blockchain...more
Sometimes a comprehensive overview is needed to recognize that individual anomalous conduct is indicative of a criminal scheme. Recently, the Department of Financial Services (DFS) looked at an unusual pattern of interaction...more
On February 4, 2021, New York’s Department of Financial Services (DFS) issued Insurance Circular Letter No. 2, which builds on the robust cybersecurity regulation provided in its 2017 Cybersecurity Regulation (23 NYCRR 500)....more
U.S. Developments - Kik & SEC Agree to $5M Judgment - On October 20, 2020, Canadian messaging company Kik Interactive Inc. (Kik) and the U.S. Securities and Exchange Commission (SEC) agreed to resolve an ongoing enforcement...more
Key Points - - For the first time, New York's top banking and insurance regulator filed an enforcement action under the New York State Department of Financial Services (DFS) Cybersecurity Regulation (the Regulation). - DFS'...more
Financial technology news includes the continuing battle over the Office of the Comptroller of the Currency’s (OCC) plan to issue special-purpose national bank (“fintech”) charters, with the agency seeking to dismiss lawsuits...more
In this month's edition, we examine a judge's ruling allowing an investor suit against Equifax, the dismissal of a class action against the insurer CareFirst and President Donald Trump's launch of a federal artificial...more
In December 2017, the New York Department of Financial Services (“DFS”) promulgated Regulation 208 to rein in marketing activities of title insurance corporations, title agents, and closers. The goal of Regulation 208 was to...more
New York Governor Andrew Cuomo has issued a final regulation that requires credit reporting agencies doing business in New York to register annually with the Department of Financial Services (DFS) and also to comply with...more
Hoping to help covered entities, the Securities and Exchange Commission (SEC) released an update on cybersecurity while New York’s Department of Financial Services (DFS) published guidance for licensed virtual currency...more
In this month's edition of our Privacy & Cybersecurity Update, we examine the Identity Theft Research Center's findings on data breaches in 2017, the U.S. Supreme Court's denial of certiorari that leaves in place the circuit...more
The New York Department of Financial Services' (DFS) cybersecurity regulation (DFS Regulation), which took effect on March 1, 2017, imposes significant requirements on financial services companies doing business in New York....more
In 2017, the increased adoption of blockchain technology in various industries was partially obscured by the dramatic fluctuations in the price of bitcoins and the prevalence of so-called initial coin offerings (ICOs) to...more
Financial institutions covered by the New York State Department of Financial Services’ (NYDFS) new Cybersecurity Requirements for Financial Services Companies must file their first annual certification by February 15, 2018....more
Focus - Wells Fargo global operations now powered by 100 percent renewable energy - PennEnergy - Nov 8 Wells Fargo & Company has announced that 100 percent of its global electricity consumption for 2017 will be met with...more
The deadline to comply with the first set of requirements under the new DFS Cybersecurity Regulations (“the Regulations”) is here! By today, August 28, 2017, businesses subject to the Regulations must ensure that they: ...more
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
Hoping to provide greater clarity to financial institutions subject to its new cybersecurity requirements, New York’s Department of Financial Services (DFS) published a Frequently Asked Questions (FAQ) document to assist...more
Supreme Court Limits SEC’s Disgorgement Power - Why it matters: On June 5, 2017, the Supreme Court held in Kokesh v. SEC that the five-year statute of limitations found in 28 U. S. C. §2462 with respect to actions for...more
Decisions you make when founding and/or investing in an insurtech venture can dictate your regulatory obligations, tax liability, operational structure and, ultimately, profitability. Here are five seemingly simple...more
Below is a summary of some of the significant legal and regulatory actions that occurred over the past week. This alert is not intended to be a comprehensive list of all such developments, but rather a selection of...more
PDF Version New cybersecurity-related regulations issued by New York state regulators took effect March 1, 2017. The rules, which directly impact all entities regulated by the New York Department of Financial Services (such...more
On February 16, 2017, the New York State Department of Financial Services (DFS) announced the final version of the “first-of-its-kind” cybersecurity regulations governing financial institutions, insurance companies, and other...more