Cybersecurity in the investment management industry
Creation of a new rapid response team signals regulators may turn today’s cyber examination priorities into tomorrow’s enforcement priorities. The Securities and Exchange Commission, New York State Department of Financial...more
As we previously discussed, nobody is safe from cybersecurity threats, and as our colleagues last reported, the US Securities and Exchange Commission (SEC) has heightened its cybersecurity scrutiny, issuing an investigative...more
The Securities and Exchange Commission has filed a Complaint against eight traders, one alleged hacker, and others, in connection with a previously disclosed cybersecurity attack that infiltrated the SEC’s EDGAR system in...more
Cyber attacks continue to be a pervasive and destructive threat to all institutions and the legal and regulatory landscape currently in place to address those threats continues be reshaped in an effort to address those...more
The U.S. Securities and Exchange Commission is at the center of the current day “cyber storm” of data and system protection, both as a victim and as a regulator. According to an SEC director, “[c]yber-related threats and...more
Cybersecurity continues to make headlines in the financial services industry, from the recent announcement that the Securities and Exchange Commission (SEC) was targeted by hackers to final approval of the settlement in a...more
The Securities Exchange Commission (“SEC”) has been busy the last couple months on the cyber front. On September 20, the SEC announced a renewed focus on cybersecurity efforts and disclosed that it had been a victim of a...more
FCM Agrees to Pay US $2.5 Million CFTC Fine for Relying on Affiliate’s Purportedly Misleading Analysis of Block Trades for a CME Group Investigation: Merrill Lynch, Pierce, Fenner & Smith Incorporated agreed to pay a fine of...more
It was recently revealed that the Securities and Exchange Commission’s (“SEC”) EDGAR database, which is used by public companies to file official documents, was breached. According to the SEC, trading off of that hacked...more
In testimony last week before the Senate Committee on Banking, Housing and Urban Affairs, SEC Chair Jay Clayton gave us some insight into his thinking about a number of issues, including cybersecurity at the SEC,...more
Yesterday, I discussed the recent hack of the Securities and Exchange Systems’ electronic filing and retrieval system commonly referred to as EDGAR. In a written statement disclosing the hack, Chairman Jay Clayton speculated...more
The Securities and Exchange Commission (SEC) has admitted that it was the victim of a cyberattack in 2016 that exposed information that may have been used for insider trading. The hack involved the SEC’s filing database,...more
SEC Chairman Jay Clayton launched a sea of news stories last week when he included the following five sentence in a statement on cybersecurity...more
Equifax CEO Richard F. Smith is out as the fallout continues from the massive cyberbreach of the consumer credit reporting agency that exposed the personal information of as many as 143 million people....more
Food and consumer products conglomerate Unilever’s making a big play for the Asian market with its $2.7 billion deal to buy Carver Korea, a South Korean-based skin care specialist....more
SEC Chairman Jay Clayton issued a public statement on Cybersecurity (the “Clayton Statement”) last week, disclosing a 2016 attack on the SEC’s database of corporate filings. The intrusion exploited a vulnerability in the test...more
On September 20, the Securities and Exchange Commission announced that its system for electronic filing for public company disclosures, EDGAR, was compromised last year and that hackers may have used exposed information for...more
As we start the new week, a recap of major cybersecurity developments: Equifax CEO Faces Senate Committee – Senate staffers are busy readying cross examination scripts for the testimony next week of Equifax Inc. Chief...more
The ‘book is backing off of a 2016-proposed stock reclassification that “would have solidified Mark Zuckerberg’s control over the social network” after a shareholder suit that would have seen Zuck on the stand in a Delaware...more
Uber’s got more than a spot of bother on its hands in London after this morning’s announcement that the company’s largest market in Europe won’t renew the ride-hailing service’s license to operate in the city (citing “a lack...more
As expected, the Fed left interest rates at current levels yesterday, though it hinted at another December rate hike and officially unveiled the start of its bond wind-down next month....more