The Federal Trade Commission has released its Fall 2023 rulemaking agenda as part of the Fall 2023 Unified Agenda of Federal Regulatory and Deregulatory Actions....more
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
Introduction - The Fair Credit Reporting Act (FCRA) was enacted to promote the accuracy, fairness, and privacy of information maintained by Consumer Reporting Agencies (CRAs). In addition to imposing duties on the CRAs,...more
On April 29, 2021, the FTC announced a $20 million settlement with Vivint Smart Home, Inc. (Vivint), a national seller of in-home security and monitoring systems, based on violations of the Fair Credit Reporting Act, the FTC...more
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
On September 29, 2020, at the 19th Annual AML & Anti-Financial Crime Conference, Financial Crimes Enforcement Network (“FinCEN”) Director Kenneth Blanco reported over 91,000 suspicious activity reports (“SARs”) have been...more
New Rules, Proposed Rules, Guidance and Alerts – GUIDANCE AND ALERTS – OCIE Risk Alert Highlights Risks Associated with Adviser and Broker-Dealer Use of Cloud-Based Storage of Customer Records - On May 23, 2019,...more
• 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
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
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
On September 26, in the Securities and Exchange Commission’s (“SEC”) first enforcement action for violations of Regulation S-ID (the “Identity Theft Red Flags Rule”), Voya Financial Advisors Inc. (“VFA”), an SEC-registered...more
On September 26, the Securities and Exchange Commission (SEC) charged a dually registered broker-dealer and investment adviser (the "Registrant") with deficient cybersecurity procedures. This is the first SEC action alleging...more