News & Analysis as of

Third-Party Service Provider Corporate Governance

NAVEX

How to Choose a Whistleblowing Hotline Provider

NAVEX on

If you’ve made the decision to implement an internal reporting system (or  whistleblowing hotline), you might be wondering what to do next. ...more

Integreon

Strategic Benefits of an Outsourced Administrative Support Model

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In the ever-evolving, intensely competitive corporate landscape, the quest for operational efficiency has given rise to a strategic model that’s reshaping the very fabric of business functions — outsourced administrative...more

Eversheds Sutherland (US) LLP

SEC adopts new rules to expand public company disclosure relating to cybersecurity by year end

On July 26, 2023, the US Securities and Exchange Commission (SEC) released final rules requiring disclosure by public companies of material cybersecurity incidents and policies and procedures related to cybersecurity risk...more

Eversheds Sutherland (US) LLP

NAIC releases highly-anticipated draft model bulletin on artificial intelligence systems used by insurers

On July 17, 2023, the Innovation, Cybersecurity and Technology (H) Committee of the National Association of Insurance Commissioners (NAIC) released for comment a highly anticipated model bulletin (Model Bulletin) on...more

Cadwalader, Wickersham & Taft LLP

Financial Conduct Authority Publishes Draft Voluntary Code of Conduct for ESG Ratings and Data Product Providers

On July 5, an industry-led working group convened by the UK’s financial regulator published a draft voluntary code of conduct for ESG data and ratings providers (the Code). The Code would apply to all companies based in the...more

Sullivan & Worcester

SEC Proposes New Rule Requiring Investment Adviser Oversight of Certain Third Party Service Providers

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On October 26, 2022, the Securities and Exchange Commission ("SEC") proposed a new rule under the Investment Advisers Act of 1940 ("Advisers Act") to prohibit registered investment advisers from outsourcing certain services...more

Mintz - Privacy & Cybersecurity Viewpoints

SEC Proposes New Cybersecurity Rules for Public Companies

Following closely on its proposal for substantial new cybersecurity requirements for investment advisers and registered investment companies, the Securities and Exchange Commission (SEC) unveiled a new slate of proposed...more

Foley & Lardner LLP

SEC Proposes New Rules on Cybersecurity Risk Management, Strategy, Governance, and Incident Disclosure

Foley & Lardner LLP on

On March 9, 2022, the U.S. Securities Exchange Commission (the Commission) announced proposed amendments to its rules regarding cybersecurity risk management, strategy, governance, and incident reporting by public companies...more

BCLP

Supervision of Vendors When Outsourcing - The Buck Stops with FINRA Member Firms

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Key Takeaways: ..On August 13, 2021, FINRA issued Regulatory Notice 21-29 (“RN 21-29”) to remind member firms that they must establish and maintain an adequate supervisory system, including written supervisory procedures...more

Mitratech Holdings, Inc

The Case for Decentralized Third-Party Risk Management

As we now enter the third quarter of our discontent with the Coronavirus worldwide pandemic, one thing is very clear: Centralized vendor risk management is imploding....more

Thomas Fox - Compliance Evangelist

The Dutch Tulip Bubble and Internal Controls for Third Parties

Internal controls are a key tool to operationalize your third-party risk management program. The basic internal controls, that should be a part of any financial controls system. There were four significant controls the...more

WilmerHale

DOJ Issues Updated Guidance on Evaluation of Corporate Compliance Programs

WilmerHale on

On April 30, 2019, the Assistant Attorney General for the Criminal Division, Brian A. Benczkowski, announced an update to the Department of Justice’s (“DOJ”) 2017 guidance document entitled Evaluation of Corporate Compliance...more

Bennett Jones LLP

Court of Appeal Affirms Decision to Dismiss the Rana Plaza Class Action

Bennett Jones LLP on

On December 20, 2018, the Ontario Court of Appeal released its decision in the Rana Plaza Class Action (Das v George Weston Limited, 2018 ONCA 1053) affirming the Ontario Superior Court of Justice’s decision to dismiss the...more

BCLP

Organizing Data Privacy Within A Company (2018 Update)

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Although organizations have dealt with privacy issues for years, only in the past decade have they begun to view the complexities of privacy as requiring formal organizational structure, dedicated employees, and/or dedicated...more

Sands Anderson PC

Diversity and Inclusion: Not Just an Ideal, But a Client Demand

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Facebook recently announced a new policy: At least 33% of the lawyers hired to represent the social media giant must be a female or minority. Law firms vying to service Facebook’s legal work must demonstrate their active...more

Patterson Belknap Webb & Tyler LLP

DFS Final Cyber Regulation: Accountability at the Top

Over the last few months, the New York Department of Financial Services (“DFS”) cybersecurity regulation has undergone multiple revisions. But late last week, DFS issued its final regulation, which will go into effect on...more

Parker Poe Adams & Bernstein LLP

Considering Stewardship and Corporate Governance in the UK

A recent announcement regarding the UK’s Stewardship Code serves as a reminder of the current similarities and differences between the US and UK corporate governance schemes, as well as their ongoing convergence. By way...more

Burr & Forman

TN Ethics Opinion Approves Lawyers’ Cloud Storage of Client Data

Burr & Forman on

Tennessee has joined other states in formally approving lawyers’ cloud-storage of client-confidential data. The Board of Professional Responsibility (“BOPR”) held that lawyers ethically may use cloud storage for...more

Burr & Forman

OCIE to Conduct More Cybersecurity Exams

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This week the SEC’s Office of Compliance Inspections and Examinations (“OCIE”) announced a second-round of cybersecurity examinations, continuing its initiatives on the issue. The move follows the SEC’s: March 2014 roundtable...more

King & Spalding

The New York State Department Of Financial Services (“DFS”) Issues Industry Guidance Letter To DFS-Regulated Banks

King & Spalding on

On December 10, the DFS issued an industry guidance letter to all New York DFS-regulated banks announcing new targeted DFS cyber security preparedness assessments. The new cyber security assessments will become part of all...more

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