News & Analysis as of August 21, 2025

New Regulations

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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 -

Regulation (EU) 2025/1355 on oversight of systemically important payment systems published in OJ

A&O Shearman on 7/25/2025

Regulation (EU) 2025/1355 of the European Central Bank (ECB) adopted on 2 July has been published in the Official Journal of the European Union. This Regulation recasts and replaces Regulation (EU) No 795/2014, updating the...more

EU Delegated Regulation on threat-led penetration testing published in OJ

A&O Shearman on 6/30/2025

Commission Delegated Regulation (EU) 2025/1190 of 13 February has been published in the Official Journal of the European Union. The Delegated Regulation supplements the Digital Operational Resilience Act (DORA) with regard to...more

Nouveau cadre relatif aux incidents de sécurité de l’information à l’intention des institutions financières québécoises

Blake, Cassels & Graydon LLP on 5/22/2025

Le 23 avril 2025, le Règlement sur la gestion et le signalement des incidents de sécurité de l’information de certaines institutions financières et des agents d’évaluation du crédit (le « Règlement ») est entré en vigueur au...more

NYDFS: Penultimate set of cybersecurity requirements under amended Part 500 take effect May 1, 2025

Hogan Lovells on 5/12/2025

On May 1, 2025, additional cybersecurity requirements introduced by the Second Amendment to the New York Department of Financial Services (NYDFS) Cybersecurity Regulation (23 NYCRR Part 500) (the “Second Amendment”) took...more

New Information Security Incident Framework for Quebec Financial Institutions

Blake, Cassels & Graydon LLP on 4/18/2025

On April 23, 2025, Quebec’s Regulation respecting the management and reporting of information security incidents by certain financial institutions and by credit assessment agents (Regulation) will come into force. Issued by...more

Reminder: New York Cybersecurity Reporting Deadline April 15, 2025; New Regulations Effective May 1, 2025

Ogletree, Deakins, Nash, Smoak & Stewart,... on 3/21/2025

Covered entities regulated by the New York State Department of Financial Services (NYDFS) must submit cybersecurity compliance forms by April 15, 2025. New sets of requirements for system monitoring and access privileges,...more

The UK Cyber Security and Resilience Bill

Faegre Drinker Biddle & Reath LLP on 10/18/2024

The UK government has recently announced that it plans to introduce a Cyber Security and Resilience Bill (Bill). The Bill seeks to update the 2018 Network and Information Security Regulations, which implemented the European...more

[Webinar] New Privacy and Cybersecurity Regulations: What Financial Institutions Need to Know to Stay Compliant - June 13th, 10:00...

Baker Donelson on 6/3/2024

The financial services industry has seen a litany of new data privacy and cybersecurity challenges through the first half of 2024. Financial institutions are facing unprecedented compliance hurdles resulting from the...more

Regulatory Roundup for May 2024

SEC Compliance Consultants, Inc. (SEC³) on 5/30/2024

SEC DROPS NEW REQUIREMENT FOR INCIDENT RESPONSE PROGRAMS, PROPOSAL FOR RIAS TO ADOPT CIP, SEC EXAMS SHARES MARKETING RULE FAILURES, RIA SLAMMED FOR FAILING TO RETAIN TEXTS, AND SEC WINS ON SHADOW TRADING THEORY - Welcome to...more

The FTC Amends Safeguards Rule to Require Non-Banking Financial Institutions to Disclose Certain Security and Data Breaches

Epstein Becker & Green on 12/11/2023

On October 27, 2023, the Federal Trade Commission (“FTC”) approved an amendment to the Safeguards Rule that requires non-banking financial institutions (e.g., mortgage companies, mortgage brokers, and creditors) to notify the...more

New York DFS Finalizes Amendments to Cybersecurity Regulations

Hudson Cook, LLP on 12/1/2023

On November 1, 2023 the New York Department of Financial Services ("DFS") released amended cybersecurity regulations ("Regulations"). These changes will impose additional controls, demand more frequent risk assessments, and...more

FTC Adopts Data Breach Notification Obligations for Non-Banking Financial Institutions

Polsinelli on 11/14/2023

On October 27, 2023, the Federal Trade Commission (“FTC”) adopted an amendment to the FTC’s Safeguards Rule that will require non-banking financial institutions to notify the FTC within thirty days of discovering a data...more

Upcoming EU Rules on Digital Operational Resilience

Pillsbury Winthrop Shaw Pittman LLP on 7/21/2023

There will be additional compliance obligations and mandatory contractual provisions introduced for financial entities and outsourced IT service providers. The new DORA seeks to strengthen the resilience of financial...more

You Have 72 Hours: NCUA Finalizes New Cybersecurity Incident Reporting Rule for Federally Insured Credit Unions

Bradley Arant Boult Cummings LLP on 3/13/2023

Federally insured credit unions are now required to report a cyber incident to the National Credit Union Administration (NCUA) Board within 72 hours. This final rule was unanimously approved by the NCUA on February 17, 2023...more

NCUA Announces New Cyber Threat Reporting Requirement

Nelson Mullins Riley & Scarborough LLP on 3/7/2023

The NCUA stated the new rule, which was approved on Feb. 16, 2023, aims to mitigate cyber incidents “that [lead] to a substantial loss of confidentiality, integrity, or availability of a network or member information system...more

What to Expect from the New York Department of Financial Services in 2023

Pillsbury Winthrop Shaw Pittman LLP on 2/2/2023

In 2023, the NYDFS is poised to finalize several significant new regulations and will likely continue its aggressive cybersecurity, anti-money laundering (AML) and consumer protection enforcement. The New York Department of...more

FinCEN Issues Anti-Money Laundering and Countering the Financing of Terrorism Priorities

King & Spalding on 7/8/2021

FinCEN announces eight areas of focus and advises preparation for issuance of new regulations - On June 30, 2021, the U.S. Department of Treasury’s Financial Crimes Enforcement Network (“FinCEN”) issued the first...more

The Big Change in Cybersecurity Regulation That No One Is Talking About

White and Williams LLP on 1/23/2020

The close of 2019 witnessed a significant development in data security law that impacts companies regulated with respect to or engaged in the trading of public securities, as well as those companies that provide services to...more

FinCEN Issues Advisory on the Reporting of Cyber-Events and Cyber-Enabled Crimes

Patterson Belknap Webb & Tyler LLP on 11/2/2016

The Financial Crimes Enforcement Network, or FinCEN, an arm of the United States Department of the Treasury, issued an advisory last week to remind financial institutions of their obligations to report cyber-events on...more

Financial Services Report, Fall 2015

Morrison & Foerster LLP on 9/18/2015

BELTWAY - Straight Out of the Seventh Circuit The Seventh Circuit recently affirmed a lower court’s ruling that the SEC cannot be sued in district court to stop it from bringing an administrative action. Bebo v. SEC, No....more

New York BitLicense Regulations Virtually Certain to Significantly Impact Transactions in Virtual Currencies

Katten Muchin Rosenman LLP on 7/9/2015

The New York State Department of Financial Services (NYDFS) recently issued its final BitLicense regulations with respect to Bitcoin and other virtual currencies. The new regulations require the licensing of, and establish...more

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