News & Analysis as of

Financial Services Industry Third-Party Service Provider

Hudson Cook, LLP

[Webinar] Compliance Coffee Break: Hot Topics in Debt Settlement - July 8th, 2:00 pm - 2:30 pm ET

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The debt settlement industry is fast emerging as a significant portion of the overall consumer financial services market, yet many still do not understand the space. Please join Hudson Cook partner Cathy Brennan as she...more

McDermott Will & Schulte

New PCI DSS 4.0 Credit Card Compliance Requirements Effective April 1, 2025

As of April 1, 2025, all merchants and third-party service providers (TPSPs) involved in processing credit or debit card payments must fully adhere to the enhanced security requirements outlined in the Payment Card Industry...more

Hogan Lovells

The European Commission rejects draft Regulatory Technical Standards on subcontracting under the Digital Operational Resilience...

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What has happened: On 21 January 2025, the European Commission sent a letter to the Chair of the Joint Committee of the ESAs with its decision to reject the draft Regulatory Technical Standards (“RTS”) on subcontracting...more

Clark Hill PLC

What Debt Settlement Companies Need to Know When Working With Third Party Payment Processors (Whitepaper)

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Clark Hill’s Financial Services and Regulatory Compliance Group has authored a whitepaper for debt settlement companies considering engaging a third-party payment processor for managing accounts and handling financial...more

Ogletree, Deakins, Nash, Smoak & Stewart,...

The EU’s Digital Operational Resilience Act Comes Into Effect

The European Union’s Digital Operational Resilience Act (DORA) came into effect on January 17, 2025. DORA aims to harmonise rules concerning the provision of information and communication technology (ICT) services to...more

Katten Muchin Rosenman LLP

DORA Takes Effect: Key Next Steps for Firms

After a two-year implementation period, the EU Digital Operational Resilience Act (DORA) takes effect on 17 January 2025. DORA is part of the EU’s Digital Finance Package and aims to strengthen the financial sector’s...more

Hogan Lovells

DORA – One week to go

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The EU Digital Operational Resilience Act (“DORA”) is due to apply from 17 January 2025. It is designed to ensure regulated financial entities can withstand and recover from technology issues such as cyber events and...more

A&O Shearman

UK Financial Conduct Authority publishes Dear CEO letter for data reporting service providers

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The U.K. Financial Conduct Authority has published a Dear CEO letter for data reporting services providers. Since its previous letter in May 2022, the FCA has seen improvement in some areas such as within firms' data quality...more

A&O Shearman

DORA: Get ready, get set, take action

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The Digital Operational Resilience Act 2022/2554 (DORA) is a European regulation that will come into force on January 17, 2025. The regulation aims to strengthen the digital operational resilience of the financial sector...more

Latham & Watkins LLP

UK Regulators Consult on New Reporting Requirements for Operational Incidents and Use of Material Third Parties

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On 13 December 2024, the FCA and the PRA published linked Consultation Papers on operational incident and third-party reporting (FCA CP24/28 and PRA CP17/24). The consultations aim to create a structured framework for...more

Morgan Lewis - Tech & Sourcing

UK Critical Third Parties Regime: Final Rules Published

UK financial regulators recently published their supervisory expectations for critical third party service providers (CTPs) to the financial sector under the United Kingdom’s new regime extending regulatory oversight to CTPs....more

BCLP

Managing Technology Supply Chains: What the Advent of the UK’s Critical Third Party Regime Means for Financial Services Firms and...

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The FCA, PRA, and Bank of England have published their finalised critical third party (CTP) rules (and accompanying guidance) in PS24/16 Operational resilience: Critical third parties to the UK financial sector....more

Bracewell LLP

FINRA Facts and Trends: November 2024

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Welcome to the latest issue of Bracewell’s FINRA Facts and Trends, a monthly newsletter devoted to condensing and digesting recent FINRA developments in the areas of enforcement, regulation and dispute resolution. This month,...more

Latham & Watkins LLP

UK Regulators Publish Final Rules for Critical Third Parties

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The new regime will take effect on 1 January 2025, but will not diminish the responsibilities of financial services firms relying on the services of critical third parties....more

Ogletree, Deakins, Nash, Smoak & Stewart,...

New York State Department of Financial Services Releases Guidance on Combating Cybersecurity Risks Associated With AI

On October 16, 2024, the New York State Department of Financial Services (NYDFS) released guidance highlighting the cybersecurity risks associated with artificial intelligence (AI) and how covered entities regulated by NYDFS...more

Goodwin

NYDFS Publishes Guidance on AI-Related Cybersecurity Risks

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On October 16, 2024, the New York State Department of Financial Services (NYDFS or the “Department”) published an industry letter (the “Guidance”) regarding the increased reliance on artificial intelligence (AI) and the...more

Mayer Brown

New York State Department of Financial Services Issues Industry Letter on Cybersecurity Risks Arising from Artificial Intelligence

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BACKGROUND - On October 16, 2024, the New York State Department of Financial Services (DFS) issued an industry letter, Cybersecurity Risks Arising from Artificial Intelligence and Strategies to Combat Related Risks,...more

Goodwin

EU Commission Regulations on Digital Operational Resilience: A Reminder That DORA is Less Than Three Months Away and Will Apply to...

Goodwin on

The European Commission’s adoption on 23 October 2024 of the two regulations (Regulations) supplementing the [the Regulation on digital operational resilience for the financial sector Publications Office (europa.eu)] (DORA)...more

Robinson+Cole Data Privacy + Security Insider

Ally Financial Faces Class Actions Over Data Breach

Ally Financial Inc., a digital financial services company, faces two class action lawsuits in the U.S. District Court for the Western District of North Carolina related to an April 2024 data breach. The suits allege that Ally...more

Harris Beach Murtha PLLC

NY Department of Financial Services Issues AI Cybersecurity Guidance

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The New York Department of Financial Services (DFS) has issued guidance, in the form of an industry letter, on addressing cybersecurity risks arising from artificial intelligence (AI) under its cybersecurity regulation, 23...more

Mayer Brown Free Writings + Perspectives

FINRA Highlights Increasing Cybersecurity Risks at Third-Party Providers

The Cyber and Analytics Unit within the Member Supervision program of the Financial Industry Regulatory Authority, Inc. (“FINRA”) recently published a cybersecurity advisory regarding increasing cybersecurity risks at...more

BCLP

The EU’s Digital Operational Resilience Act 2022/2554 (DORA)

BCLP on

Long IT sub-contracting chains can make it hard for financial institutions to understand the vulnerabilities in their IT estate and the location of key functions (where these may be located in entities who do not have a...more

Goodwin

EU AI Act: Key Points for Financial Services Businesses

Goodwin on

The European Union (EU) Artificial Intelligence Act (AI Act), Regulation (EU) 2024/1689 of the European Parliament and of the Council of 13 June 2024 laying down harmonised rules on artificial intelligence and amending...more

K&L Gates LLP

Digital Operational Resilience in the Financial Services Sector: EU and UK Update

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With under six months to go until the European Union Digital Operational Resilience Act (DORA) becomes applicable on 17 January 2025, DORA implementation projects are running full steam ahead. DORA lays down uniform...more

Ballard Spahr LLP

Regulators Outline Risks that Third-Party Servicers Pose to Banks

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Banking regulators have issued a joint statement outlining the potential risks that financial institutions face in arrangements with third parties to deliver bank deposit products and services and examples of risk management...more

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