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Investment Adviser Cybersecurity Data Breach

Lowenstein Sandler LLP

Compliance Deadlines to Implement Significant Amendments to Regulation S-P Are Fast Approaching: Key Implications for Covered...

On May 16, 2024, the Securities and Exchange Commission (SEC) adopted sweeping amendments to Regulation S-P, which governs the privacy of nonpublic consumer personal and financial information for a broad range of financial...more

Faegre Drinker Biddle & Reath LLP

FINRA to Member Firms: “You Heard the SEC, Create Plans for Data Breaches Now!”

On May 15, 2024, the SEC announced it would make amendments to Regulation S-P (Reg S-P). This will be the first amendment to the regulation since its adoption 24 years ago in 2000. The regulation focuses on how institutions...more

Katten Muchin Rosenman LLP

New Rules for Investment Advisers and Brokers Relating to Cybersecurity Breaches

On May 16, the Securities and Exchange Commission (SEC) unanimously approved amendments to Regulation S-P, which imposes new rules relating to cybersecurity breaches involving investment advisers and brokers. Larger entities...more

Paul Hastings LLP

SEC Adopts Amendments To Regulation S-P

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On May 15, 2024, the Securities and Exchange Commission (the “SEC”) adopted amendments to Regulation S-P. Originally passed in 2000, Regulation S-P regulates the treatment of non-public personal information of consumers by...more

SEC Compliance Consultants, Inc. (SEC³)

Regulatory Roundup for May 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

Orrick, Herrington & Sutcliffe LLP

SEC Amends Privacy Rule to Establish Data Breach Notification Standard

The Securities and Exchange Commission (SEC) has amended its privacy rule – Regulation S-P – to establish a federal minimum standard for covered institutions to notify affected individuals of a data breach....more

Davis Wright Tremaine LLP

SEC Adopts Amendments to Regulation S-P That Require Reporting Breaches of "Sensitive Customer Information"

On May 15, the Securities and Exchange Commission adopted amendments to Regulation S-P, which covers broker-dealers, registered investment advisors (RIAs), and investment companies (funds). These entities are now required to...more

Carlton Fields

Preparing for 2024: Encore to 2023’s Cyber and Privacy Extravaganza

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Step right up as we discuss some of 2023’s most notable cybersecurity and privacy regulatory and litigation developments and tips for keeping your program flying high. Regulatory Activity New regulatory requirements now in...more

Seward & Kissel LLP

FTC Imposes New Data Breach Notification Requirements

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On October 27, 2023, the Federal Trade Commission (the “FTC”) adopted a final rule (“Final Rule”) to amend the Standards for Safeguarding Customer Information (the “Safeguards Rule”). Among other things, the Final Rule will...more

Troutman Pepper Locke

SEC Issues Risk Alert on Safeguarding Customer Records and Information at Branch Offices

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On April 26, the SEC’s Division of Examinations (EXAMS) issued a risk alert on the importance of broker-dealers and investment advisers (collectively, “firms”) establishing and following written policies and procedures aimed...more

Pietragallo Gordon Alfano Bosick & Raspanti,...

SEC Proposes Three New Cybersecurity Rules To Enhance Consumer Protection And Market Security

On March 15, 2023, the United States Securities and Exchange Commission (SEC) took a major step towards strengthening cybersecurity in the financial sector by proposing three new rules. These rules aim to improve privacy,...more

Proskauer - The Capital Commitment

SEC Revisits Regulation S-P After Twenty Years of Innovation to Information Technology

On March 15, 2023, the U.S. Securities and Exchange Commission (“SEC”) released its proposal to amend Regulation S-P: Privacy of Consumer Financial Information and Safeguarding Customer Information (the “Proposed...more

Herbert Smith Freehills Kramer

SEC Proposes Data Breach Notification and Incident Response Requirements

On March 15, 2023, the Securities and Exchange Commission (SEC) proposed three rule changes that demonstrate its continued focus on cybersecurity. One of these proposals, and the only one to be unanimously approved (the...more

Pillsbury Winthrop Shaw Pittman LLP

Twelve Hours to Get It Right: The SEC Intensifies Its Focus on Cybersecurity

The SEC’s recent enforcement actions, public statements and proposed rulemaking indicate that cybersecurity will be an area of heightened focus for the Gensler Commission. New proposed rules would require public companies...more

Jackson Lewis P.C.

SEC to Advisors and Funds – Adopt and Implement Cybersecurity Policies and Procedures

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On February 9, the Securities and Exchange Commission (“SEC”) voted to propose rule 206(4)-9 under the Advisers Act and 38a-2 under the Investment Company Act (collectively, “Proposed Rule”). In general, the Proposed Rule...more

Goodwin

SEC Makes Cybersecurity Top Priority; Sanctions Firms for Cybersecurity Failures

Goodwin on

There is little doubt that the U.S. Securities and Exchange Commission is making cybersecurity a top priority. SEC Chair Gary Gensler told a Senate committee on Tuesday, September 14, 2021 that the agency is developing a...more

Faegre Drinker Biddle & Reath LLP

SEC “Sweep” of Public Companies’ & Registrants’ Responses to the SolarWinds Cyberbreach

As publicly reported late last week, the Securities and Exchange Commission’s Division of Enforcement (SEC) sent voluntary requests for information to a range of public companies and investment firms seeking voluntary...more

Faegre Drinker Biddle & Reath LLP

SEC Issues New Risk Alert on “Credential Stuffing” Attacks

On September 15, 2020, the SEC’s Office of Compliance Inspections and Examinations (OCIE) issued a Risk Alert highlighting the recent uptick in “credential stuffing” cyber-attacks against SEC-registered investment advisors...more

Robinson & Cole LLP

Data Privacy + Cybersecurity Insider - July 2020 #2

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CYBERSECURITY - SEC Issues Warning for Advisors and Broker-Dealers on Increased Ransomware Attacks - On July 10, 2020, the Securities and Exchange Commission (SEC), through its Office of Compliance Inspections and...more

Robinson+Cole Data Privacy + Security Insider

SEC Issues Warning for Advisors and Broker-Dealers on Increased Ransomware Attacks

On July 10, 2020, the Securities and Exchange Commission, through its Office of Compliance Inspections and Examinations (OCIE), issued a warning to advisors and broker-dealers to “immediately” review their cybersecurity...more

Foley Hoag LLP - White Collar Law &...

White Collar Year in Preview: SEC Enforcement Trends in 2020

Editors’ Note: This is the first in our start-of-year series examining important trends in white collar law and investigations in the coming year. Up next: a look at trends in health care enforcement. Look for additional...more

Akin Gump Strauss Hauer & Feld LLP

CFTC Settlement Asserts Data Breach Disclosure Requirement for Future Commission Merchants

On September 12, 2019, the Commodity Futures Trading Commission (CFTC) announced a settlement with Phillip Capital Inc. (PCI or the “Company”), a registered futures commission merchant (FCM), after hackers successfully...more

Skadden, Arps, Slate, Meagher & Flom LLP

Privacy & Cybersecurity Update - April 2019

In this month's Privacy & Cybersecurity Update, we examine several recent U.K.-related cybersecurity developments and the SEC's risk alert reminding investment advisers and broker-dealers to follow through on implementing...more

Akin Gump Strauss Hauer & Feld LLP

SEC Warns Registered Firms about Client Privacy and Data Security

• The SEC released a Risk Alert summarizing key areas in which it continues to see compliance deficiencies related to Regulation S-P, the primary SEC rule regarding privacy notices and safeguard policies of investment...more

Bass, Berry & Sims PLC

SEC Issues Risk Alert on Privacy Issues

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The SEC has again signaled that now is the time for investment advisers and broker-dealers to get serious about compliance with Reg. S-P. For years, the SEC’s examination priorities have included a focus on cybersecurity...more

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