News & Analysis as of

Notification Requirements Financial Services Industry

Katten Muchin Rosenman LLP

CFTC Staff Issues Relief Intended to Reduce Burdens of Swap Data Notification Requirements

Staff from the Commodity Futures Trading Commission’s (CFTC) Division of Market Oversight issued No-Action Relief Letter 25-25 on July 31, 2025 to help ease compliance burdens placed on reporting counterparties in meeting the...more

Constangy, Brooks, Smith & Prophete, LLP

FTC cyber breach notification rules: If you’re a non-banking financial institution, here’s what you need to know.

Financial institutions are now required to notify the Federal Trade Commission about any security breach that involves the information of 500 customers or more. The breach must be reported no later than 30 days after it is...more

Skadden, Arps, Slate, Meagher & Flom LLP

The Standard Formula: A Guide to Solvency II – Chapter 12: Undertakings in Difficulty

Undertakings in difficulty, in the context of Solvency II, refers to insurers that are either failing or likely to fail to meet their solvency capital requirement (SCR) or their minimum capital requirement (MCR) (together,...more

Baker Donelson

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

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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

Skadden, Arps, Slate, Meagher & Flom LLP

CFPB Applies Adverse Action Notification Requirement to Artificial Intelligence Models

As technology continues to advance, regulators are increasingly addressing the fair lending implications of artificial intelligence (AI), even though comprehensive rules governing AI have yet to be promulgated. Notably, the...more

Orrick, Herrington & Sutcliffe LLP

New York Department of Financial Services Finalizes Amended Cybersecurity Regulations

On November 1, the New York Department of Financial Services (NYDFS) amended its cybersecurity regulations to set additional notification, administrative, training and technical requirements. The Amended Cybersecurity...more

Alston & Bird

The Digital Download – Alston & Bird’s Privacy & Data Security Newsletter – November 2023

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Publications and Advisories - November 13, 2023 – Kathleen Benway, Kate Hanniford, Amy Mushahwar, Kim Peretti, and Lance Taubin published “Privacy, Cyber & Data Strategy Advisory: FTC Approved New Data Breach Notification...more

Alston & Bird

FTC Approves New Data Breach Notification Requirement for Nonbanking Financial Institutions

Alston & Bird on

With an amendment to its Safeguards Rule, the Federal Trade Commission has joined other federal agencies regulating cybersecurity breaches. Our Privacy, Cyber & Data Strategy Team analyzes how the amendment will affect...more

Constangy, Brooks, Smith & Prophete, LLP

FTC Non-Banking Financial Institutions Safeguards Rule

The Federal Trade Commission has approved an amendment to the Safeguards Rule under the Gramm-Leach-Bliley Act that creates a new data privacy regulatory reporting requirement for non-banking financial entities. Covered...more

Hogan Lovells

Appointed Representatives: FCA confirms changes to increase responsibilities of principal firms

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The FCA has published a policy statement and final rules aimed at improving the appointed representatives (ARs) regime. Previous FCA data analysis had shown that there are more issues arising from principals and ARs than from...more

Goodwin

President Biden Signs Executive Order Banning New Investments in Russia

Goodwin on

In This Issue. President Biden issued an executive order banning new investments in Russia in response to Russia’s continued war against Ukraine; the Federal Deposit Insurance Corporation (FDIC) issued a notification to all...more

Goodwin

SEC Proposes Rules to Include Certain Significant Market Participants as “Dealers” or “Government Securities Dealers”

Goodwin on

In This Issue. The U.S. Securities and Exchange Commission (SEC) proposed rules to include certain significant market participants as “dealers” or “government securities dealers” to essentially eliminate the trader exclusion...more

Akin Gump Strauss Hauer & Feld LLP

US Banks Must Now Report Hacks Within 36 Hours

The banking regulators of the Federal Reserve Board, Federal Deposit Insurance Corporation, and the Office of the Comptroller of Currency jointly announced a new rule requiring banking organizations in the United States to...more

Akin Gump Strauss Hauer & Feld LLP

EU Net Short Position Disclosure Threshold Lowered to 0.1% from 31 January 2022

The European Commission has published rules to permanently lower the initial net short position reporting threshold from 0.2 per cent to 0.1 per cent under the EU Short Selling Regulation (EU SSR). The lower disclosure...more

BakerHostetler

Federal Banking Regulators Issue 36-Hour Computer-Security Incident Notification Requirement

BakerHostetler on

As the federal government continues its whole-of-government response to cyber incidents, federal banking regulators took action to impose a new notice requirement on federally regulated banks. In November, the Federal Deposit...more

Akin Gump Strauss Hauer & Feld LLP

EU Net Short Position Disclosure Threshold Lowered to 0.1%

The European Commission has revised rules to permanently lower the net short position reporting threshold from 0.2 per cent to 0.1 per cent under the EU Short Selling Regulation (“EU SSR”). The net short position notification...more

McDermott Will & Schulte

Neuregelung der Mitteilungspflichten zum Transparenzregister

Mit Inkrafttreten des Transparenzregister- und Finanzinformationsgesetzes am 1. August 2021 werden viele Unternehmen in Deutschland erstmals tatsächlich Mitteilungen zum Transparenzregister machen müssen. Die Zahl der...more

Dorsey & Whitney LLP

New York Department of Financial Services Signals Aggressive Enforcement Stance

Dorsey & Whitney LLP on

State Notifications Deemed to Trigger DFS Reporting of Non-material Breaches - Two successive Consent Orders have demonstrated the seriousness of non-compliance with New York’s Department of Financial Services financial...more

Faegre Drinker Biddle & Reath LLP

New York Department of Financial Services Announces $1.5 Million Settlement of Second Cybersecurity Enforcement Action

On March 3, 2021, the New York State Department of Financial Services (NYDFS) announced a settlement with Residential Mortgage Services, Inc. (RMS) for $1.5 million in connection with its violation of the NYDFS Cybersecurity...more

Akin Gump Strauss Hauer & Feld LLP

Rule Requiring Banking Organizations to Provide Expedited Notice Proposed by Federal Banking Regulators

Last month, the Department of the Treasury and the Federal Reserve System issued a joint notice of proposed rulemaking, available here, requiring banking organizations to provide notification no later than 36 hours after a...more

Jones Day

Proposed Computer-Security Incident Rule Would Impose Significant Notification Obligations

Jones Day on

The Situation: On December 18, 2020, the Office of the Comptroller of the Currency, the Federal Deposit Insurance Corporation, and the Board of Governors of the Federal Reserve System (the "Federal Banking Agencies") jointly...more

Akin Gump Strauss Hauer & Feld LLP

UK Regulators Issue Statements on the Impact of COVID-19 on the Senior Managers and Certification Regime

On 3 April 2020, the Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA) (together the “Regulators”) issued statements regarding changes to the Senior Managers and Certification Regime for both dual...more

Akin Gump Strauss Hauer & Feld LLP

A Change in FCA Process for Submitting Net Short Position Notifications

On 25 February 2020, the UK Financial Conduct Authority (FCA) updated its process for the notification and disclosure of net short positions under the European Union Short Selling Regulation (SSR). To be able to submit a...more

Akin Gump Strauss Hauer & Feld LLP

NFA Issues Interpretive Notices for CPOs Regarding Internal Controls Systems and Cybersecurity

• The NFA has determined that registered CPOs must implement an internal controls system and highlighted best practices for such a framework. • In response to certain frequently asked questions, the NFA has also updated its...more

Stinson LLP

Financial Institutions' Consumer Data Exposed in Web Platform Vulnerability

Stinson LLP on

Banks and other financial institutions rely on a relatively small number of core service providers to process customer personal and financial information. The National Association of Federally-Insured Credit Unions (NAFCU)...more

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