News & Analysis as of

Third-Party Service Provider Compliance

WilmerHale

The SEC Division of Examinations' Fiscal Year 2025 Priorities

WilmerHale on

On October 21, 2024, the Securities and Exchange Commission Division of Examinations published its examination priorities for fiscal year 2025.1 In this alert, we offer ten observations for broker-dealers. Our observations...more

Goodwin

NYDFS Publishes Guidance on AI-Related Cybersecurity Risks

Goodwin on

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

Miles & Stockbridge P.C.

DoD Issues Final Rule for CMMC Program, Finally Setting the Stage for Full Implementation

Miles & Stockbridge P.C. on

The Department of Defense (DoD) published a Final Rule earlier this month formally implementing the Cybersecurity Maturity Model Certification (CMMC) Program. This Final Rule is the culmination of five years of work to...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

Holland & Knight LLP

15 Key Takeaways from the Final CMMC Program Rule Issued by DOD

Holland & Knight LLP on

The U.S. Department of Defense (DOD) has long questioned whether contractors and their supply chains have been fully compliant with existing cybersecurity requirements aimed at protecting Controlled Unclassified Information...more

WilmerHale

Navigating Generative AI Under the European Union’s Artificial Intelligence Act

WilmerHale on

This blog post focuses on how the EU’s Artificial Intelligence Act (“AI Act”) regulates generative AI, which the AI Act refers to as General-Purpose AI (“GPAI”) Models....more

Latham & Watkins LLP

DORA: Just Over Three Months Until Take Off

Latham & Watkins LLP on

The deadline is fast approaching for in-scope financial entities and their ICT service providers to conform to the EU’s new digital operational resilience regulation. With effect from 17 January 2025, a broad range of EU...more

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

International Data Transfers Remain Under EU and UK Regulatory Scrutiny

Organisations that make international transfers of personal data have undergone significant challenges and changes over the last few years. With the invalidation of the Privacy Shield agreement in 2020 and the introduction of...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

Holland & Hart - The Benefits Dial

Both Sides Now… Must Be Alert to Cybersecurity

by Becky Achten New guidance from the Employee Benefits Security Administration (EBSA) affirms that both sides—retirement plans and welfare plans—must take steps to secure participant data from cybercrime. In 2021 the...more

WilmerHale

Obligations for Deployers, Providers, Importers and Distributors of High-Risk AI Systems in the European Union’s Artificial...

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In this blog post, we will focus on obligations that the European Union’s Artificial Intelligence Act (AI Act) sets for deployers, providers, importers and distributors regarding high-risk AI systems....more

Walkers

Personal Information Protection Act deep dive

Walkers on

The Personal Information Protection Act ("PIPA") comes into full force on 1 January 2025. All organisations in Bermuda are expected to be in compliance with it by that date – time is running out! The Privacy Commissioner...more

Goodwin

ESA Publications on Digital Operational Resilience: A Reminder That DORA is Less Than Six Months Away and Will Apply to US and UK...

Goodwin on

The publication by the Joint Committee of the European Supervisory Authorities (ESAs) on (a) 17 July 2024 of the second batch of implementing materials and (b) 26 July 2024 of the sub-contracting of information and...more

BakerHostetler

FTC Continues Focus on Disclosure of Health Information to Third-Party Technologies

BakerHostetler on

A recently announced settlement with online alcohol addiction treatment service Monument Inc. demonstrates the Federal Trade Commission’s (FTC) continued focus on the use and disclosure of health data. The proposed settlement...more

Esquire Deposition Solutions, LLC

Actionable Advice When Sharing Client Data with Vendors

We’ve previously written on the need for law firms to scrutinize the data security protections in place at all third-party vendors who have access to client confidential information. Clearly, that’s still good advice....more

Dorsey & Whitney LLP

CTA Compliance Obligations for CTA Participants: Reporting Companies, Beneficial Owners, and Third-Party Preparers

Dorsey & Whitney LLP on

In an evolving (and somewhat disjointed) process, FinCEN has been providing guidance to persons and entities that are responsible for filing required beneficial ownership information (“BOI”) reports to FinCEN, as well as to...more

Greenberg Glusker LLP

Best Practices for Apps & Websites to Avoid Claims Under the California Invasion of Privacy Act (CIPA)

Greenberg Glusker LLP on

Amid little clarity from courts, wiretap claims targeting the use of data analytics tools are becoming increasingly common. Here are ways to stay compliant and avoid costly litigation....more

Integreon

Unleashing the Power of GenAI in Contracts Management: 3 Easy Ways to Start and Benefit

Integreon on

Corporate interest in AI, particularly generative AI (genAI), has surged dramatically. For many legal teams, there is pressure all the way from the C-suite to start using this new technology. However, the process of...more

Venable LLP

Considerations for Handling AI Licensing and Related Data in Tech Contracts: A Customer’s Perspective

Venable LLP on

Artificial intelligence (AI) tools continue to proliferate, with many aiming to automate processes and increase productivity. But customers of these tools or customers of vendors who use them must understand what’s going on...more

Mayer Brown

EU Cyber Legislation Puts Emphasis on Board Responsibility

Mayer Brown on

What is a Management Body? Under both DORA and NIS2, a management body can be a body with managerial and/or supervisory functions. The powers and structure of management bodies vary within the EU Member State, and managerial...more

The Volkov Law Group

A Deeper Dive into Supply Chain Transparency & Accountability

The Volkov Law Group on

The sheer proliferation of supply chain transparency and accountability regulations at international scale itself warrants a closer look at the level of scrutiny required of organizations with complex, multi-faceted, global,...more

Mitratech Holdings, Inc

Compliance Down Under: Understanding Australian Regulation CPS 230

The Australian Prudential Regulation Authority (APRA) released Prudential Standard CPS 230 in March 2017. At a glance, the regulation aims to strengthen the cybersecurity resilience and operational risk management of the...more

King & Spalding

FinCEN Proposes Rule to Extend Bank Secrecy Act Obligations to Certain Investment Advisers

King & Spalding on

The Proposed Rule Would Subject Certain Investment Advisers to a Broad Range of AML/CFT Obligations and Represents a Significant Development for the Sector - Regulators have long considered the lack of anti-money...more

Hinshaw & Culbertson - Privacy, Cyber & AI...

Q&A: Four State Data Privacy Compliance Insights for 2024

With the first month of 2024 now behind us, it is time for organizations to start seriously considering key comprehensive state data privacy compliance obligations for 2024. In total, seven states passed data privacy laws...more

BCLP

Joining the Dots - Will the UK’s New Critical Third Party Rules Truly Move the Dial for Financial Institutions?

BCLP on

The announcement in 2021 of the intention to implement new rules directly targeting the types of tech service provider relied on by most financial institutions may be a necessary corrective given the heavy market...more

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