In 2019, regulators continued to consider whether and how to regulate blockchain technology. After the two previous years that included a high number of initial coin offerings (ICOs), many of which involved allegedly...more
1/21/2020
/ BitLicense ,
Blockchain ,
Cross-Border Transactions ,
Cryptocurrency ,
Digital Securities ,
Disgorgement ,
Enforcement Actions ,
EU ,
Financial Stability Board ,
FinHub ,
Fraud ,
General Data Protection Regulation (GDPR) ,
Initial Coin Offering (ICOs) ,
NYDFS ,
Popular ,
Regulatory Agencies ,
Securities Act of 1933 ,
Securities and Exchange Commission (SEC) ,
Securities Exchange Act ,
Securities Violations ,
Settlement Negotiations ,
Stablecoins ,
Supervisory Guidance ,
Technology Sector ,
Virtual Currency
In this issue of The Distributed Ledger, we discuss the IRS' warning letters for over 10,000 cryptocurrency holders, the SEC's settlement with a blockchain company regarding unregistered ICO transactions, and a European...more
9/23/2019
/ Blockchain ,
Crypto Exchanges ,
Cryptocurrency ,
Data Controller ,
Data Processors ,
Digital Assets ,
Distributed Ledger Technology (DLT) ,
Ethereum ,
FinHub ,
Gaming ,
General Data Protection Regulation (GDPR) ,
Initial Coin Offering (ICOs) ,
Initial Public Offering (IPO) ,
IRS ,
No-Action Letters ,
Personal Information ,
Popular ,
Securities and Exchange Commission (SEC) ,
Securities Regulation ,
Settlement Agreements ,
Simple Agreement for Future Tokens (SAFT) ,
Smart Contracts ,
Startups ,
Unregistered Securities ,
Warning Letters
In this month's edition of our Privacy & Cybersecurity Update, we examine expanded data breach notification laws in New Jersey and Washington state, as well as the SEC's risk alert regarding cloud-based storage solutions. We...more
6/3/2019
/ Amended Rules ,
Annual Reports ,
Cloud Storage ,
Cybersecurity ,
Data Breach ,
Data Protection Authority ,
Data Security ,
Federal Trade Commission (FTC) ,
Finland ,
General Data Protection Regulation (GDPR) ,
Personally Identifiable Information ,
Popular ,
Privacy Laws ,
Risk Alert ,
Securities and Exchange Commission (SEC) ,
State Data Breach Notification Statutes ,
UK
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
5/1/2019
/ Broker-Dealer ,
Canada ,
Commercial General Liability Policies ,
Cyber Insurance ,
Cyber Policies ,
Cybersecurity ,
Data Breach ,
Data Protection ,
Data-Sharing ,
Denial of Insurance Coverage ,
Designated Contract Markets (DCMs) ,
ENISA ,
Equifax ,
EU ,
Fines ,
General Data Protection Regulation (GDPR) ,
Government Investigations ,
Hackers ,
Investment Adviser ,
NCSC ,
OCIE ,
PIPEDA ,
Popular ,
Privacy Comissioners ,
Privacy Laws ,
Privacy Policy ,
Putative Class Actions ,
Regulation S-P ,
Risk Alert ,
Securities and Exchange Commission (SEC) ,
Surveys ,
TCPA ,
UK ,
UK Data Protection Act ,
UK ICO ,
Unsolicited Faxes
In this issue, we examine the release of the much-anticipated Strategic Hub for Innovation and Financial Technology (FinHub) guidance for analyzing how U.S. federal securities laws apply to initial coin offerings, the...more
4/16/2019
/ Advertising ,
Blockchain ,
California Consumer Privacy Act (CCPA) ,
CNIL ,
Cryptocurrency ,
Default ,
Digital Assets ,
Discovery ,
Distributed Ledger Technology (DLT) ,
Division of Corporate Finance ,
Ethereum ,
EU ,
FinHub ,
France ,
Frozen Assets ,
General Data Protection Regulation (GDPR) ,
Guilty Pleas ,
Initial Coin Offering (ICOs) ,
Investment Contract ,
Motion to Dismiss ,
No-Action Letters ,
NYDFS ,
Offerings ,
Payment Tokens ,
Personal Jurisdiction ,
Plea Agreements ,
Popular ,
Preliminary Injunctions ,
Profits ,
Public Comment ,
Putative Class Actions ,
Safe Harbors ,
Securities ,
Securities and Exchange Commission (SEC) ,
Securities Exchange Act ,
Securities Fraud ,
Securities Tokens ,
Securities Violations ,
Settlement ,
Smart Contracts ,
Unregistered Securities ,
Virtual Currency
In 2018, the number of blockchain-enabled projects increased sharply as established companies sought to apply distributed ledger technology to their existing business models and startups developed new and disruptive models...more
1/18/2019
/ AML/CFT ,
Blockchain ,
CFTC ,
Commodity Exchange Act (CEA) ,
Cryptocurrency ,
Derivatives ,
Distributed Ledger Technology (DLT) ,
EU ,
FinCEN ,
FinHub ,
General Data Protection Regulation (GDPR) ,
Initial Coin Offering (ICOs) ,
Popular ,
Proposed Legislation ,
Securities and Exchange Commission (SEC) ,
Token Sales ,
Unregistered Securities
This is the second edition of The Distributed Ledger, a periodic publication covering the latest trends and developments in blockchain technology, digital assets and smart contracts. In this issue, we examine the SEC’s new...more
11/8/2018
/ Anti-Money Laundering ,
Blockchain ,
CFTC ,
CNIL ,
Commodity Exchange Act (CEA) ,
Cross-Border Transactions ,
Data Controller ,
Data Processors ,
Digital Assets ,
EU ,
FATF ,
FinHub ,
FinTech ,
Initial Coin Offering (ICOs) ,
International Data Transfers ,
Personally Identifiable Information ,
Popular ,
Regulatory Agenda ,
Securities and Exchange Commission (SEC) ,
Smart Contracts ,
Startups ,
Terrorist Financing Regulations ,
Virtual Currency
The market for cryptocurrencies and the current wave of initial coin offerings (ICOs) that seek to raise capital for blockchain-based projects have enjoyed a swell of popularity in recent years. U.S. regulatory agencies and...more
6/20/2018
/ Blockchain ,
Breach of Contract ,
CFTC ,
Commodities ,
Cryptocurrency ,
Digital Currency ,
Enforcement Actions ,
Initial Coin Offering (ICOs) ,
Investment Contract ,
Popular ,
Rule 10(b) ,
Securities ,
Securities and Exchange Commission (SEC) ,
Securities Exchange Act ,
Token Sales ,
Unjust Enrichment ,
Unregistered Securities
In 2017, the increased adoption of blockchain technology in various industries was partially obscured by the dramatic fluctuations in the price of bitcoins and the prevalence of so-called initial coin offerings (ICOs) to...more
2/1/2018
/ Anti-Money Laundering ,
Bank Secrecy Act ,
Bitcoin ,
BitLicense ,
Blockchain ,
Cryptocurrency ,
Department of Financial Services ,
FinCEN ,
Initial Coin Offering (ICOs) ,
NYDFS ,
Popular ,
Securities ,
Securities and Exchange Commission (SEC) ,
Smart Contracts ,
Virtual Currency
For the past few months, issuers of token sales or “initial coin offerings” (ICOs) have known that they were, to some extent, sailing in unchartered waters. Those waters have just gotten a bit murkier with an announcement by...more
9/8/2017
/ Bitcoin ,
Blockchain ,
Canadian Securities Administration ,
Capital Raising ,
China ,
Cryptocurrency ,
Digital Currency ,
Financial Conduct Authority (FCA) ,
Financial Crimes ,
Fraud ,
Global Market ,
Hong Kong Securities and Futures Commission (HKSFC) ,
Illegal Activity ,
Initial Coin Offering (ICOs) ,
Investment Contract ,
Popular ,
Public Financing ,
Pyramid Schemes ,
Securities and Exchange Commission (SEC) ,
Securities Fraud ,
Startups ,
Token Sales
On August 7, 2017, the Office of Compliance Inspections and Examinations (OCIE) of the U.S. Securities and Exchange Commission (SEC) released a summary of its observations (the report) from cybersecurity examinations of 75...more
8/31/2017
/ Broker-Dealer ,
Customer Information ,
Cybersecurity ,
Cybersecurity Examination Initiative ,
Data Protection ,
Data Security ,
Employee Training ,
Financial Services Industry ,
Information Reports ,
Inventory ,
Investment Adviser ,
Investment Companies ,
OCIE ,
Policies and Procedures ,
Popular ,
Ransomware ,
Regulation S-P ,
Risk Alert ,
Risk Assessment ,
Securities and Exchange Commission (SEC) ,
Senior Managers
Over the last 12 months, a growing number of start-ups, primarily those offering blockchain-based services, have raised capital utilizing so-called initial coin offerings or token sales (collectively referred to herein as...more
8/3/2017
/ Capital Raising ,
Cryptocurrency ,
Initial Coin Offering (ICOs) ,
Investor Protection ,
New Guidance ,
Registration Requirement ,
Securities ,
Securities and Exchange Commission (SEC) ,
Startups ,
Stock Exchange ,
Token Sales ,
Virtual Currency
Entering 2016, the relentless stream of cyberattacks continues unabated, having become a "business as usual" reality to which companies must adapt. All companies, regardless of size or industry, are potential targets, and the...more
1/21/2016
/ Administrative Authority ,
Class Action ,
Cybersecurity ,
Data Privacy ,
EU ,
EU Data Protection Laws ,
Federal Trade Commission (FTC) ,
FTC Act ,
General Data Protection Regulation (GDPR) ,
Incident Response Plans ,
Information Sharing ,
Injury-in-Fact ,
LabMD ,
OCIE ,
Privacy Laws ,
Risk Assessment ,
Section 5 ,
Securities and Exchange Commission (SEC) ,
Third-Party Release Agrements ,
US-EU Safe Harbor Framework ,
Vendors ,
Wyndham
On September 15, 2015, the U.S. Securities and Exchange Commission (the “SEC”) issued a risk alert release announcing that the Office of Compliance Inspections and Examinations (“OCIE”) will be conducting a new Cybersecurity...more
In This Issue:
- Second Circuit Rules Patriot Act Does Not Authorize Bulk Metadata Collection; Congress Reconsiders Certain Patriot Act Authorities
- SEC Issues Cybersecurity Guidance for Investment Companies...more
6/2/2015
/ Broadband ,
Commercial Bankruptcy ,
Customer Lists ,
Cyber Crimes ,
Cybersecurity ,
Data Breach ,
Data Collection ,
Enforcement ,
FBI ,
FCC ,
Federal Trade Commission (FTC) ,
Insurance Litigation ,
Internet of Things ,
Investment Adviser ,
Investment Funds ,
Jurisdiction ,
Online Privacy Protection Act ,
Patriot Act ,
Personally Identifiable Information ,
Privacy Laws ,
RadioShack ,
Securities and Exchange Commission (SEC)
In April 2015, the Securities and Exchange Commission (the “SEC”) Division of Investment Management issued a guidance update (the “Update”) identifying cybersecurity of registered investment companies and registered...more
In This Issue
- White House Releases Proposed Privacy Legislation
- Lessons from the Anthem Data Breach
- SEC and FINRA Release Results of Industrywide Cybersecurity Examination Sweeps
- COSO Releases Report on...more
3/2/2015
/ Anthem Blue Cross ,
Automotive Industry ,
Big Data ,
COSO ,
Cybersecurity ,
Data Breach ,
Financial Industry Regulatory Authority (FINRA) ,
Information Sharing ,
Insurance Industry ,
Obama Administration ,
Popular ,
Securities and Exchange Commission (SEC)
In This Issue:
- EU Issues Guidelines on ‘Right to be Forgotten’
- FFIEC Observations on Bank Cybersecurity Provides Important Guidelines for Every Industry
- Remarks by Comptroller Curry Highlight OCC...more
12/1/2014
/ Automotive Industry ,
Banks ,
Cyber Threats ,
Cybersecurity ,
Data Breach ,
EU ,
Federal Trade Commission (FTC) ,
FFIEC ,
FTC v Wyndham ,
Google ,
NIST ,
OCC ,
Privacy Laws ,
Retailers ,
Right to Be Forgotten ,
Securities and Exchange Commission (SEC)
In This Issue:
- New Studies Highlight Privacy and Cybersecurity Risks and Costs
- SEC Commissioner Addresses the Role of the Board on Cybersecurity Matters
- Supreme Court Decision on Cellphone Searches...more
7/1/2014
/ Board of Directors ,
Cell Phones ,
Class Action ,
Class Certification ,
Cookies ,
Cybersecurity ,
FFIEC ,
Hulu ,
Insurance Industry ,
Personally Identifiable Information ,
Privacy Policy ,
SCOTUS ,
Search Warrant ,
Securities and Exchange Commission (SEC) ,
VPPA ,
Wyndham
In This Issue:
- EU Parliament Cements Position on Privacy Protection Reform
- EU Parliament Passes Cybersecurity Directive
- SEC Holds Roundtable on Cybersecurity
- EU and APEC Introduce Guide for...more
3/28/2014
/ APEC ,
Class Action ,
Cybersecurity ,
Data Breach ,
Data Protection ,
Department of Justice (DOJ) ,
EU ,
EU Data Protection Laws ,
FCC ,
Privacy Laws ,
Privacy Policy ,
Securities and Exchange Commission (SEC) ,
Small Business
The Securities and Exchange Commission recently held a roundtable on the issues and challenges cybersecurity presents for market participants and public companies. The roundtable is a means by which the SEC Commissioners can...more
In recent months, federal and state governments have taken an increasingly active role in reviewing cybersecurity issues within the private sector. There has been a flurry of activity as different government bodies discuss...more