Navigating Emerging Privacy Issues in Financial Services — The Consumer Finance Podcast
[Podcast] The FTC Safeguards Rule: A Deep Dive into the Revisions Effective June 9, 2023
On May 15, 2024, the U.S. Securities and Exchange Commission (“SEC”) adopted amendments (the “Amendments”) to Regulation S-P under the Securities Exchange Act of 1934 (the “Exchange Act”), which governs the treatment of...more
Who may be interested: Investment Advisers. Quick Take: The SEC recently reopened the comment period for proposed rule changes that would amend and redesignate Rule 206(4)-2 under the Advisers Act (the “Current Custody...more
On February 16, 2023, we circulated a client alert, “SEC Proposes Radical Transformation of Custody Rule Into New Safeguarding Rule,” concerning the proposed significant transformation of Rule 206(4)-2 (the Custody Rule)...more
At an open meeting on March 15, 2023, the U.S. Securities and Exchange Commission voted unanimously to propose rule amendments to Regulation S-P (Proposed Rule) and published an accompanying release (Release). The Proposed...more
The US Securities and Exchange Commission (SEC) released a proposal to amend Rule 206(4)-2, the “custody rule” (the “current rule”), which currently requires all investment advisors with the ability to possess client funds...more
The SEC continued its recent onslaught of proposed cybersecurity rules in mid-March with three new proposals covering a litany of entities, including investment advisers, broker-dealers, investment companies, clearing...more
On February 15, 2023, the U.S. Securities and Exchange Commission (“SEC”) issued a proposed rule (the “Proposal”) under the Investment Advisers Act of 1940 (the “Advisers Act”), which would (i) amend certain provisions of the...more
On February 15, the Securities and Exchange Commission (“SEC”) issued a rule release (“Release” or “Proposal”) that proposes new Rule 223-1 (“Safeguarding Rule”) under the Investment Advisers Act of 1940, as amended...more
The U.S. Securities and Exchange Commission (SEC) proposed broad changes to Advisers Act Rule 206(4)-2, popularly known as the “custody rule,” on February 15, 2023. The amendments would create a new Rule 223-1 that would...more
On February 15, 2023, the Securities and Exchange Commission (SEC) released a proposed rulemaking (the Proposal) that would transform existing Rule 206(4)-2 (the Custody Rule) under the Investment Advisers Act of 1940 (the...more
Quick Take: The SEC recently proposed rule changes that would amend and redesignate Rule 206(4)-2 under the Advisers Act (the “Current Custody Rule”) and amend certain recordkeeping and reporting requirements. The proposals...more
The new Director of the Enforcement Division, Gurbir Grewal, assumed his position during the Third Quarter of 2021. Even if he hits the ground running it typically takes time to adjust to the environment. ...more
I’ve said it for a long time. It’s imperative that plan sponsors and plan providers wake up about cybersecurity issues. The recent action by the Securities and Exchange Commission (SEC) is just a harbinger of things to come...more
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
Demonstrating its continued focus on cybersecurity enforcement, the Securities and Exchange Commission (SEC) announced three new actions on Aug. 30 charging eight firms with maintaining deficient cybersecurity policies and...more
On August 30, 2021, the Securities and Exchange Commission (SEC) announced that eight broker-dealers and/or investment advisers will pay civil monetary penalties to resolve enforcement actions arising from cybersecurity...more
• On May 23, 2019, the Securities and Exchange Commission’s (SEC) Office of Compliance Inspections and Examinations (OCIE) issued a Risk Alert describing its observations in past examinations of weaknesses and best practices...more
On May 23, 2019, the United States Securities and Exchange Commission (“SEC”)’s Office of Compliance Inspections and Examinations (“OCIE”) issued a Risk Alert entitled “Safeguarding Customer Records and Information in Network...more
When it comes to information security, the Safeguards Rule of Regulation S-P (Safeguards Rule) requires SEC-registered investment advisers and brokers and dealers (Registrants) to adopt written policies and procedures that...more
• 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
On April 16, the SEC's Office of Compliance Inspections and Examinations (OCIE) published a Risk Alert outlining issues related to compliance with Regulation S-P that it identified in its inspections of SEC-registered...more
As every investment adviser, broker-dealer, and fund (and their lawyer) knows, noncompliance with Regulation S-P, the SEC’s primary rule on privacy notices and safeguard policies, can land a registrant in hot and expensive...more
The Securities and Exchange Commission recently settled with Voya Financial Advisors, Inc. for alleged violation of Regulation S-ID (otherwise known as the Identity Theft Red Flags Rule) and Regulation S-P (otherwise known as...more
The SEC charged investment adviser R.T. Jones with willfully violating the Safeguards Rule by failing to adopt written policies and procedures designed to protect customer records and information. The Safeguards Rule requires...more
The Securities and Exchange Commission (“SEC”) recently settled its first cybersecurity-related enforcement action against a Missouri based registered investment adviser, R.T. Jones Capital Equities Management, Inc. (the ...more