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SEC Moves to Update Transfer Agent Rules; New Rules Likely to Impact Unclaimed Property and Cybersecurity

On December 22, 2015, the Securities and Exchange Commission took the first step in overhauling SEC regulation of transfer agents, the little-discussed but critical intermediaries involved in the prompt clearance and settlement of almost all U.S. securities. After many years in which other types of financial market intermediaries took center stage on the SEC’s rulemaking agenda, the...

SEC Seeks Comment on Cybersecurity Issues in ANPR for Transfer Agents

On December 22, the Securities and Exchange Commission (SEC) issued an advanced notice of proposed rulemaking (ANPR) for new transfer agent requirements, and it also issued a concept release for which public comment on the SEC’s broader review of transfer agent regulation is sought.  In the ANPR, the SEC specifically cited cybersecurity as an area in which the Commission intends to...

Don’t be a Turkey: Recipes for a Successful and (Hopefully) Cyberattack-Free Thanksgiving

Thanksgiving is a time to give thanks for the important things in life: family, friends, health and (hopefully) not being hacked in the past year.  Those firms and compliance officers who followed our Top 10 Cybersecurity Resolutions for 2015 are hopefully in good shape to continue warding off cyberattacks in the coming year. But for those who haven’t taken to heart our suggested...

The New York Department of Financial Services Releases Potential New Cybersecurity Rules

On November 9, Anthony Albanese, Acting Superintendent of the New York Department of Financial Services (NYDFS), sent a letter to the 18 members of the Financial and Banking Information Infrastructure Committee that outlines key regulatory proposals that NYDFS is considering as new regulations to increase financial sector cybersecurity defenses. The letter is written to “help spark...

The SEC’s Cybersecurity Enforcement Action: Rulemaking by Enforcement

The Securities and Exchange Commission recently brought an enforcement action against an investment adviser that, like a large number of companies, was the victim of a cyberattack. Although the SEC did not allege that any of the firm’s clients suffered harm, the Commission nonetheless sanctioned the firm for its allegedly unreasonable policies and procedures. In their article for...

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