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On May 16, 2024, the U.S. Securities and Exchange Commission (SEC) announced that it had adopted final amendments to its Regulation S-P (the Rule or Amended Rule), which governs “covered financial institutions’” treatment of consumers’ nonpublic personal information, to ensure that these entities implement incident response programs and notify consumers when their information has been compromised. Brokers, dealers, investment companies, investment advisers, crowdfunding portals, and transfer agents registered with the SEC or another appropriate regulatory agency are all considered covered institutions (CIs) under the Amended Rule.Continue Reading SEC Expands Security and Breach Notification Requirements for Investment Firms

On July 26, 2023, the U.S. Securities and Exchange Commission (SEC) announced that it adopted final rules requiring disclosure by public companies of material cybersecurity incidents in a Current Report on Form 8-K, and of material information regarding their cybersecurity risk management, strategy, and governance in an Annual Report on Form 10-K. Foreign private issuers will be required to make comparable disclosures on Forms 6-K and 20-F. Set forth below is a brief summary of the final rules; a more detailed client alert will follow.Continue Reading SEC Adopts Cybersecurity Disclosure Rules

Earlier this month, the U.S. Securities and Exchange Commission’s (SEC) 2023 Spring Unified Agenda of Regulatory and Deregulatory Actions was released. The agenda identifies the rules that the agency expects to consider in the next 12 months and includes an anticipated action date for finalizing rules for cybersecurity disclosure by public companies by October 2023. This alert provides guidance on what companies should be doing to prepare now.Continue Reading SEC Adjusts Anticipated Action Date for Publication of Final Rules for Cybersecurity Reporting and Enhanced Standardized Disclosure

On March 9, 2022, the U.S. Securities and Exchange Commission (SEC) proposed new rules that would require current and periodic reporting of material cybersecurity incidents as well as more detailed disclosure of cybersecurity risk management, expertise, and governance. This alert summarizes the proposed changes, which are subject to public comment until the later of May 9, 2022 or 30 days after publication in the Federal Register.
Continue Reading SEC Proposes New Cybersecurity Reporting and Enhanced Standardized Disclosure

AA042950In the wake of numerous cyberattacks aimed at companies spanning various industries, it is no surprise that yet another federal agency—this time the SEC—is stressing the importance of proper cybersecurity protocols for the entities it regulates. Broker-dealers, investment advisors, and others in the securities industry often have access to some of the most sensitive client and consumer financial information, making data security a high priority for the SEC.
Continue Reading SEC Increases Focus on Cybersecurity–A Look at Recent Data Security Guidance and Enforcement