Corporate & Financial Weekly Digest

Corporate & Financial Weekly Digest

Tag Archives: cybersecurity

FCA Publishes Statement on National Cyber Attack and Webpage on Cyber Resilience

Posted in Financial Markets, UK Developments
On May 13, the day after the start of the widespread “WannaCry” ransomware cyber-attack, the UK Financial Conduct Authority (FCA) published a statement on the cyber-attack. The statement advised firms to review guidance issued by the National Cyber Security Centre. If firms were affected by the attack, it advised them to contact Action Fraud and… Continue Reading

SEC Issues Risk Alert in Response to WannaCry Ransomware Attack

Posted in Broker-Dealer, Investment Advisers, Investment Companies and Investment Advisers
On May 17, the Securities and Exchange Commission Office of Compliance Inspections and Examinations (OCIE), issued a Risk Alert in response to the widespread ransomware attack known as WannaCry, WCry, or Wanna Decryptor that started on May 12. The attack infected computers and servers of various organizations in more than 100 countries. The Risk Alert… Continue Reading

CFTC Finalizes System Safeguards Testing Requirements

Posted in CFTC, Derivatives, Dodd-Frank Developments
On September 8, the Commodity Futures Trading Commission approved amendments to its rules relating to system safeguards for derivatives clearing organizations, designated contract markets, swap execution facilities and swap data repositories (collectively, registered entities). The rules clarify existing obligations and enhance cybersecurity testing requirements.… Continue Reading

EU Cybersecurity Directive published in the Official Journal of the EU

Posted in EU Developments, Financial Markets
On July 19, the final text of an EU directive concerning measures for a high common level of security of network and information systems within the European Union (EU) (referred to as the Cybersecurity Directive) was published in the Official Journal of the EU. As noted in our previous Corporate & Financial Weekly Digest edition… Continue Reading

Cybersecurity Directive Adopted by the EU Council

Posted in EU Developments
On May 17, the Council of the EU (Council) announced it had formally adopted the new EU Directive concerning measures for a high common level of security for network and information systems (Cybersecurity Directive). The Cybersecurity Directive establishes EU-wide security and incident notification requirements for operators of essential services (such as banking and financial market… Continue Reading

NFA Issues Notice Regarding Cybersecurity Self-Examination Questionnaire

Posted in CFTC, Derivatives, Dodd-Frank Developments
On February 29, National Futures Association (NFA) issued Interpretive Notice I-16-10, which notifies member firms about the addition of a cybersecurity section to NFA’s Self-Examination Questionnaire. This section is designed to help assist member firms in complying with NFA’s Interpretive Notice to NFA Compliance Rules 2-9, 2-36 and 2-49 entitled Information Systems Security Programs (Notice).… Continue Reading

FDIC Releases Paper on Cybersecurity

Posted in Banking
On February 1, the Federal Deposit Insurance Corporation (FDIC) published “A Framework for Cybersecurity,” an article that appears in the Winter 2015 issue of Supervisory Insights. The article discusses the cyber threat landscape and how financial institutions’ information security programs can be enhanced to address evolving cybersecurity risks. The article also provides an overview of actions… Continue Reading

2016 Examination Priorities Announced By SEC

Posted in Broker-Dealer
On January 11, the Securities and Exchange Commission released the Office of Compliance Inspections and Examinations’ (OCIE) 2016 examination priorities, which seek to address: (1) the protection of retail investors, particularly those saving for retirement; (2) the monitoring and assessment of market-wide risks; and (3) the use of data to detect potentially illegal activity.… Continue Reading

SEC 2016 Examination Priorities Focus on ETFs, Cybersecurity and Liquidity Controls for Fixed-Income Funds

Posted in Investment Companies and Investment Advisers
On January 11, the Securities and Exchange Commission’s Office of Compliance Inspections and Examinations (OCIE) released its 2016 examination priorities for investment companies, investment advisers, broker-dealers and transfer agents. The examination priorities highlight new and continuing areas of interest.… Continue Reading

CFTC’s Market Risk Advisory Committee to Meet on June 2

Posted in CFTC
The Commodity Futures Trading Commission’s Market Risk Advisory Committee (MRAC) will hold a public meeting at the CFTC’s headquarters in Washington, DC on June 2. MRAC will consider issues including the appropriate industry response to cybersecurity threats and the concentration of futures commission merchants and its effect on market liquidity. Members of the public may… Continue Reading