On October 15, the Financial Industry Regulatory Authority (FINRA) released an information notice (Notice) providing additional background on authentication techniques for firms to consider as they implement cybersecurity authentication programs.
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European Parliament Adopts Resolution on Digital Finance and Data Sharing
Posted in EU Developments, Financial Markets
On October 8, the European Parliament published a press release announcing that it had adopted a resolution regarding the creation of a robust EU framework for crypto-assets, cyber resilience, data sharing and customer safety (the Press Release).
The basis of the resolution originates from a previous report that the Economic and Monetary Affairs Committee (ECON) had voted to adopt in September 2020.
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ECON Announces Implementation of Draft Report on Digital Finance and FinTech
Posted in EU Developments, Financial Markets
On September 11, the European Parliament’s Economic and Monetary Affairs Committee (ECON) published a press release announcing the adoption of its draft report on Digital Finance.
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CFTC Welcomes Standardized Approaches to Assessing Cybersecurity Preparedness
Posted in CFTC
In a release on July 16, the Commodity Futures Trading Commission (CFTC) encourages financial institutions to use a standardized approach to assess and improve their cybersecurity preparedness.
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CFTC Announces Technology Advisory Committee Meeting
By Kevin M. Foley & Stanley V. Polit on
Posted in CFTC
On June 29, the Commodity Futures Trading Commission’s (CFTC) Technology Advisory Committee (TAC) announced that it will hold a public meeting on July 16. At this meeting, the TAC will hear presentations from the TAC subcommittees on Automated and Modern Trading Markets, Distributed Ledger Technology and Market Infrastructure, Virtual Currencies and Cybersecurity.
The meeting will…
NFA Issues Warning Regarding Phishing Emails
Posted in CFTC
On May 13, National Futures Association (NFA) issued a Notice to Members addressing the recent increase in fraudulent phishing emails, including emails purporting to be from financial institutions or their employees. These urgent emails often include an infected attachment or link, a request for confidential information, or a link to a fraudulent website. With any email, NFA cautions members to verify the sender before responding and to ensure the validity of links or attachments before clicking on them.
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FINRA Updates Guidance Regarding COVID-19 Developments
Posted in Broker-Dealer
In recent weeks, the Financial Industry Regulatory Authority (FINRA) has offered various forms of relief and published information in response to the latest COVID-19 developments. Most recently, FINRA:
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CFTC’s Technology Advisory Committee to Meet on February 26
Posted in CFTC, Digital Assets and Virtual Currencies
The Commodity Futures Trading Commission (CFTC) announced that its Technology Advisory Committee (TAC) will host a public meeting at 10:00 a.m. on February 26, at the CFTC’s Washington, DC headquarters.
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AML: JMLSG Proposes Amended Guidance
On February 4, the UK’s Joint Money Laundering Steering Group (JMLSG) announced proposed amendments to its anti-money laundering (AML) and counter-terrorist financing (CTF) guidance (the Guidance). The JMLSG is a UK-focused group of trade bodies which produces AML and CTF guidance to assist the financial services industry.
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OCIE Provides Observations on Cybersecurity and Operational Resiliency Best Practices
On January 27, the Office of Compliance Inspections and Examinations (OCIE) of the Securities and Exchange Commission issued a statement summarizing its observations of cybersecurity and operational resiliency practices of broker-dealers, investment advisers, clearing agencies, national securities exchanges and other SEC registrants (the Observations). In its introduction to the Observations, the OCIE staff notes that cybersecurity is a key priority for OCIE. Therefore, although the OCIE staff acknowledges that there is not a “one-size fits all” approach to addressing cybersecurity, it recommends that SEC registrants assess their cybersecurity practices in light of the Observations.
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