This post continues our discussion of the Risk Alert released on August 7, 2017, by the SEC’s Office of Compliance Inspections and Examinations (“OCIE”) regarding conclusions drawn from its yearlong review of the cybersecurity practices of 75 asset management firms and funds. The sweep, deemed OCIE’s Cybersecurity 2 Initiative, covered broker-dealer, investment adviser, and investment company practices during the period from October 2014 through September 2015.
Continue Reading SEC Offers More Guidance on Cybersecurity Best Practices and Pitfalls – Part 2 of 2
Perkins Coie
SEC Offers More Guidance on Cybersecurity Best Practices and Pitfalls – Part 1 of 2
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Continue Reading SEC Offers More Guidance on Cybersecurity Best Practices and Pitfalls – Part 1 of 2
Fintech Week in Review – May 26, 2017
Below is a summary of some of the significant legal and regulatory actions that occurred over the past week. This alert is not intended to be a comprehensive list of all such developments, but rather a selection of publicly-reported news that may be of particular interest.
Continue Reading Fintech Week in Review – May 26, 2017
Takeaways From TRANSACT: Payments Industry Legal and Regulatory Trends
The Electronic Transactions Association (ETA) hosted its annual TRANSACT conference focused on connecting and educating the various branches of the payments industry. Industry leaders spoke on technology, security, regulatory and policy issues affecting the industry.
This update highlights the key legal and regulatory takeaways from TRANSACT, which include regulatory red flags, the important role of…
U.S. Government Accountability Office Report: Financial Technology – Information on Subsectors and Regulatory Oversight
The U.S. Government Accountability Office (“GAO” or the “Office”) recently published its study related to the financial technology (“fintech”) industry. Members of Congress (Hon. Sherrod Brown, Hon. Jeanne Shaheen, and Hon. Jeffrey A. Merkley) asked the GAO to review a number of issues related to the fintech industry including how fintech products and…
Fintech Week in Review – March 10, 2017
Below is a summary of some of the significant legal and regulatory actions that occurred over the past week. This alert is not intended to be a comprehensive list of all such developments, but rather a selection of publicly-reported news that may be of particular interest.
U.S. Developments
Class Action to Proceed in Fair Debt Collection Practices Suit Against Midland
The U.S. District Court for the Southern District of New York is permitting a class action lawsuit to proceed involving allegations that Midland Funding, LLC (Midland) violated state usury laws in its debt collection practices. Midland had claimed that, since the original debt agreement contained Delaware choice-of-law provisions, and since the debtor had defaulted on the obligations, New York’s criminal usury interest rate cap of 25% should not apply to Midland’s collection of the debt – notwithstanding that the debtor lived in New York. In certifying two classes of plaintiffs which could cover as many as 50,000 residents of New York, the U.S. District Court disagreed with Midland and concluded that the court should apply New York law pursuant to New York’s common law choice of law rule and that the New York criminal usury cap of 25% applies to defaulted obligations. A scheduling conference regarding further proceedings took place on March 8, and the Opinion and Order can be found here.
Continue Reading Fintech Week in Review – March 10, 2017
Fintech Week in Review – March 3, 2017
Below is a summary of some of the significant legal and regulatory actions that occurred over the past week. This alert is not intended to be a comprehensive list of all such developments, but rather a selection of publicly-reported news that may be of particular interest.
U.S. Developments
FinCEN Announces Measure to Track Cash Buyers of High-End Real Estate in Six Metropolitan Areas
The Financial Crimes Enforcement Network (“FinCEN”) recently announced its plan to renew its existing “Geographic Targeting Orders” or “GTOs,” which require U.S. title insurance companies to identify the natural persons behind shell companies used to purchase residential high-end real estate with all cash. FinCEN Press Release, Feb. 23, 2017…