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SEC Proposals Would Significantly Impact Private Fund Advisers and Impose New Cybersecurity Requirements on Registered Advisers and Funds, including BDCs

By Adam D. Kanter, Christina M. Thomas, Matthew Bisanz, David A. Simon, Jeffrey P. Taft & Dominique Shelton Leipzig on February 14, 2022
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On February 9, 2022, the US Securities and Exchange Commission (SEC) voted to propose several new rules and amendments to existing rules that would significantly alter the current requirements for investment advisers and funds, with one proposal specifically focused on private funds and the other focused on cybersecurity.

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Photo of Adam D. Kanter Adam D. Kanter
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Photo of David A. Simon David A. Simon

David Simon is a partner in Mayer Brown’s Washington DC office and a leading member of the global Cybersecurity & Data Privacy practice. He is also a member of the firm’s National Security and Government Contracts practices. A former special counsel at the…

David Simon is a partner in Mayer Brown’s Washington DC office and a leading member of the global Cybersecurity & Data Privacy practice. He is also a member of the firm’s National Security and Government Contracts practices. A former special counsel at the US Department of Defense (DoD) and chief cyber counsel to the US Cyberspace Solarium Commission, David has deep experience advising victims of ransomware attacks and state-sponsored cyber activity. Named as a Cybersecurity Trailblazer by The National Law Journal, David has also been named to Cybersecurity Docket’s “Incident Response 40,” a collection of 40 of the “best and brightest” incident response attorneys in the country. David regularly supports clients as the lead investigator and crisis manager for cross-border cyber incidents, including data breaches involving personal data, nation-state threats targeting intellectual property, state-sponsored theft of sensitive U.S. government information, and destructive attacks. David has directed and advised on dozens of complex cyber incident and data breach investigations in the last few years alone. He has counseled companies on major cyber incidents and incident preparedness across virtually every sector of the economy. David represents financial institutions, automotive manufacturers and self-driving car companies, tech companies, telecommunications companies, healthcare companies, insurance companies, defense and aerospace companies, private equity firms and their portfolio companies.

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Photo of Jeffrey P. Taft Jeffrey P. Taft

Jeffrey Taft is a partner in the Firm’s Financial Services Regulatory & Enforcement group and the Cybersecurity and Data Privacy practice. His practice focuses primarily on bank regulation, bank receivership and insolvency issues, payment systems, consumer financial services and cybersecurity/privacy issues. He has…

Jeffrey Taft is a partner in the Firm’s Financial Services Regulatory & Enforcement group and the Cybersecurity and Data Privacy practice. His practice focuses primarily on bank regulation, bank receivership and insolvency issues, payment systems, consumer financial services and cybersecurity/privacy issues. He has extensive experience counseling financial institutions, merchants, technology companies and other entities on various federal and state banking and consumer credit issues, including compliance with the Bank Holding Company Act, National Bank Act, International Banking Act, Consumer Financial Protection Act, Truth-in-Lending Act, the Fair Credit Reporting Act, the Electronic Fund Transfer Act, the Equal Credit Opportunity Act, the Fair Debt Collection Practices Act, the Real Estate Settlement Procedures Act, state unfair or deceptive acts or practices statutes, CFPB’s UDAAP authority and the development and implementation of privacy, cybersecurity and information security programs under the Gramm-Leach Bliley Act, the NYDFS cybersecurity regulation and industry standards, such as PCI DSS and NIST.

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Photo of Dominique Shelton Leipzig Dominique Shelton Leipzig

Dominique Shelton Leipzig is a partner in Mayer Brown’s Los Angeles office and a member of the Cybersecurity & Data Privacy practice. She serves as the lead for the Global Data Innovation as well as Ad Tech Privacy & Data Management practices. She…

Dominique Shelton Leipzig is a partner in Mayer Brown’s Los Angeles office and a member of the Cybersecurity & Data Privacy practice. She serves as the lead for the Global Data Innovation as well as Ad Tech Privacy & Data Management practices. She is one of the country’s top privacy and data lawyers and her considerable experience helps clients navigate the evolving legal compliance issues related to privacy and data security for their digital data initiatives.

With more than 30 years of experience, Dominique provides strategic privacy and cyber-preparedness compliance advice, and defends, counsels and represents companies on privacy, global data security compliance, data breaches and investigations. Her experience includes defending companies under investigation by the Federal Trade Commission, attorneys general offices and other regulatory and government authorities. She advises companies on best practices in privacy, cybersecurity, data, mobile, cloud storage, Ad Tech privacy, Internet of Things and other areas of regulatory compliance.

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  • Posted in:
    Banking, Finance and Securities
  • Blog:
    Inside Cybersecurity & Privacy Law
  • Organization:
    Mayer Brown

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