On October 27, 2017, the Hong Kong Securities and Futures Commission (“SFC”) issued Guidelines for Reducing and Mitigating Hacking Risks Associated with Internet Trading (the “Guidelines”), a set of baseline cybersecurity requirements that all persons licensed or registered with the SFC and engaged in internet trading will be required to implement. The Hong Kong Monetary Authority (“HKMA”) simultaneously issued a circular to CEOs of Registered Institutions requiring them to apply the Guidelines. The new guidelines…

On October 18, the Consumer Financial Protection Bureau (the “CFPB”) released the Consumer Protection Principles: Consumer-Authorized Financial Data Sharing and Aggregation (the “Principles”).  The Principles represent a cautious step forward by the CFPB in providing guidance on how institutions holding customer accounts (such as banks) should share information with service providers, including “fintech” companies that obtain customer authorization to access their account information in order to provide services to such customers.  Such data aggregation-based service…

Last week, the Financial Stability Board (“FSB”) released the results of its stocktake on existing regulations and supervisory practices in G20 jurisdictions with respect to cybersecurity in the financial sector.  The FSB is an international body that coordinates the work of national financial authorities and international standard-setting bodies, and the stocktake — essentially a survey — was requested by the G20 Finance Ministers and Central Bank Governors in March 2017.…

As the implementation of China’s first comprehensive cybersecurity law (the “CCL”) progresses, concern is mounting in the international business community regarding the law’s expansive scope, prescriptive requirements and lack of clarity on a range of critical issues. Vocalizing such concern, on September 25, 2017, the United States government asked China to halt its implementation of the CCL and highlighted potential issues with the CCL to members of the World Trade Organization. Since the CCL’s passage,…

New York’s new cybersecurity regulations (the “Regulations”) become effective on August 28, 2017, marking a significant milestone in what is likely to be a new era in cybersecurity regulation on both a national and international level. As governments grapple with how best to address cyber threats to their citizens, businesses and national security, there is an increasing focus on the potential use of regulatory requirements to impose minimum cybersecurity standards, particularly in the financial services…