This has been a big year in the data protection world, with the headline-grabbing General Data Protection Regulation (GDPR) occupying most of the spotlight with its plethora of privacy-related requirements and potential for high fines for violators. While companies (justifiably) may be focused on the GDPR at the moment, it’s also important to keep an eye on new privacy laws on the horizon in order to avoid last-minute scrambles for compliance as effective dates near.…

On February 21, 2018, the Securities and Exchange Commission (SEC) issued an interpretive Commission Statement and Guidance on Public Company Cybersecurity Disclosures (the “Guidance”) to assist public companies in meeting their cybersecurity disclosure requirements under the federal securities laws. The Guidance notes that, as reliance on networked systems and the Internet have increased, so too have the risks and frequency of cybersecurity incidents, and companies have no choice but to incur the considerable costs of addressing…

The General Data Protection Regulation (GDPR) comes into force across the European Union (EU) on 25 May 2018. It will have an impact on EU fund managers and may have an impact on non-EU fund managers depending on their operations. Below are FAQs to help EU and non-EU fund managers determine the extent to which the GDPR may affect them and the next steps they should consider taking. Compliance with GDPR is especially important given the…

This client alert was prepared by my colleagues Robert Leonard, Michael Mavrides and Christopher Wells. On April 28, the Securities and Exchange Commission (SEC) released a Guidance Update addressing the importance of cybersecurity and the steps registered investment advisers (and registered investment companies) may wish to consider in light of growing cybersecurity risks. This Guidance Update is the latest instance of the SEC’s increased emphasis on cybersecurity as a priority for advisers. A…

By Rochelle Emert and Phillip Caraballo-Garrison On February 3, 2015, the SEC’s Office of Compliance Inspections and Examinations (“OCIE”) issued a Risk Alert that summarized its findings about cybersecurity preparedness in the securities industry. As part of its Cybersecurity Examination Initiative, the OCIE collected and analyzed information about cybersecurity practices and trends from over 100 registered investment advisers and broker-dealers. Proskauer discussed the OCIE study and its key findings in a client alert located here…