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SEC Moves to Update Transfer Agent Rules; New Rules Likely to Impact Unclaimed Property and Cybersecurity

On December 22, 2015, the Securities and Exchange Commission took the first step in overhauling SEC regulation of transfer agents, the little-discussed but critical intermediaries involved in the prompt clearance and settlement of almost all U.S. securities. After many years in which other types of financial market intermediaries took center stage on the SEC’s rulemaking agenda, the...

Don’t be a Turkey: Recipes for a Successful and (Hopefully) Cyberattack-Free Thanksgiving

Thanksgiving is a time to give thanks for the important things in life: family, friends, health and (hopefully) not being hacked in the past year.  Those firms and compliance officers who followed our Top 10 Cybersecurity Resolutions for 2015 are hopefully in good shape to continue warding off cyberattacks in the coming year. But for those who haven’t taken to heart our suggested...

TPP and Privacy Concerns

Cybersecurity concerns have been integrated into the Trans-Pacific Partnership (TPP), a trade agreement among twelve Pacific Rim countries. The TPP released the full text of the international agreement on November 5, 2015. The agreement addresses privacy concerns over the protection of personal information. Article 14.8 of the Agreement describes the parties’ obligations to protect...

Cybersecurity Amendment Included in Highway Bill

UPDATE:  The Fixing America’s Surface Transportation Act, the FAST Act, including the cybersecurity amendment, was signed into law by the President on December 4, 2015. Under an amendment to the highway bill approved last week by the U.S. House of Representatives, the federal government would be authorized to direct owners and operators of critical energy infrastructure to act to...

Senate Approves the Cybersecurity Information Sharing Act of 2015

On October 27, 2015, the Senate approved the Cybersecurity Information Sharing Act of 2015. The vote was 74 to 21 in support of the bill. The bill provides certain liability protections to companies that share cybersecurity information with one another and the federal government to help protect against cybersecurity threats. Some amendments were adopted, including a ten-year sunset...

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