In an unintended consequence of the Securities and Exchange Commission's (SEC) unprecedented rulemaking agenda, a black-hat hacker gang has filed a whistleblower complaint against its victim for not reporting a cybersecurity incident "as mandated" by a Rule reporting requirement that isn't even required yet.
The ransomware gang ALPHV/BlackCat claimed to have hacked publicly traded MeridianLink (NYSE: MLNK), a provider of cloud-based software solutions to financial institutions, in early November. Apparently dissatisfied by the victim's response time, BlackCat posted a ...
On August 10, 2023, the Securities Industry and Financial Markets Association (“SIFMA”) – a leading Wall Street industry association – filed suit to enjoin new Missouri regulations requiring investment advisors (“IA’s”) and broker-dealers (“BDs”) there to obtain a prescribed form of client consent, if they use “social” or “nonfinancial” objectives in their investment analysis. The Missouri Rules are unique among the state and federal regulation of investment advisors.
“The new rules, effective July 30, 2023, require financial firms and ...
On June 20, 2023, the Supreme Court granted certiorari to review three questions about the Securities and Exchange Commission’s (SEC’s) administrative courts:
- Do they violate the 7th Amendment’s right to jury trial of actions then known at common-law, rather than “public rights”?
- Do they violate the non-delegation doctrine by enabling statutes giving the SEC discretion to choose to bring enforcement actions in its administrative courts or Article III courts?
- Do the two levels of “for cause” removal protection for SEC ALJs violate Article II by protecting them ...