Posts tagged Securities Industry and Financial Markets Association.
A week after OCIE announced it would conduct a second round of cyber-security exams, the Commission emphasized the issue by bringing an enforcement action against a non-custodial investment-adviser over a remediated data breach that caused no customer harm. The adviser used a third-party-hosted web server, on which was stored the personally-identifiable information ("PII") of about 100,000 people, including the firm's 8,400 customers. The server suffered a cyber-attack and data breach in July 2013. The firm responded by retaining multiple consultants, investigating the ...
Tags: burr forman, cyber-security exams, OCIE, personally-identifiable information, PII, Safeguards Rule, SEC, Securities and Exchange Commission, Securities Industry and Financial Markets Association, Securities Litigation & Arbitration, SIFMA
SEC Chair Mary Jo White said yesterday that the SEC needs to move forward on a uniform fiduciary standard for the financial industry, including brokers. Addressing the annual meeting of the Securities Industry and Financial Markets Association, White said it's high time to act since the agency has studied the issue for years, "decades really." And while she welcomes input from the Department of Labor, the SEC is the agency to adopt the rule, because it is the primary regulator with the greatest depth of knowledge about the industry - a sentiment echoed Monday by FINRA Chairman Rick ...
Posted in: SEC
Tags: Chairman Rick Ketchum, Fiduciary Rule, fiduciary standard, finra, mary jo white, SEC, Securities Industry and Financial Markets Association, Uniform Fiduciary Standard
The SEC and FINRA each issued February 3 cyber security "alerts" summarizing last year's sweep exams and pointing out the obvious. In two parts, the SEC's press-release covered the results of the Commission's 2013-2014 sweep exams and an investor bulletin. SEC Press Release 2015-20, here. The Commission's Office of Compliance Inspections and Examinations ("OCIE") conducted a "sweep exam" - or wide industry survey on the subject among broker-dealers and investment advisers- during 2013 and 2014. The good news is that a wide majority of them have have information security ...
Tags: BCP, Commission's Office of Compliance Inspections and Examinations, Cyber Security, Cyber Security Alert, finra, NSEC National Exam Risk Alert, OCIE, Quantum Dawn, SEC, SEC's Investor Bulletin, Securities Exchange Commission, Securities Industry and Financial Markets Association, SIFMA