Gibson Dunn Offers 2019 Mid-Year Securities Enforcement Update

By Mark K. Schonfeld and Amy Mayer July 24, 2019 by renholding

The first half of 2019 has seen a continuation of the Securities and Exchange Commission’s emphasis on protecting the interests of Main Street investors. Chairman Clayton reiterated these themes in his testimony in May before the Financial Services and General …

Sullivan & Cromwell Discusses Key Considerations for Annual SEC Filings

By Robert E. Buckholz, Catherine M. Clarkin, Robert W. Downes, James M. Shea Jr. and Danielle B. Abada February 25, 2019 by renholding

As issuers prepare their Form 10‑K and 20‑F filings for fiscal year 2018, they should consider the guidance provided in some recent speeches from officials of the Securities and Exchange Commission (“SEC”), which highlight a number of considerations relating to …

Cleary Gottlieb Reviews 2018 Cybersecurity and Data Privacy Developments

By Pam Marcogliese, Rahul Mukhi, Katherine Carroll, Alexis Collins and Emmanuel Ronco February 6, 2019 by renholding

In 2018, data privacy and cyber breaches made headlines throughout the year. Major companies continued to suffer data breaches, highlighting the risks and potential costs of cyber incidents across industries. At the same time, a growing and overlapping thicket of …

SEC Chair Discusses EDGAR-Hacking Enforcement Action

By Jay Clayton January 16, 2019 by renholding

In August 2017, shortly after my arrival at the Commission, I was informed that an intrusion into the SEC’s Electronic Data Gathering, Analysis, and Retrieval (“EDGAR”) system took place in 2016. We immediately initiated a series of review and response

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SEC Chair Talks Rulemaking Over the Past Year and the Road Ahead

By Jay Clayton December 7, 2018 by renholding

For many, December is a time to reflect on the past year and to look forward to what the New Year may bring. I believe organizations also should mark milestones, take stock of what has been done and what needs

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Insider Trading Ahead of Cyber Breach Announcements

By Zhaoxin Lin, Travis R.A. Sapp, Jackie Rees Ulmer and Rahul Parsa September 4, 2018 by renholding

On March 14, 2018, the Securities and Exchange Commission charged a former chief information officer of Equifax with insider trading. The complaint alleged that he profited from selling stock ahead of the September 2017 public announcement of a major cybersecurity …

Latham & Watkins Discusses New SEC Guidance on Cybersecurity

By Jennifer C. Archie and Serrin Turner June 5, 2018 by renholding

With so much boardroom attention on cybersecurity, directors continue to focus on the Securities and Exchange Commission (SEC) guidance issued earlier this year and its implications. The guidance adds specific expectations for disclosure controls and incident response procedures, and reiterates …

CamberView Partners Offers 2018 Proxy Season Preview

By Abe M. Friedman and Bob McCormick April 13, 2018 by renholding

With the vast majority of annual meetings set to be held in the coming weeks, the contours of the 2018 proxy season are coming into focus. While previous years are remembered for defining initiatives — “say on pay” in 2011, …

Wachtell Lipton Discusses Risk Management and the Board of Directors

By Martin Lipton, Wayne M. Carlin, Daniel A. Neff, Sabastian V. Niles and Andrew R. Brownstein April 4, 2018 by Carly Goeman

The past year has seen continued evolution in the political, legal and economic arenas as technological change accelerates. Innovation, new business models, dealmaking and rapidly evolving technologies are transforming competitive and industry landscapes and impacting companies’ strategic plans and prospects …

Debevoise Discusses the New SEC Cybersecurity Guidance

By Luke Dembosky, Jeremy Feigelson, Matthew E. Kaplan, Jim Pastore and Paul M. Rodel March 26, 2018 by renholding

On February 21, 2018, the SEC issued new Guidance regarding cybersecurity disclosure and governance requirements applicable to SEC reporting companies. In our earlier Client Update on this topic, we discussed the disclosure considerations addressed in the Guidance. In this Client …

SEC Releases Guidance on Disclosing Cybersecurity Risks and Incidents

By Jay Clayton February 22, 2018 by renholding

On February 20, the Securities and Exchange Commission approved the issuance of an interpretive release, available here, to provide guidance to public companies when preparing disclosures about cybersecurity risks and incidents. The release also communicates the Commission’s views on the

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Wachtell Discusses What to Expect in White Collar and Regulatory Enforcement for 2018

By John F. Savarese, Ralph M. Levene, Wayne M. Carlin, David B. Anders, Jonathan M. Moses and Marshall L. Miller January 31, 2018 by renholding

In our memo last year, we acknowledged that it was close to impossible to predict the likely impact that the newly elected Trump administration would have on white-collar and regulatory enforcement. (White Collar and Regulatory Enforcement: What to Expect …

PwC Discusses SEC’s Increased Scrutiny of Robo-Advisers

By Dan Ryan, Julien Courbe, Adam Gilbert, Mike Alix and Roberto Rodriguez November 8, 2017 by renholding

Earlier this year, the Securities and Exchange Commission (SEC) issued guidance regarding “robo-advisers,” automated investment advice tools accessed via web-based or mobile platforms with minimal human interaction.¹ The guidance is an important reminder to the industry that robo-advisers are …

SEC Enforcement Co-Chief Talks Cybersecurity and Retail Investor Protection

By Stephanie Avakian November 1, 2017 by renholding

Good afternoon and thank you for inviting me to speak today. Before I begin, let me give the required disclaimer that the views I express here today are my own and do not necessarily represent the views of the Commission

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Should Cybersecurity Be a Human Right?

By Scott Shackelford August 23, 2017 by renholding

The May 2017 WannaCry ransomware attack affected more than 200,000 computers spread across 150 nations. The results of the attack made clear that computers whose software is not up to date can hurt not only the computers’ owners, but ultimately …

Davis Polk Discusses Target’s Cyber Breach Settlement

By Avi Gesser, Michelle Ontiveros Gross, Jon Leibowitz, Neil H. MacBride and Antonio J. Perez-Marques June 7, 2017 by renholding

On May 23, Target Corp. reached a record $18.5 million settlement with 47 states and the District of Columbia to end investigations into Target’s data breach in 2013. The settlement highlights the growing list of specific measures that companies are …

PwC Discusses How Financial Institutions Can Bolster Defenses Against Risk

By Dan Ryan, Mike Alix, Armen Meyer and Adam Gilbert March 24, 2017 by renholding

Many financial institutions¹ have implemented the three Lines of Defense (LoD) model to help define their risk management frameworks and bolster supervisors’ (e.g., desk heads and senior traders) abilities to monitor risk.² However, as frameworks for managing financial …

Gibson Dunn Reviews U.S. Cybersecurity and Data Privacy

By Alexander H. Southwell, Eric Vandevelde, Ryan Bergsieker and Jeana Bisnar Maute February 3, 2017 by Jeff Himelson

In 2016, companies, governments, and consumers were again challenged to navigate an evolving landscape of cybersecurity and privacy issues. This year saw flash points impacting the trajectory for data breach litigation, the future for privacy class actions, and the scope …

Debevoise Analyzes Revised New York Cybersecurity Regulation for the Financial Sector

By Luke Dembosky, Eric R. Dinallo, Jeremy Feigelson, Jim Pastore and Maryam Casbarro January 17, 2017 by renholding

New York’s Department of Financial Services (DFS or the Department) has responded to a large volume of comments about its proposed, sweeping cybersecurity regulation for banks, insurers and other financial service providers by softening a number of provisions that many …

Sullivan & Cromwell Discusses Hacking and Cyber Threats to Director Communications

By Jay Clayton, John Evangelakos, Glen T. Schleyer, Marc Trevino and Joshua B. Wright November 30, 2016 by renholding

The growth in cybersecurity threats combined with the increasing demands placed on outside directors create challenges that often go beyond the risks that public companies face from employee and client communications. If public companies cannot communicate quickly with directors or …

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