NY State Department of Financial Services Proposes Cybersecurity Regulations for Financial Services Companies

By | Corporate & Securities Law Blog | September 22, 2016

If the New York State Department of Financial Services (“DFS”) has its way, come January 1, 2017, financial services companies that require a form of authorization to operate under the banking, insurance, or financial services laws (“Covered Entities”) will be required to comply with a new set of comprehensive cybersecurity regulations aimed at safeguarding information systems and nonpublic information.

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Council Note On European Parliament’s Rejection of PRIIPs Delegated Act

Council Note On European Parliament’s Rejection of PRIIPs Delegated Act

On 15 September 2016, we blogged that the European Parliament had rejected the European Commission’s proposed Delegated Regulation supplementing the Regulation on key information documents for packaged retail and insurance-based investment products by setting out regulatory technical standards on the presentation, content, review and revision of key information documents and the conditions for fulfilling the requirement to provide such documents.

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The DOL Fiduciary Duty Rule: Impact On Cash Solicitors for Advisory Firms

Under Rule 206(4)-3, adopted by the U.S. Securities and Exchange Commission pursuant to the Investment Advisers Act of 1940 (and under a number of parallel state securities laws or regulations), an investment adviser may compensate a cash solicitor who is not otherwise connected to the advisory firm for soliciting and referring prospective clients to the adviser.

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