SEC

How Financial Firms Can Achieve SEC Compliance in the COVID Era

In a recent SEC risk alert, the OCIE has identified a number of COVID-19-related issues, risks, and practices relevant to SEC-registered firms. Many Firms have shifted to predominantly operating from remote sites, and these transitions may raise compliance issues and other risks that could impact protracted remote operations The SEC recommends that firms should re-assess their…

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SEC Releases COVID-19 Compliance Risks and Considerations for Financial Firms

In response to the broad and varied effects of COVID-19, SEC registrants have been faced with new operational, technological, commercial, and other challenges and issues. Due to the pandemic, many Firms have shifted to predominantly operating from remote sites, and these transitions may raise compliance issues and other risks that could impact protracted remote operations.…

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SEC Exam Priorities for 2020

The SEC has announced its exam priorities for 2020 On January 7, 2020, the Office of Compliance Inspections and Examinations (OCIE) of the Securities and Exchange Commission (SEC) released its 2020 examination priorities. The OCIE will continue to examine firms’ abilities to manage risk associated with cybersecurity breaches and technology, including: Proper configuration of storage…

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SEC Charges Firm $1 Million For Deficient Cybersecurity Procedures

The SEC announced on September 26, that a Des Moines-based broker-dealer and investment adviser has agreed to pay $1 million to settle charges related to its failures in cybersecurity policies and procedures surrounding a cyber intrusion that compromised personal information of thousands of customers. Voya Financial Advisors Inc. (VFA) is charged with violating the Safeguards Rule…

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The SEC’s Most Recent Cybersecurity Guidance

Many businesses have made great progress with their cybersecurity programs, however, social engineering attacks, such as phishing, remain the most common method of attack, accounting for 90% or more of targeted external attacks. Ransomware, other forms of malware (including malware that targets mobile and IoT devices), and other forms of remote exploitation, continue to increase…

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SEC Exam Survival: Avoiding Red Flags

The SEC’s ongoing exams can be a pain point for financial firms, as no one wants to be caught unprepared. Deficiencies can result in a fine or other action. The SEC wants to know that you are making every effort to address compliance issues and close any possible gaps. The good news is that you’ll…

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SEC Announces 2018 National Exam Priorities

The SEC OCIE has announced its exam priorities for 2018, which are targeted toward improving compliance, preventing fraud, monitoring risk and informing policy. While the SEC will continue to prioritize their commitment to protect retail investors, including seniors and those saving for retirement, the SEC OCIE, “will continue to prioritize cybersecurity in each of our…

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Big Businesses Breached: SEC and Deloitte Hacked

The breach of high-profile organizations, such as Equifax, the SEC and Deloitte, has left many financial firms feeling vulnerable. For consumers and clients, these hacks raise questions about a firm’s ability to protect important financial and personal information. As a result of these and other developments, the scope and severity of risks that cyber threats present have…

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SEC Releases Cybersecurity Exam Findings: More Compliance Suggestions for Hedge Funds’

The SEC has released observations from its Cybersecurity 2 Initiative (as a follow-up to its 2015 OCIE exam initiative). National Examination Program staff examined 75 firms, including broker-dealers, investment advisers, and investment companies (“funds”) registered with the SEC to assess industry practices and legal and compliance issues associated with cybersecurity preparedness. “The examinations focused on firms’…

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SEC Proposes Business Continuity Requirements

The SEC in June proposed a new rule that would require registered investment advisers to adopt and implement written business continuity and transition plans. The goal of the rule is to, “Ensure that investment advisers have plans in place to address operational and other risks related to a significant disruption in the adviser’s operations in order…

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