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The New York State Department of Financial Services Proposes Robust Cybersecurity Rules

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On September 13, 2016, the New York State Department of Financial Services (DFS) proposed new rules that would require certain “Covered Entities” to establish and implement cybersecurity programs designed to protect nonpublic consumer information (Nonpublic Information) and technology systems from cyber-attacks (Proposed Rules). Below are some of the highlights of the Proposed... Read More

Topics: Banking, Consumer Protection, Insurance, Uncategorized

Treasury to Propose Legislation Requiring Beneficial Ownership Reporting At Time of Entity Formation

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The U.S. Department of the Treasury has announced its intention to propose legislation requiring reporting of beneficial ownership at the time a new entity is formed. According to Treasury:  “The Administration is committed to working with Congress to pass meaningful legislation that would require companies to know and report adequate... Read More

Topics: Uncategorized

FDIC Provides Corporate Governance Guidance to Community Banks

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The FDIC issued a special edition of Supervisory Insights, “A Community Bank Director’s Guide to Corporate Governance: 21st Century Reflections on the FDIC Pocket Guide for Directors.” This special corporate governance edition reviews the Pocket Guide and incorporates more recent guidance and technical resources to help board members effectively fulfill... Read More

Topics: Banking, Uncategorized

Same Plaintiff Files New Complaint to Force SEC to Act on Rulemaking Petition Regarding Political Contributions

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The United States District Court for the District of Columbia recently dismissed Stephen M. Silberstein’s complaint to mandate the SEC to adopt rules regarding disclosure of political contributions. Among other things, the Court found that a claim under § 706(1) of the Administrative Procedures Act can proceed only where a... Read More

Topics: Public Companies and Securities, Uncategorized

U.S. House of Representatives Pass Bill Seeking to Raise Disclosure Thresholds under SEC Rule 701

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A bill (H.R. 1675) seeking to increase the information disclosure threshold under SEC Rule 701 passed the U.S. House of Representatives on February 3 by a vote of 265 to 159. Rule 701 exempts from registration issuer sales or grants of securities to employees under written compensatory plans.  Pursuant to Rule... Read More

Topics: Public Companies and Securities, Uncategorized

CFTC Makes Second Whistleblower Award

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The U.S. Commodity Futures Trading Commission, or CFTC, announced that it will make an award of approximately $290,000 to a whistleblower for providing valuable information about violations of the Commodity Exchange Act. This is the second whistleblower award to be issued by the CFTC. The CFTC issued its first whistleblower... Read More

Topics: Employment, Uncategorized