Technology

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IARD and PFRD Systems Inaccessible 3 Weekends in April

IARD and PFRD Systems Inaccessible 3 Weekends in April WHAT HAPPENED? The SEC announced that the IARD and PFRD systems will be unavailable during three weekends in April, plus Good Friday; the outages will occur: Friday, April 5 11:00 p.m. to Monday April 8 5:00 a.m.; Friday, April 12 [...]

ShareFile Accounts to Switch to Multi-Factor Authentication

ShareFile Accounts to Switch to Multi-Factor Authentication WHAT HAPPENED? The SEC’s Office of Compliance Inspections and Exams (“OCIE”) has announced that cybersecurity will continue to be a focal point for its examinations in 2019.  SEC Chairman Jay Clayton has echoed this sentiment, noting that the agency will include access [...]

OCIE Issues Risk Alert Outlining New Recommendations for Electronic Communications

OCIE Issues Risk Alert Outlining New Recommendations for Electronic Communications WHAT HAPPENED? On December 14th, 2018, the SEC’s Office of Compliance Inspections and Examinations (“OCIE”) released a Risk Alert reminding advisers of their obligations regarding the use of electronic messaging.  Under Rule 204-2 of the Advisers Act (the “Books [...]

The National Institute for Standards and Technology Updates Cybersecurity Framework

The National Institute for Standards and Technology Updates Cybersecurity Framework WHAT HAPPENED? On April 17th, the National Institute for Standards and Technology (NIST) released an updated version of its Cybersecurity Framework, known as version 1.1.  The update concentrates on: vendor and supply chain risk management; governance measures, including integrating [...]

SEC Chairman Clayton Provides Statement on Cryptocurrency and Initial Coin Offerings

SEC Chairman Clayton Provides Statement on Cryptocurrency and Initial Coin Offerings WHAT HAPPENED? On December 11, 2017, SEC Chairman Jay Clayton released a statement on cryptocurrencies and initial coin offerings (ICO) to serve as guidance as both markets continue to expand.  The statement provides Clayton’s concerns for the markets [...]

SEC Modifies Final Rule for Form N-PORT

SEC Modifies Final Rule for Form N-PORT WHAT HAPPENED? The SEC has adopted a temporary final rule that will delay the compliance dates for filing a Form N-PORT.  The SEC made this modification in order to evaluate their data security practices for material, nonpublic information and uplift the EDGAR [...]

Division of Enforcement Releases Annual Report

Division of Enforcement Releases Annual Report WHAT HAPPENED? On November 15, 2017, the SEC’s Division of Enforcement released its annual report for Fiscal Year 2017 (“FY 2017”).  The report explains how the Division of Enforcement’s decision making throughout FY 2017 was guided by the following five principles: Focus on [...]

Natural Disasters Emphasize Need for Business Continuity and Transition Plans

Natural Disasters Emphasize Need for Business Continuity and Transition Plans WHAT HAPPENED? The United States has experienced extreme turmoil in recent months from the widespread damage inflicted by Hurricane Harvey and Irma on numerous southern cities.  These hurricanes have demonstrated how natural disasters, whether expected or not, can impose [...]

SEC Spoofed Emails Used In Spear Phishing Attack

SEC Spoofed Emails Used In Spear Phishing Attack WHAT HAPPENED? Cisco’s Talos Intelligence Group has identified a targeted cyber-attack focusing on specific organizations.  The malware began with a targeted spear phishing email to initiate the malware and infected U.S. state government servers to further develop the malware infection chain.  [...]

SEC Provides Updates from Investigation of 2016 Cyber Intrusion

SEC Provides Updates from Investigation of 2016 Cyber Intrusion WHAT HAPPENED? On October 2, 2017, the SEC provided an update on its ongoing staff investigation of the 2016 cyber intrusion into the EDGAR system.  The SEC announced that the third party performing the intrusion acquired the names, birth dates [...]