Cybersecurity Risk Factors: Five Tips to Consider When Any Public Company Might be The Next Target

Save this PDF as:
 WORD  PNG  TXT  JPG

Size: px
Start display at page:

Download "Cybersecurity Risk Factors: Five Tips to Consider When Any Public Company Might be The Next Target"

Transcription

1 10 February 2014 Practice Groups: Capital Markets Insurance Coverage The text of this article was first published by Law360 on February 10, Cybersecurity Risk Factors: Five Tips to Consider When Any Public Company Might be The Next Target By Roberta D. Anderson, Katherine J. Blair The Risk of Cybersecurity Attacks With annual reporting season underway, C-suite executives wake to another day and another data breach. Target, Michael s, Snapchat, Facebook, Twitter, Adobe -- the list goes on and on. By now, all companies should appreciate that, notwithstanding the most robust and sophisticated network security, any company is a vulnerable next Target for a serious cybersecurity incident, together with the range of negative consequences that typically follows, including negative publicity, reputational damage that adversely affects customer and investor confidence, lost market capitalization, claims and legal disputes, regulatory investigations -- and falling stock prices. In the wake of its high-profile data breach, Target s directors and officers were just hit on January 29, 2014 with a shareholder derivative action alleging that Target shares were trading above $63.50 on December 18, 2013 before the news of the data breach and have fallen over 10.5% to $57.60 and that Target has suffered considerable damage from breach. 1 In view of the recent high-profile data breaches, and the pervasiveness of cybersecurity incidents in general, companies are well advised to consider whether their current cybersecurity risk factor disclosures are adequate. Proper attention to cybersecurity risk factor disclosures may assist a company in avoiding a Securities and Exchange Commission (SEC) comment letter. Even more importantly, proper attention to cybersecurity risk factor disclosures may decrease the likelihood that a company will face securities class action litigation and shareholder derivative litigation in the wake of a cybersecurity incident that negatively impacts the company s stock price -- or, at a minimum, may mitigate a company s potential exposure in the event of such litigation. The Form 10-Ks that public companies are preparing to file in the coming weeks present a significant opportunity for companies to review and strengthen their cybersecurity risk factor disclosures, and below we offer five tips that companies may wish to consider in reviewing the adequacy of their existing cybersecurity disclosures. SEC Disclosure Guidance By way of background, companies must keep in mind that, although existing disclosure requirements do not (yet) expressly reference cybersecurity, the SEC s Division of Corporation Finance (SEC staff) has emphasized the importance of appropriate cybersecurity disclosures. In the wake of what it termed more frequent and severe cyber 1 Collier v. Steinhafel et al., No. 0:14-cv (D. Minn.) (filed Jan. 29, 2014), at 76.

2 incidents, the SEC issued cybersecurity disclosure guidance, 2 which advises companies to review, on an ongoing basis, the adequacy of their disclosure relating to cybersecurity risks and cyber incidents. 3 While acknowledging that no existing disclosure requirement explicitly refers to cybersecurity risks and cyber incidents, the SEC s guidance stresses that existing requirements oblige companies to make appropriate cybersecurity disclosures. The guidance states in this regard that a number of disclosure requirements may impose an obligation on registrants to disclose cybersecurity risks and incidents. In addition, the guidance explains that material information regarding cybersecurity risks and cyber incidents is required to be disclosed when necessary in order to make other required disclosures, in light of the circumstances under which they are made, not misleading. SEC Chairwoman Mary Jo White reaffirmed a company s current cybersecurity disclosure obligations in response to an April 9, 2013 letter received from Senate Commerce Chairman Jay Rockefeller. 4 In his letter, Chairman Rockefeller urged the SEC to elevate [its] guidance, noting that [i]nvestors deserve to know whether companies are effectively addressing their cybersecurity risks. In response, Chairwoman White emphasized that [e]xisting disclosure requirements impose an obligation on public companies to disclose risks and events that a reasonable investor would consider material and that cybersecurity risks are among the factors a public company would consider in evaluating its disclosure obligations. 5 Chairwoman White also highlighted that cybersecurity risk is a very important issue that is of increasing concern and stated that the SEC continues both to prioritize this important matter in its review of public company disclosures and to issue comments concerning cybersecurity. In its guidance, the SEC staff advises companies to disclose cybersecurity risks consistent with the Regulation S-K Item 503(c) requirements for risk factor disclosures generally, such that the disclosure provided must adequately describe the nature of the material risks and specify how each risk affects the company. The guidance proceeds to advise that appropriate disclosures may include the following: Discussion of aspects of the registrant s business or operations that give rise to material cybersecurity risks and the potential costs and consequences; To the extent the registrant outsources functions that have material cybersecurity risks, description of those functions and how the registrant addresses those risks; Description of cyber incidents experienced by the registrant that are individually, or in the aggregate, material, including a description of the costs and other consequences; Risks related to cyber incidents that may remain undetected for an extended period; and 2 The guidance defines cybersecurity as body of technologies, processes and practices designed to protect networks, systems, computers, programs and data from attack, damage or unauthorized access. 3 SEC Division of Corporation Finance, Cybersecurity, CF Disclosure Guidance: Topic No. 2 (Oct. 13, 2011), available at 4 The April 9, 2013 letter is available at 5 Chairman White s May 1, 2013 letter is available at pdf 2

3 Description of relevant insurance coverage.6 Although the guidance does not create new cybersecurity disclosure obligations, it is abundantly clear that failure to make adequate cybersecurity disclosures may subject a company to increased risk of enforcement actions and shareholder suits in the wake of a cybersecurity incident that negatively impacts a company s stock price. The Five Tips The following five tips may assist companies in reviewing the adequacy of their existing cybersecurity disclosures based on the SEC s disclosure guidance as well as comments issued to approximately 55 companies over the last two years. 1. Perform A Cybersecurity Risk Assessment. The SEC staff states in its guidance that it expects companies to evaluate their cybersecurity risks and take into account all available relevant information, including prior cyber incidents and the severity and frequency of those incidents as well as the adequacy of preventative actions taken to reduce cybersecurity risks in the context of the industry in which they operate and risks to that security, including threatened attacks of which they are aware. To facilitate adequate disclosures, companies should consider engaging in a thorough assessment concerning their current cybersecurity risk profile and the impact that a cybersecurity breach may have on the company s business. In addition to positioning the company to provide adequate cybersecurity risk factor disclosures, the undertaking of a risk assessment is consistent with the National Institute of Standards and Technology s recently released Preliminary Cybersecurity Framework, 7 which, at a high level, provides a framework for critical infrastructure organizations to achieve a grasp on their current cybersecurity risk profile and risk management practices and to identify gaps that should be addressed in order to progress towards a desired target state of cybersecurity risk management. 8 Although the Cybersecurity Framework is voluntary, organizations are advised to keep in mind that creative class action plaintiffs (and even some regulators) may nevertheless assert that the Cybersecurity Framework provides a de facto standard for cybersecurity and risk management. 2. Consider Disclosing Prior -- And Potential -- Breaches. To the extent a company or one of its subsidiaries has suffered a reported or known cybersecurity event, the company should anticipate that the SEC may issue a comment letter if the event is not disclosed. The following comments are typical of what a company might expect to see: We note that [your subsidiary] announced on its website that a cyber attack occurred during which millions of user accounts were compromised. Please tell us what consideration you gave to including expanded disclosure consistent with 6 While the majority of the guidance is focused on risk factors, the SEC also advises that cybersecurity disclosures may be appropriate in other areas of a company s filings, including management s discussion and analysis if the costs or other consequences associated with one or more known incidents or the risk of potential incidents represent a material event, trend, or uncertainty that is reasonably likely to have a material effect on the registrant s results of operations, liquidity, or financial condition or would cause reported financial information not to be necessarily indicative of future operating results or financial condition. 7 The Cybersecurity Framework, available at 8 Roberta D. Anderson, NIST Unveils Preliminary Cybersecurity Framework, Cybersecurity Alert (Nov. 25, 2013), available at 3

4 the guidance provided by the Division of Corporation Finance's Disclosure Guidance Topic No. 2. We have read several reports of various cyber attacks directed at the company. If, in fact, you have experienced cyber attacks, security breaches, or other similar events in the past, please state that fact in order to provide the proper context for your risk factor disclosure. Notably, the guidance states that appropriate disclosures may include a description of cybersecurity incidents that are material individually or in the aggregate. And the comments issued to date indicate that where a company states that it has not been the victim of a material cybersecurity event, the SEC nonetheless has requested that the company s risk factor disclosure be expanded to state generally that the company has been the victim of hacking -- regardless of the fact that prior events were immaterial. A few of the SEC comments to date include (in summary form): We note your response that the incident did not have a material impact on the company s business. In order to place the risks described in this risk factor in appropriate context, in future filings please expand this risk factor to disclose that you have experienced cyber attacks and breaches. You state that you have not experienced a material breach of cybersecurity. Your response does not appear to address whether you are experiencing any potential current business risks concerning cybersecurity. For example, despite the fact you believe you have not experienced a material breach of your cybersecurity, are you currently experiencing attacks or threats to your systems? If you have experienced attacks in the past, please expand your risk factor in the future to state that. We note that your response suggests that you have, in fact, experienced thirdparty breaches of your computer systems that did not have a material adverse effect on the Company s operations. In order to place the risks described in your current risk factor in appropriate context, in future filings please expand your disclosure to state that you have experienced cyber attacks and breaches. In addition, the SEC s guidance advises that companies may need to disclose known or threatened cyber incidents together with known and potential costs and other consequences. Companies in targeted industries that have not yet suffered a cybersecurity incident (or are not yet aware that they have suffered an incident) should consider disclosing how the company might be impacted by a cybersecurity incident -- even if no specific threat has been made against the company. Below are sample summary comments received by companies based on their particular industry or peer disclosures: We note press reports that hotels and resorts are increasingly becoming a target of cyber attacks. Please provide risk factor disclosure describing the cybersecurity risks that you face. If you have experienced any cyber attacks in the past, please state that fact in the new risk factor in order to provide the proper context. Given that other companies in your industry have actually encountered such risks from cyber attacks, such as attempts by third parties to gain access to your systems for purposes of acquiring your confidential information or intellectual 4

5 property, including personally identifiable information that may be in your possession, or to interrupt your systems or otherwise try to cause harm to your business and operations and have disclosed that such risks may be material to their business and operations, please tell us what consideration you gave to including disclosure related to cybersecurity risks or cyber incidents. We note that the incidences of cyber attacks, including upon financial institution or their service providers, have increased over the past year. In future filings, please provide risk factor disclosure describing the cybersecurity risks that you face. In addition, please tell us whether you have experienced cyber attacks in the past. If so, please also disclose that you have experienced such cyber attacks in order to provide the proper context for your risk factor disclosure. 3. Be Specific. The SEC staff has advised that companies should avoid boilerplate language and vague statements of general applicability. In particular, the guidance states that companies should not present risks that could apply to any issuer or any offering and should avoid generic risk factor disclosure. In addition, the guidance states that companies should provide disclosure tailored to their particular circumstances and avoid generic boilerplate disclosure. Companies that offer generally applicable statements may expect to receive comments such as the following: You state that Like other companies, our information technology systems may be vulnerable to a variety of interruptions, as a result of updating our SAP platform or due to events beyond our control, including, but not limited to, natural disasters, terrorist attacks, telecommunications failures, computer viruses, hackers, and other security issues. Please tell us whether any such events relating to your cybersecurity have occurred in the past and, if so, whether disclosure of that fact would provide the proper context for your risk factor disclosure. We note that you disclose that you may be vulnerable to breaches, hacker attacks, unauthorized access and misuse, computer viruses and other cybersecurity risks and events. Please tell us whether you have experienced any breaches, hacker attacks, unauthorized access and misuse, computer viruses and other cybersecurity risks and events in the past and, if so, whether disclosure of that fact would provide the proper context for your risk factor disclosures. 4. Remember That A Vulnerability Road Map Is Not Required. Although the SEC seeks disclosures that are sufficient to allow investors to appreciate the nature of the risks faced by a company, it has made clear that the SEC does not seek information that would create a road map or otherwise compromise a company s cybersecurity. At the outset of its guidance, the SEC staff states that it is mindful of potential concerns that detailed disclosures could compromise cybersecurity efforts -- for example, by providing a road map for those who seek to infiltrate a company s network security -- and that disclosures of that nature are not required under the federal securities laws. The SEC guidance later reiterates that the federal securities laws do not require disclosure that itself would compromise a company s cybersecurity. 5

6 5. Consider Insurance. Network security alone cannot entirely address the issue of cybersecurity risk; no firewall is unbreachable, and no security system is impenetrable. Insurance can play a vital role in a company s overall strategy to address, mitigate, and maximize protection against cybersecurity risk. Reflecting this reality, the SEC guidance advises that appropriate disclosures may include a description of relevant insurance coverage that a company has in place to cover cybersecurity risks. The SEC s guidance provides another compelling reason for companies to carefully evaluate their current insurance program and consider purchasing cyber and data privacy-related insurance products, which can be extremely valuable. 9 In the wake of a data breach such as the recent Target breach, for example, a solid cyber insurance policy may cover not only liability arising out of potential litigation, such as defense costs, settlements, and judgments, but also breach notification costs and other crisis management expenses, including forensic investigation, credit monitoring, call centers, and public relations efforts as well as potential regulatory investigations, fines, and penalties. Recent SEC comments have requested information regarding both whether the company has obtained relevant insurance coverage as well as the amount of the company s cyber liability insurance. Considering these five tips may assist companies in minimalizing the likelihood of receiving an SEC comment letter (and possibly multiple rounds of comments) and, even more importantly, the likelihood of lawsuits alleging inadequate disclosure in the event of a cybersecurity incident. 9 Roberta D. Anderson, Before Becoming The Next Target: Recent Case Highlights The Need To Consider Insurance For Data Breaches, Insurance Coverage Alert (Jan. 16, 2014), available at 6

7 Authors: Roberta D. Anderson Katherine J. Blair Anchorage Austin Beijing Berlin Boston Brisbane Brussels Charleston Charlotte Chicago Dallas Doha Dubai Fort Worth Frankfurt Harrisburg Hong Kong Houston London Los Angeles Melbourne Miami Milan Moscow Newark New York Orange County Palo Alto Paris Perth Pittsburgh Portland Raleigh Research Triangle Park San Diego San Francisco São Paulo Seattle Seoul Shanghai Singapore Spokane Sydney Taipei Tokyo Warsaw Washington, D.C. Wilmington K&L Gates practices out of 48 fully integrated offices located in the United States, Asia, Australia, Europe, the Middle East and South America and represents leading global corporations, growth and middle-market companies, capital markets participants and entrepreneurs in every major industry group as well as public sector entities, educational institutions, philanthropic organizations and individuals. For more information about K&L Gates or its locations, practices and registrations, visit This publication is for informational purposes and does not contain or convey legal advice. The information herein should not be used or relied upon in regard to any particular facts or circumstances without first consulting a lawyer K&L Gates LLP. All Rights Reserved. 7

SEC Staff Addresses Third-Party Endorsements of Investment Advisers on Social Media Websites

SEC Staff Addresses Third-Party Endorsements of Investment Advisers on Social Media Websites April 2014 Practice Groups: Investment Management, Hedge Funds and Alternative Investments Private Equity SEC Staff Addresses Third-Party Endorsements of By Michael W. McGrath and Sonia R. Gioseffi On

More information

Background. 9 September 2015. Practice Groups: Investment Management, Hedge Funds and Alternative Investments Broker-Dealer Finance

Background. 9 September 2015. Practice Groups: Investment Management, Hedge Funds and Alternative Investments Broker-Dealer Finance 9 September 2015 Practice Groups: Investment Management, Hedge Funds and Alternative Investments Broker-Dealer Finance Cybersecurity Update: National Futures Association Proposes Cybersecurity Guidance

More information

Removal of Credit Ratings References

Removal of Credit Ratings References August 2014 Practice Groups: Investment Management, Hedge Funds and Alternative Investments Broker-Dealer Removal of Credit Ratings References By Michael S. Caccese, Clair E. Pagnano, Rita Rubin, and George

More information

NIST Unveils Preliminary Cybersecurity Framework

NIST Unveils Preliminary Cybersecurity Framework November 25, 2013 Practice Group: Cyber Law and Cybersecurity NIST Unveils Preliminary Cybersecurity Framework By Roberta D. Anderson On October 22, the National Institute of Standards and Technology (NIST)

More information

How Can the Automotive Industry Strengthen Its Regulatory Compliance Process and Reduce Its Compliance Risks?

How Can the Automotive Industry Strengthen Its Regulatory Compliance Process and Reduce Its Compliance Risks? September 29, 2015 Practice Groups: Regulatory Compliance Internal Investigations Government Investigations White Collar Crime/Criminal Defense Public Policy and Law Environmental, Land and Natural Resources

More information

Australian National Electricity Rules Adopt a More 'Cost Reflective' Approach to Network Pricing

Australian National Electricity Rules Adopt a More 'Cost Reflective' Approach to Network Pricing 23 December 2014 Practice Group(s): Energy, Infrastructure and Resources Renewable Energy Climate Change and Sustainability Australian National Electricity Rules Adopt a More 'Cost Reflective' Australia

More information

Launch of Mutual Recognition of Funds Between Mainland China and Hong Kong

Launch of Mutual Recognition of Funds Between Mainland China and Hong Kong June 2015 Practice Group: Investment Management, Hedge Funds and Alternative Investments Launch of Mutual Recognition of Funds Between Mainland China and Hong Kong By Choo Lye Tan On 22 May 2015, the Securities

More information

Environment, Health And Safety. Ensuring Your Company s European Operations are Compliant with New EU Regulations and Enforcement Measures

Environment, Health And Safety. Ensuring Your Company s European Operations are Compliant with New EU Regulations and Enforcement Measures Environment, Health And Safety Ensuring Your Company s European Operations are Compliant with New EU Regulations and Enforcement Measures WHAT IS THE THREAT TO YOUR COMPANY S COMPLIANCE RECORD AND GOOD

More information

DOE Announces Fundamental Shift in LNG Export Authorization Policy

DOE Announces Fundamental Shift in LNG Export Authorization Policy 5 June 2014 Practice Groups: Liquefied Natural Gas Oil & Gas Energy, Infrastructure and Resources Energy DOE Announces Fundamental Shift in LNG Export Authorization Policy By David L. Wochner, Sandra E.

More information

The Affordable Care Act s Employer Mandate: Guidance for Educational Organizations

The Affordable Care Act s Employer Mandate: Guidance for Educational Organizations March 4, 2014 Practice Group(s): Employee Benefits Benefits, ESOPs, and Executive Compensation The Affordable Care Act s Employer Mandate: Guidance for Educational By Lynne Shore Wakefield and Emily D.

More information

Federal Court Enjoins Texas Medical Board from Enforcing More Stringent Telemedicine Rules

Federal Court Enjoins Texas Medical Board from Enforcing More Stringent Telemedicine Rules June 2015 Practice Group(s): Health Care Federal Court Enjoins Texas Medical Board from Enforcing More Stringent By Edward L. Vishnevetsky, Richard P. Church and Leah D Aurora Richardson On April 10, 2015,

More information

Italian Tax Reform. New legislation on abuse of law and statute of limitations. Abuse of law and tax avoidance. Introduction

Italian Tax Reform. New legislation on abuse of law and statute of limitations. Abuse of law and tax avoidance. Introduction 27 August 2015 Practice Group(s): Tax Italian Tax Reform New legislation on abuse of law and statute of limitations By Vittorio Salvadori di Wiesenhoff The Italian Government has recently approved a new

More information

Beyond Credit Reporting: The Extension of Potential Class Action Liability to Employers under the Fair Credit Reporting Act

Beyond Credit Reporting: The Extension of Potential Class Action Liability to Employers under the Fair Credit Reporting Act April 7, 2014 Practice Groups: Financial Institutions and Services Litigation Commercial Disputes Labor, Employment and Workplace Safety Consumer Financial Services Beyond Credit Reporting: The Extension

More information

Maximizing Insurance Recovery for the Tianjin Port Explosions

Maximizing Insurance Recovery for the Tianjin Port Explosions 20 August 2015 Practice Group: Insurance Coverage Maximizing Insurance Recovery for the Tianjin Port By David F. McGonigle, Roberta D. Anderson, and Justin T. Waddell On Wednesday, August 12, 2015, two

More information

Increased Regulatory Focus on Cybersecurity Underscores Need for Public Companies to Review Cybersecurity-Related Disclosures

Increased Regulatory Focus on Cybersecurity Underscores Need for Public Companies to Review Cybersecurity-Related Disclosures Increased Regulatory Focus on Cybersecurity Underscores Need for Public Companies to Review Cybersecurity-Related Disclosures March 11, 2014 I. RECENT FOCUS ON CYBERSECURITY As a result of recent highly-publicized

More information

Health Care Entities Get Clarity from FCC on Telephone Communications

Health Care Entities Get Clarity from FCC on Telephone Communications 10 August 2015 Practice Group(s): Health Care Telecom, Media and Technology Health Care Entities Get Clarity from FCC on Telephone Communications By Martin L. Stern, Samuel R. Castic, Ryan J. Severson

More information

Payday Loans Under Attack: The CFPB's New Rule Could Dramatically Affect High-Cost, Short-Term Lending

Payday Loans Under Attack: The CFPB's New Rule Could Dramatically Affect High-Cost, Short-Term Lending 6 June 2016 Practice Groups: Financial Institutions and Services Litigation Consumer Financial Services Commercial Disputes Class Action Litigation Defense Payday Loans Under Attack: The CFPB's New Rule

More information

The Calm Before the Storm Is the Time to Consider. Insurance Coverage. Part Two of a Two-Part Article. Look Out for Potential Causation Issues

The Calm Before the Storm Is the Time to Consider. Insurance Coverage. Part Two of a Two-Part Article. Look Out for Potential Causation Issues February 6, 2014 Practice Group: Insurance Coverage The text of this article was first published in the February 2014 issue of the Insurance Coverage Law Bulletin. The Calm Before the Storm Is the Time

More information

Board Responsibilities Under SEC s Money Market Fund Reforms

Board Responsibilities Under SEC s Money Market Fund Reforms August 2014 Practice Group: Investment Management, Hedge Funds and Alternative Investments Board Responsibilities Under SEC s Money Market Fund By Diane E. Ambler, Craig A. Ruckman On July 23, 2014, the

More information

Regulatory Implications of New Products and Services in the Australian Electricity Market

Regulatory Implications of New Products and Services in the Australian Electricity Market 2 March 2015 Practice Group: Energy Regulatory Implications of New Products and Services in the Australian Australia Energy Alert By Jenny Mee and Larissa Hauser The Energy Market Reform Working Group

More information

Iran Sanctions Relief and Further EU Regulatory Developments in 2016

Iran Sanctions Relief and Further EU Regulatory Developments in 2016 January 2016 Practice Group: Antitrust, Competition & Trade Regulation Iran Sanctions Relief and Further EU Regulatory By Philip Torbøl, Raminta Dereskeviciute, Alessandro Di Mario and Daniel L. Clyne

More information

Social Media: 10 Fundamental Questions All Businesses Should Consider About Their Online Presence

Social Media: 10 Fundamental Questions All Businesses Should Consider About Their Online Presence January 2015 Practice Group(s): Corporate/ M&A Technology Transactions Social Media: 10 Fundamental Questions All Businesses Should Consider About Their Online Presence By Holly K. Towle, Kendra H. Nickel-Nguy

More information

Five Takeaways from the First Cyber Insurance Case

Five Takeaways from the First Cyber Insurance Case 21 May 2015 Practice Groups: Insurance Coverage Cyber Law and Cybersecurity This article was first published by Law360 on May 18, 2015. Five Takeaways from the First Cyber Insurance Case By Roberta D.

More information

CMS Announces the Next Generation of Accountable Care Organizations Aimed at Increased Risk Sharing and Program Sustainability

CMS Announces the Next Generation of Accountable Care Organizations Aimed at Increased Risk Sharing and Program Sustainability April 2015 Practice Group: Health Care CMS Announces the Next Generation of Accountable Care Organizations Aimed at Increased Risk Sharing and Program Sustainability By Richard P. Church, Steven G. Pine,

More information

Taxes and Politics Collide in New IRS Guidelines for 501(c)(4) Organizations: IRS Proposes to Restrict Political Activities of Some Non-Profits

Taxes and Politics Collide in New IRS Guidelines for 501(c)(4) Organizations: IRS Proposes to Restrict Political Activities of Some Non-Profits December 11, 2013 Practice Groups: Public Policy and Law; Tax; Tax-Exempt Organizations/ Nonprofit Institutions; Global Government Solutions Taxes and Politics Collide in New IRS Guidelines for 501(c)(4)

More information

Ninth Circuit Opinion May Open Litigation Doors Most Thought Closed

Ninth Circuit Opinion May Open Litigation Doors Most Thought Closed March 2015 Practice Group: Investment Management Ninth Circuit Opinion May Open Litigation Doors Most By Jeffrey B. Maletta, Mark P. Goshko, Scott E. Waxman, Clair E. Pagnano, Nicholas G. Terris, and Joel

More information

2014 Amendments Affecting Delaware Alternative Entities and the Contractual Statute of Limitations

2014 Amendments Affecting Delaware Alternative Entities and the Contractual Statute of Limitations August 2014 Practice Groups: Corporate/M&A Private Equity 2014 Amendments Affecting Delaware Alternative Entities By Scott E. Waxman, Eric N. Feldman, Nicholas I. Froio, Andrew Skouvakis, Zachary L. Sager

More information

Treasury Department Issues Cybersecurity Checklist for Financial Institutions: What Might Apply to Your Financial Services Company?

Treasury Department Issues Cybersecurity Checklist for Financial Institutions: What Might Apply to Your Financial Services Company? 14 December 2015 Practice Groups: Government Enforcement Global Government Solutions Cyber Law and Cybersecurity Treasury Department Issues Cybersecurity Checklist for Financial Institutions: What Might

More information

Betting: New Jersey s Attempts to Allow Sports Betting

Betting: New Jersey s Attempts to Allow Sports Betting November 2014 This article originally appeared in World Sports Law Report Volume 12 Issue 11, November 2014. Betting: New Jersey s Attempts to Allow Sports Betting By Linda J. Shorey, Anthony R. Holtzman

More information

Teva and Its Potential Impact on Patent Litigation

Teva and Its Potential Impact on Patent Litigation January 28, 2015 Practice Group(s): IP Litigation IP Procurement and Portfolio Management Teva and Its Potential Impact on Patent Litigation By Michael J. Abernathy, Suzanne E. Konrad, Rebecca M. Cavin

More information

IMO Industries Tackles New Jersey Law on Host of Insurance Coverage Issues

IMO Industries Tackles New Jersey Law on Host of Insurance Coverage Issues 13 October 2014 Practice Groups: Insurance Coverage Toxic Tort IMO Industries Tackles New Jersey Law on Host of Insurance Coverage Issues New Jersey Insurance Coverage and Toxic Tort Alert By Donald W.

More information

NYAG Issues Cease-and-Desist Letters to DFS Sites

NYAG Issues Cease-and-Desist Letters to DFS Sites 13 November 2015 Practice Groups: Government Enforcement Betting & Gaming Consumer Financial Services Global Government Solutions Accepting Daily Fantasy Sports Payments and Proceeds May Be Unlawful: New

More information

ESTABLISHING A BUSINESS PRESENCE IN DUBAI

ESTABLISHING A BUSINESS PRESENCE IN DUBAI ESTABLISHING A BUSINESS PRESENCE IN DUBAI This guide, written by K&L Gates lawyers, includes a high level overview of the legal and regulatory environment for establishing a business presence in Dubai,

More information

Benefits and Compensation Alert

Benefits and Compensation Alert April 2, 2010 Authors: Mary Turk-Meena mary.turk-meena@klgates.com +1.704.331.7590 Lynne S. Wakefield lynne.wakefield@klgates.com +1.704.331.7578 Emily D. Zimmer emily.zimmer@klgates.com +1.704.331.7405

More information

SEC Announces First Distribution in Guise Case

SEC Announces First Distribution in Guise Case September 29, 2015 Practice Groups: Investment Management, Hedge Funds and Alternative Investments Broker-Dealer Government Enforcement SEC Announces First Distribution in Guise Case By Arthur C. Delibert,

More information

Background: November 26, 2013

Background: November 26, 2013 November 26, 2013 Practice Groups: Financial Institutions and Services Litigation; Consumer Financial Services; Commercial Disputes; Global Government Solutions For more news and developments related to

More information

Five Steps To Data Breach Coverage For Card Issuer Liability

Five Steps To Data Breach Coverage For Card Issuer Liability 20 April 2015 Practice Groups: Insurance Coverage Cyber Law and Cybersecurity This article was first published by Law360 on April 17, 2015. Five Steps To Data Breach Coverage For Card Issuer By Roberta

More information

The Limited Liability Company and the Bankruptcy Code

The Limited Liability Company and the Bankruptcy Code March 4, 2013 Practice Groups: Restructuring & Bankruptcy Corporate/M&A Finance The Limited Liability Company and the Bankruptcy Code By David A. Murdoch This K&L Gates Legal Insight highlights certain

More information

U.S. SEC Proposes Liquidity Risk Management Programs, Optional Swing Pricing, and Liquidity Reporting for Mutual Funds and Certain ETFs

U.S. SEC Proposes Liquidity Risk Management Programs, Optional Swing Pricing, and Liquidity Reporting for Mutual Funds and Certain ETFs October 2015 Practice Group: Investment Management, Hedge Funds and Alternative Investments Global Government Solutions U.S. SEC Proposes Liquidity Risk Management Programs, Optional Swing Pricing, and

More information

CMS RELEASES FINAL MEDICARE SHARED SAVINGS PROGRAM RULE

CMS RELEASES FINAL MEDICARE SHARED SAVINGS PROGRAM RULE June 2015 Practice Group(s): Health Care CMS RELEASES FINAL MEDICARE SHARED SAVINGS PROGRAM RULE Health Care Alert By Richard P. Church, Steven G. Pine, Jon S. Zucker, Trevor P. Presler On June 9, 2015,

More information

Defining and Managing Reputation Risk

Defining and Managing Reputation Risk BEIJING BRUSSELS CHICAGO DALLAS FRANKFURT GENEVA HONG KONG HOUSTON LONDON LOS ANGELES NEW YORK PALO ALTO SAN FRANCISCO SHANGHAI SINGAPORE SYDNEY TOKYO WASHINGTON, D.C. Defining and Managing Reputation

More information

Finance Alert. New Rules on Short Selling and Derivative Transactions in Germany. Introduction. Prohibition of Short Selling

Finance Alert. New Rules on Short Selling and Derivative Transactions in Germany. Introduction. Prohibition of Short Selling 30 July 2010 Authors: Dr. Christian Büche christian.bueche@klgates.com T +49.69.94.51.96.365 Dr. Wilhelm Hartung wilhelm.hartung@klgates.com T +49.30.22.00.29.220 K&L Gates includes lawyers practicing

More information

Cyber Risks in the Boardroom

Cyber Risks in the Boardroom Cyber Risks in the Boardroom Managing Business, Legal and Reputational Risks Perspectives for Directors and Executive Officers Preparing Your Company to Identify, Mitigate and Respond to Risks in a Changing

More information

ISO's Newly-Filed Data Breach Exclusions Provide Yet Another Reason To Consider "Cyber" Insurance

ISO's Newly-Filed Data Breach Exclusions Provide Yet Another Reason To Consider Cyber Insurance September 26, 2013 The text of this article was first published by Law360 on September 23, 2013. ISO's Newly-Filed Data Breach Exclusions Provide Yet Another Reason To Consider "Cyber" Insurance By Roberta

More information

LexisNexis Emerging Issues Analysis

LexisNexis Emerging Issues Analysis 2012 Emerging Issues 6204 Research Solutions February 2012 Click here for more Emerging Issues Analyses related to this Area of Law. On October 13, 2011, the Division of Corporate Finance of the Securities

More information

Cyber Risk, Legal And Regulatory Issues, And Insurance Mitigation ISACA Pittsburgh Information Security Awareness Day

Cyber Risk, Legal And Regulatory Issues, And Insurance Mitigation ISACA Pittsburgh Information Security Awareness Day Lloyd s of London (Reuters) May 8, 2000 Cyber Risk, Legal And Regulatory Issues, And Insurance Mitigation ISACA Pittsburgh Information Security Awareness Day Rivers Casino, Pittsburgh November 17, 2014

More information

Insurance Coverage for Cyber Attacks

Insurance Coverage for Cyber Attacks May 2013 The text of this article first appeared in the May 2013 issue of The Insurance Coverage Law Bulletin, Vol. 12, No. 4 Insurance Coverage for Cyber Attacks Part One of a Two-Part Article By Roberta

More information

IAPP Global Privacy Summit 2014 The SEC and Cybersecurity: What Every Publicly Traded Company Must Know

IAPP Global Privacy Summit 2014 The SEC and Cybersecurity: What Every Publicly Traded Company Must Know IAPP Global Privacy Summit 2014 The SEC and Cybersecurity: What Every Publicly Traded Company Must Know Moderator: Elaine Wolff, Partner Corporate Finance and Securities Practice, Jenner & Block Mary Ellen

More information

Cyber security: A major issue for Australian business

Cyber security: A major issue for Australian business Cyber Security: A major issue for Australian business: February 2016 1 Cyber security: A major issue for Australian business Contents Introduction and background Is your industry particularly vulnerable

More information

Betting & Gaming/Tax-Exempt Organizations Alert

Betting & Gaming/Tax-Exempt Organizations Alert Betting & Gaming/Tax-Exempt Organizations Alert October 2010 Authors: Robert A. Lawton robert.lawton@klgates.com +1.717.231.4549 Cordelia A. Glenn Grabiak cordelia.grabiak@klgates.com +1.412.355.6701 Marsha

More information

Cybersecurity: What In-House Counsel Needs to Know

Cybersecurity: What In-House Counsel Needs to Know Cybersecurity: What In-House Counsel Needs to Know November 19, 2013 Vivian A. Maese vivian.maese@dechert.com 2013 Dechert LLP So what does all of the legal activity in cybersecurity mean to you? The top

More information

Cyber Risks Connect With Directors and Officers

Cyber Risks Connect With Directors and Officers Cyber Risks Connect With Directors and Officers Implications of the New SEC Guidance on Cyber Security February 2012 Lockton Companies, LLC The Securities and Exchange Commission (SEC) has changed the

More information

Gus P. Coldebella (@g_co) Partner, Goodwin Procter LLP Former General Counsel, Dept. of Homeland Security. What are we going to talk about today?

Gus P. Coldebella (@g_co) Partner, Goodwin Procter LLP Former General Counsel, Dept. of Homeland Security. What are we going to talk about today? Cyber Security Meets Corporate Securities: The SEC's Authority to Regulate Companies' Cyber Defenses and Corporate Directors' Fiduciary Responsibilities Gus P. Coldebella (@g_co) Partner, Goodwin Procter

More information

Mitigating and managing cyber risk: ten issues to consider

Mitigating and managing cyber risk: ten issues to consider Mitigating and managing cyber risk: ten issues to consider The board of directors is responsible for managing and mitigating risk exposure. A recent study conducted by the Ponemon Institute 1 revealed

More information

K&L Gates Insurance Coverage Practice

K&L Gates Insurance Coverage Practice K&L Gates Insurance Coverage Practice For over 25 years, the lawyers of K&L Gates have been developing and implementing innovative legal strategies to assist businesses and individuals in obtaining insurance

More information

Cybersecurity and Hospitals. What Hospital Trustees Need to Know About Managing Cybersecurity Risk and Response

Cybersecurity and Hospitals. What Hospital Trustees Need to Know About Managing Cybersecurity Risk and Response Cybersecurity and Hospitals What Hospital Trustees Need to Know About Managing Cybersecurity Risk and Response This resources was prepared exclusively for American Hospital Association members by Mary

More information

K&L Gates Emerging Payment Systems

K&L Gates Emerging Payment Systems K&L Gates Emerging Payment Systems Emerging payment systems are a mixture of existing and developing systems, players, markets, infrastructures and technologies. Their evolution is occurring within a maze

More information

CRITICAL THINKING AT THE CRITICAL TIME CONSTRUCTION SOLUTIONS

CRITICAL THINKING AT THE CRITICAL TIME CONSTRUCTION SOLUTIONS CRITICAL THINKING AT THE CRITICAL TIME CONSTRUCTION SOLUTIONS Table of Contents 1 ABOUT FTI CONSULTING 2 CHALLENGES OVERCOME 3 OUR EXPERTISE 4 PROJECT TYPES 5 OUR TEAM ii FTI Consulting, Inc. CONSTRUCTION

More information

MANAGING Cybersecurity Risk AND DISCLOSURE OBLIGATIONS

MANAGING Cybersecurity Risk AND DISCLOSURE OBLIGATIONS MANAGING Cybersecurity Risk AND DISCLOSURE OBLIGATIONS RRD Donnelley SEC Hot Topics Institute May 21, 2014 1 MANAGING CYBERSECURITY RISK AND DISCLOSURE OBLIGATIONS Patrick J. Schultheis Partner Wilson

More information

SEC s Final Rules for Implementing Dodd-Frank Whistleblower Provisions: Important Implications for Covered Entities. May 25, 2011

SEC s Final Rules for Implementing Dodd-Frank Whistleblower Provisions: Important Implications for Covered Entities. May 25, 2011 SEC s Final Rules for Implementing Dodd-Frank Whistleblower Provisions: Important Implications for Covered Entities May 25, 2011 Today, the Securities and Exchange Commission (SEC or Commission) voted

More information

01/ 02/ 03/ 04/ 05/ Beyond borders Deloitte Discovery April 23 rd 2015 Cyprus 1 Going beyond borders to move our clients ahead Deloitte Discovery Services - Deloitte Legal 2 The Deloitte

More information

Investment Management Legal Insight. New Regulatory Approaches to Short Selling in the U.S. and the EU. Background

Investment Management Legal Insight. New Regulatory Approaches to Short Selling in the U.S. and the EU. Background March 2010 Authors: Kay A. Gordon kay.gordon@klgates.com +1.212.536.4038 Dr. Wilhelm Hartung wilhelm.hartung@klgates.com +49.(0)30.220.029.220 Cary J. Meer cary.meer@klgates.com +1.202.778.9107 Philip

More information

SEC Cybersecurity Findings May Establish De Facto Standard

SEC Cybersecurity Findings May Establish De Facto Standard Portfolio Media. Inc. 860 Broadway, 6th Floor New York, NY 10003 www.law360.com Phone: +1 646 783 7100 Fax: +1 646 783 7161 customerservice@law360.com SEC Cybersecurity Findings May Establish De Facto

More information

Alvarez & Marsal Global Forensic and Dispute Services. 2015 Asia Pacific Regional Meeting (APRM) Tokyo, Japan 23-25 April 2015

Alvarez & Marsal Global Forensic and Dispute Services. 2015 Asia Pacific Regional Meeting (APRM) Tokyo, Japan 23-25 April 2015 Alvarez & Marsal Global Forensic and Dispute Services 2015 Asia Pacific Regional Meeting (APRM) Tokyo, Japan 23-25 April 2015 A&M OVERVIEW GLOBAL REACH NEW YORK (GLOBAL HQ) LONDON (EUROPE HQ) HONG KONG

More information

DOL Re-Proposes Rule to make Brokers, Others ERISA Fiduciaries

DOL Re-Proposes Rule to make Brokers, Others ERISA Fiduciaries April 2015 Practice Groups: Investment Management, Hedge Funds and Alternative Investments ERISA Labor, Employment and Workplace Safety Public Policy and Law DOL Re-Proposes Rule to make Brokers, Others

More information

Client Alert. Accountants and Auditors as SEC Whistleblowers. Categories of Persons Eligible or Not Eligible for SEC Whistleblower Awards

Client Alert. Accountants and Auditors as SEC Whistleblowers. Categories of Persons Eligible or Not Eligible for SEC Whistleblower Awards Number 1462 February 5, 2013 Client Alert Latham & Watkins Litigation Department Accountants and Auditors as SEC Whistleblowers Nearly every public company and financial industry firm subject to the enforcement

More information

Assignee Liability Is Extended by Massachusetts: Will Others Follow Suit?

Assignee Liability Is Extended by Massachusetts: Will Others Follow Suit? Mortgage Banking & Consumer Financial Products Alert July 27, 2010 Authors: Philip M. Cedar phil.cedar@klgates.com +1.212.536.4820 Jonathan D. Jaffe jonathan.jaffe@klgates.com +1.415.249.1023 Laurence

More information

IDENTIFYING AND RESPONDING TO DATA BREACHES

IDENTIFYING AND RESPONDING TO DATA BREACHES IDENTIFYING AND RESPONDING TO DATA BREACHES Michael P. Hindelang Honigman Miller Schwartz and Cohn LLP October 14, 2015 Merit Security Summit DATA SECURITY RISKS, THREATS & REAL WORLD EXAMPLES OVERVIEW

More information

Due Diligence in Regulation D Offerings

Due Diligence in Regulation D Offerings FINRA Provides Guidance on the Obligation of Broker-Dealers to Conduct Reasonable Investigations in Regulation D Offerings SUMMARY FINRA has published a regulatory notice providing guidance to broker-dealers

More information

Virtual Asset Management Roundtable Series: SEC Examination Trends for Investment Advisers

Virtual Asset Management Roundtable Series: SEC Examination Trends for Investment Advisers Virtual Asset Management Roundtable Series: SEC Examination Trends for Investment Advisers April 10, 2014 Jennifer L. Klass Daniel R. Kleinman Richard F. Morris Christine M. Lombardo www.morganlewis.com

More information

Hong Kong Enacts a Statutory Disclosure Regime

Hong Kong Enacts a Statutory Disclosure Regime Statutory Obligation for Hong Kong-Listed Corporations to Disclose Price Sensitive Information Becoming Effective on January 1, 2013 SUMMARY With effect from January 1, 2013, Hong Kong will implement a

More information

WILLIS SPECIAL REPORT: 10K DISCLOSURES HOW RETAIL COMPANIES DESCRIBE THEIR CYBER LIABILITY EXPOSURES

WILLIS SPECIAL REPORT: 10K DISCLOSURES HOW RETAIL COMPANIES DESCRIBE THEIR CYBER LIABILITY EXPOSURES WILLIS SPECIAL REPORT: 10K DISCLOSURES HOW RETAIL COMPANIES DESCRIBE THEIR CYBER LIABILITY EXPOSURES This special report examines the cyber risk disclosures made by the retail sector of the Fortune 1000.

More information

FINRA and MSRB Issue Guidance on Best Execution Obligations in Equity, Options and Fixed Income Markets

FINRA and MSRB Issue Guidance on Best Execution Obligations in Equity, Options and Fixed Income Markets DECEMBER 9, 2015 SIDLEY UPDATE FINRA and MSRB Issue Guidance on Best Execution Obligations in Equity, Options and Fixed Income Markets Financial Industry Regulatory Authority, Inc. (FINRA) and the Municipal

More information

Brother Can You Spare $8.9 Billion? Making Sense of SEC Civil Money Penalties

Brother Can You Spare $8.9 Billion? Making Sense of SEC Civil Money Penalties February 11, 2014 Practice Groups: Government Enforcement; Securities Enforcement; Global Government Solutions Brother Can You Spare $8.9 Billion? By: Jon Eisenberg If you or your company has ever been

More information

Global Real Estate Outlook

Global Real Estate Outlook Global Real Estate Outlook August 2014 The Hierarchy of Economic Performance, 2014-2015 China Indonesia India Poland South Korea Turkey Australia Mexico United Kingdom Sweden United States Canada South

More information

America s New Cybersecurity Framework: Help or New Source of Exposure?

America s New Cybersecurity Framework: Help or New Source of Exposure? America s New Cybersecurity Framework: Help or New Source of Exposure? BY BEHNAM DAYANIM, RYAN NIER & ELIZABETH DORSI March 2014 Data theft is on the rise, and the federal government is concerned. In 2013

More information

Beyond Data Breach: Cyber Trends and Exposures

Beyond Data Breach: Cyber Trends and Exposures Beyond Data Breach: Cyber Trends and Exposures Vietnam 7 th May 2015 Jason Kelly Head of Asia Financial Lines AIG Agenda Why do companies need cyber protection Example of Cyber attack worldwide and in

More information

Litigating Privacy, Data Breach and Cybersecurity Issues in 2014: The SEC View on Disclosure Obligations

Litigating Privacy, Data Breach and Cybersecurity Issues in 2014: The SEC View on Disclosure Obligations Litigating Privacy, Data Breach and Cybersecurity Issues in 2014: The SEC View on Disclosure Obligations American Bar Association Section of Litigation Annual Conference 2014 Spring Program Scottsdale,

More information

FSOC Proposes Rules for Board of Governors of the Federal Reserve s Supervision of Nonbank Financial Companies. October 20, 2011

FSOC Proposes Rules for Board of Governors of the Federal Reserve s Supervision of Nonbank Financial Companies. October 20, 2011 FSOC Proposes Rules for Board of Governors of the Federal Reserve s Supervision of Nonbank Financial Companies October 20, 2011 On October 11, the Financial Stability Oversight Council (the Council) released

More information

Cyber Security for the Private Sector: What Companies and Their Lawyers Need to Know

Cyber Security for the Private Sector: What Companies and Their Lawyers Need to Know Cyber Security for the Private Sector: What Companies and Their Lawyers Need to Know Gus Coldebella, Goodwin Procter LLP John Geschke, VP and General Counsel, Zendesk, Inc. Jim Jaeger, VP, Cybersecurity

More information

7 Steps to Protect Your Company from a Data Breach

7 Steps to Protect Your Company from a Data Breach 7 Steps to Protect Your Company from a Data Breach August 11, 2015 Michael Pinna and Stuart Nussbaum Millions of government personnel files were recently compromised as part of a malicious hacking of the

More information

Financial services regulation in Australia

Financial services regulation in Australia Financial services regulation in Australia FEBRUARY What you need to know Financial services regulation in Australia February 2016 1 What you need to know Key points Do you do business in Australia or

More information

Cybercrime: risks, penalties and prevention

Cybercrime: risks, penalties and prevention Cybercrime: risks, penalties and prevention Cyber attacks have been appearing in the news with increased frequency and recent victims of cybercrime have included well-known companies such as Sony, LinkedIn,

More information

Whistleblower Provisions

Whistleblower Provisions SEC Issues Final Rules Implementing the Dodd-Frank Whistleblower Provisions SUMMARY On May 25, 2011, the Securities and Exchange Commission voted 3 to 2 to approve the final rules implementing the whistleblower

More information

Posted by David A. Katz, Wachtell, Lipton, Rosen & Katz, on Sunday December 16, 2012 at 10:20 am

Posted by David A. Katz, Wachtell, Lipton, Rosen & Katz, on Sunday December 16, 2012 at 10:20 am 1 of 7 5/8/2014 7:34 PM Posted by David A. Katz, Wachtell, Lipton, Rosen & Katz, on Sunday December 16, 2012 at 10:20 am Editor s Note: David A. Katz is a partner at Wachtell, Lipton, Rosen & Katz specializing

More information

SEC Convenes Cybersecurity Roundtable: Highlights Importance of Cybersecurity for Public Companies and Financial Market Participants

SEC Convenes Cybersecurity Roundtable: Highlights Importance of Cybersecurity for Public Companies and Financial Market Participants Corporate Finance and Securities Client Service Group Data Privacy and Security Team To: Our Clients and Friends April 4, 2014 SEC Convenes Cybersecurity Roundtable: Highlights Importance of Cybersecurity

More information

GALLAGHER CYBER LIABILITY PRACTICE. Tailored Solutions for Cyber Liability and Professional Liability

GALLAGHER CYBER LIABILITY PRACTICE. Tailored Solutions for Cyber Liability and Professional Liability GALLAGHER CYBER LIABILITY PRACTICE Tailored Solutions for Cyber Liability and Professional Liability Are you exposed to cyber risk? Like nearly every other business, you have probably capitalized on the

More information

Cybersecurity. Shamoil T. Shipchandler Partner, Bracewell & Giuliani LLP 214.758.1048

Cybersecurity. Shamoil T. Shipchandler Partner, Bracewell & Giuliani LLP 214.758.1048 Cybersecurity Shamoil T. Shipchandler Partner, Bracewell & Giuliani LLP 214.758.1048 Setting expectations Are you susceptible to a data breach? October 7, 2014 Setting expectations Victim Perpetrator

More information

cybersecurity dinner 2015

cybersecurity dinner 2015 cybersecurity dinner 2015 Discussion Highlights In February 2015, President Obama, speaking at a White House Summit on cybersecurity and consumer protection, declared that the Internet has become a sort

More information

Securities Law Considerations in Online and. Marketplace Lending

Securities Law Considerations in Online and. Marketplace Lending February 2016 Practice Groups: Securitization and Structured Finance Debt Capital Markets Marketplace Investment Management FinTech Securities Law Considerations in Online and Marketplace By Anthony R.

More information

Cloud Computing: A Primer on Legal Issues, Including Privacy and Data Security Concerns. Privacy and Information Management Practice / Washington, DC

Cloud Computing: A Primer on Legal Issues, Including Privacy and Data Security Concerns. Privacy and Information Management Practice / Washington, DC Cloud Computing: A Primer on Legal Issues, Including Privacy and Data Security Concerns Privacy and Information Management Practice / Washington, DC Disclaimer THIS PRESENTATION IS TO ASSIST IN A GENERAL

More information

IRS Offshore Voluntary Disclosure Initiative Round Two

IRS Offshore Voluntary Disclosure Initiative Round Two View this email as a webpage. February 2011 www.ssd.com IRS Offshore Voluntary Disclosure Initiative Round Two On February 8, 2011 the US Internal Revenue Service (the IRS) announced its second, much anticipated,

More information

2013 SEC and FINRA Year in Review for Broker Dealers and Investment Advisers

2013 SEC and FINRA Year in Review for Broker Dealers and Investment Advisers 2013 SEC and FINRA Year in Review for Broker Dealers and Investment Advisers March 27, 2014 Anne C. Flannery Jennifer L. Klass E. Andrew Southerling www.morganlewis.com Our Team Anne C. Flannery aflannery

More information

OCIE CYBERSECURITY INITIATIVE

OCIE CYBERSECURITY INITIATIVE Topic: Cybersecurity Examinations Key Takeaways: OCIE will be conducting examinations of more than 50 registered brokerdealers and registered investment advisers, focusing on areas related to cybersecurity.

More information

ROLE SPECIFICATION INTERNATIONAL FINANCE CORPORATION

ROLE SPECIFICATION INTERNATIONAL FINANCE CORPORATION ROLE SPECIFICATION for the position of with GENERAL COUNSEL INTERNATIONAL FINANCE CORPORATION AMSTERDAM ATHENS ATLANTA BARCELONA BEIJING BERLIN BOGOTÁ BOSTON BRUSSELS BUDAPEST BUENOS AIRES CALGARY CHICAGO

More information

Plan Sponsor Basics Webinar Series Issues for 401(k) Plan Sponsors with Employer Stock Investment Funds

Plan Sponsor Basics Webinar Series Issues for 401(k) Plan Sponsors with Employer Stock Investment Funds Plan Sponsor Basics Webinar Series Issues for 401(k) Plan Sponsors with Employer Stock Investment Funds Webinar 5 of 5 November 4, 2014 www.morganlewis.com Presenters: Lisa H. Barton Jeremy P. Blumenfeld

More information

A Wake-Up Call? Fight Back Against Cybercrime. Prepared for: Ricky Link Managing Director, Southwest Region May 15, 2014

A Wake-Up Call? Fight Back Against Cybercrime. Prepared for: Ricky Link Managing Director, Southwest Region May 15, 2014 A Wake-Up Call? Fight Back Against Cybercrime Prepared for: Ricky Link Managing Director, Southwest Region May 15, 2014 1 Coalfire Background Leading Information Security Consulting Firm Offices: Atlanta,

More information

Who s next after TalkTalk?

Who s next after TalkTalk? Who s next after TalkTalk? Frequently Asked Questions on Cyber Risk Fraud threat to millions of TalkTalk customers TalkTalk cyber-attack: website hit by significant breach These are just two of the many

More information

Managing Cyber Threats Risk Management & Insurance Solutions. Presented by: Douglas R. Jones, CPCU, ARM Senior Vice President & Principal

Managing Cyber Threats Risk Management & Insurance Solutions. Presented by: Douglas R. Jones, CPCU, ARM Senior Vice President & Principal Managing Cyber Threats Risk Management & Insurance Solutions Presented by: Douglas R. Jones, CPCU, ARM Senior Vice President & Principal Overview Recent Trends and Loss Exposures Risk Management Strategies

More information

SEC s Proposed Rules for Implementing Dodd-Frank Whistleblower Provisions: Important Implications for Employers. November 12, 2010

SEC s Proposed Rules for Implementing Dodd-Frank Whistleblower Provisions: Important Implications for Employers. November 12, 2010 SEC s Proposed Rules for Implementing Dodd-Frank Whistleblower Provisions: Important Implications for Employers November 12, 2010 The Securities and Exchange Commission (SEC) has proposed rules to implement

More information