News & Insights: Cyber Solutions

Alleged Cryptocurrency Scam Serves as Reminder of Digital Assets Risks

The SEC issued a press release regarding charges against Reginald “Reggie” Middleton and his two companies. The complaint, alleges that Middleton and his companies knowingly defrauded customers through the trade of a cryptocurrency called VERI tokens.

How are Advisers Selected for an OCIE Exam?

The reasons OCIE may select an adviser for examination are various and shifting, depending on commonly identified risk factors and changes in regulation. The SEC takes steps to be transparent about which conditions may cause an adviser to be selected for examination.

OCIE Warns of Cloud-Based Server Security Risks

OCIE discovered several security risks related to the storage of customer information by broker-dealers and advisers, particularly related to the use of cloud-based servers. The primary risk was found to stem from firms choosing not to utilize available security features on storage platforms.

OCIE Warns Advisers and Broker-Dealers of Regulation S-P Compliance Issues

Regulation S-P requires registered investment advisers, investment companies, and broker-dealers to provide notice to customers and maintain written records of policies and procedures related to information privacy.

FINRA Releases Report on Selected Cybersecurity Practices

On December 20, 2018, the Financial Industry Regulatory Authority (FINRA) released a Report on Selected Cybersecurity Practices (the “2018 Report”).  In it, FINRA outlines five topics of focus.

ShareFile Accounts to Switch to Multi-Factor Authentication

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. 

OCIE Issues Risk Alert Outlining New Recommendations for Electronic Communications

On December 14th, 2018, the SEC’s OCIE released a Risk Alert reminding advisers of their obligations regarding the use of electronic messaging.

SEC Charges Adviser for Lacking Cybersecurity Procedures

SEC charges broker-dealer for failure to provide adequate cybersecurity policies and procedures. Contact us for help developing SEC-compliant policies.

The National Institute for Standards and Technology Updates Cybersecurity Framework

The National Institute for Standards and Technology (NIST) released an updated version of its Cybersecurity Framework, known as version 1.1. 

SEC Office of Compliance Inspections and Examinations to Release New Cyber Exam Initiative

On March 22nd, Peter Driscoll, OCIE Director, announced plans for its third cybersecurity sweep exam in four years. The next cyber initiative will focus on advisers who maintain remote offices and advisers that have merged firms.

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