News & Insights: Cyber Solutions

SEC Charges Equiniti Trust for Cyber Failures 

On August 20th, 2024, the SEC announced that it settled charges against Equiniti Trust Company LLC (formerly American Stock & Trust Company, LLC) due to failing to ensure client securities and funds were protected from theft. Equiniti Trust Company LLC (“Equiniti”) incurred two cyber incidents from 2022 to 2023 that resulted in the loss of more than $6.6 million of client funds.

CrowdStrike Incident Reinforces Importance of Revisiting BCPs

Although Artificial Intelligence (AI) brings tremendous opportunity, it also presents significant risk—particularly to those with access to sensitive client information and personally identifiable information (PII). 

CrowdStrike Causes Globe Outages

CrowdStrike, a leading cybersecurity vendor, has caused a significant global IT outage affecting millions of computers using Microsoft Windows operating systems.

The SEC’s Updated Spring 2024 Regulatory Agenda

On July 8, the SEC issued an updated Spring 2024 regulatory agenda, which includes updated timing related to several key regulatory actions. This signals another busy few months for the SEC.

SEC Applies Broad Scope of Regulation in Cybersecurity-Related Charges Against R.R. Donnelley & Sons

On June 18th, 2024, the SEC announced that R.R. Donnelley & Sons (RRD) agreed to pay over $2.1 million to settle disclosure and internal control failure charges relating to cybersecurity incidents and alerts in late 2021.

Amendments to Regulation S-P Published to Federal Register

On June 3rd, 2024, the SEC’s adopted amendments to Regulation S-P were published to the Federal Register. The adopted amendments become effective within 60 days of publication, on August 2nd, 2024.

Department of Labor Creates Principles For Developers and Employers When Using AI in the Workplace

The Department of Labor (DOL) announced last week Principles for Developers and Employers when using AI in the workplace. These Principles, which are a directive from President Biden’s Oct. 30, 2023,  Executive Order on the Safe, Secure, and Trustworthy Development and Use of Artificial Intelligence, will “create a roadmap for developers and employers on how to harness AI technologies for their businesses while ensuring workers benefit from new opportunities created by AI and are protected from its potential harms.”

SEC Adopts Rule Amendments to Regulation S-P to Enhance Protection of Customer Information

The SEC adopted amendments to Regulation S-P requiring broker-dealers, investment companies, registered investment advisors, and transfer agents to implement and maintain policies and procedures regarding an incident response program that are designed to detect, respond, and recover from unwarranted access or use of client information.

AI Considerations

On April 15th, 2024, the SEC’s enforcement director, Gurbir Grewal, spoke at the Program on Corporate Compliance and Enforcement Spring Conference 2024, where he discussed the use of artificial intelligence (“AI”), cybersecurity, and disclosure obligations, among other topics.  

Ongoing Phishing Alert, Messages Posing as FINRA

Fairview has received numerous reports of fraudulent emails that appear to be from FINRA. These messages aim to elicit a reply in a short period of time.

Click below to view General Filing Deadlines and SEC Holidays

Regulatory Calendar

Stay up to date on the latest industry news and resources.

Filter by Category

Filter by Topic

Fairview

Fairview has been providing streamlined solutions to providers in the financial services industry since 2005. We are part of ViewPoint Partners, our employee-owned parent company for both Fairview and FilePoint, which provides regulatory reporting solutions for registered investment companies.

©2024 Fairview® Investment Services, LLC. All rights reserved.

1330 St. Mary’s St.
Suite 400
Raleigh, NC 27605

info@fairviewinvest.com
919.706.4100
FAX: 800.770.9925