On January 20, 2023, The Centre for Information Policy Leadership at Hunton Andrews Kurth published “Digital Assets and Privacy,” a discussion paper compiling insights from workshops with CIPL member companies that explored the intersection of privacy and digital assets, with a particular focus on blockchain technology.
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Financial Privacy
UK Government and the Dubai International Financial Centre Issue Joint Statement on Data Bridge
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On December 15, 2022, the UK government and the Dubai International Financial Centre Authority issued a joint statement on the shared commitment to deepening the UK-DIFC data partnership. …
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NYDFS Amends Cybersecurity Rules for Financial Services Companies
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On November 9, 2022, the New York Department of Financial Services released their second amendments to their Part 500 Cybersecurity Rules.
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FTC Announces Six-Month Extension for Compliance with Some Changes to Gramm-Leach-Bliley Safeguards Rule
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On November 15, 2022, the Federal Trade Commission announced a six-month extension for companies to comply with certain updated requirements of the Gramm-Leach-Bliley Act’s Safeguards Rule, a set of data security provisions covered financial institutions must implement to protect their customers’ personal information.
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CFPB Re-Opens Public Comment on Prior Orders Seeking Information on Big Tech Payment Platforms
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Posted in Financial Privacy, Information Security
On October 31, 2022, the Consumer Financial Protection Bureau announced that it will re-open the public comment period on their October 2021 Orders for six large technology companies operating payments platforms to provide information about their business practices.
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European Commission Publishes Report on Decentralized Finance
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On October 18, 2022, the European Commission published a report, titled Information Frictions and Public Policies: Approaching the Regulation and Supervision of Decentralized Finance. This blog entry provides a summary of the report. …
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NYDFS Fines EyeMed $4.5 Million for Cybersecurity Violations
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On October 18, 2022, the New York State Department of Financial Services announced that EyeMed Vision Care LLC agreed to a $4.5 million settlement for violations of the Cybersecurity Regulation that contributed to the exposure of hundreds of thousands of consumers’ health data in connection with a cybersecurity event in 2020.
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SEC Fines Morgan Stanley $35 Million for Alleged Failure to Protect Customer Data
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Posted in Financial Privacy, Information Security
On September 20, 2022, the U.S. Securities and Exchange Commission announced that Morgan Stanley Smith Barney agreed to pay a $35 million fine for the firm’s alleged failure to adequately protect the personal information of approximately 15 million customers.
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The SEC Charged Several Individuals and Entities in a Fraudulent Hacking Scheme
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On August 16, 2022, the Securities and Exchange Commission charged 18 individuals and entities in relation to their involvement in a fraudulent hacking scheme. …
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New CFPB Interpretive Rule Targets Digital Marketing Providers
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On August 10, 2022, the Consumer Financial Protection Bureau issued a new interpretive rule clarifying when digital marketing providers must comply with federal consumer financial protection law. Under the new rule, Big Tech companies that use behavioral advertising techniques to market financial products will be subject to the Consumer Financial Protection Act of 2010. …
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