Monetary Authority of Singapore Consults on Proposed E-Payments User Protection Guidelines

On Feb. 13, 2018, the Monetary Authority of Singapore (MAS) issued a Consultation Paper on the Proposed E-Payments User Protection Guidelines (Consultation Paper). Under the Consultation Paper, the MAS proposes to issue a set of guidelines (Guidelines) to standardize the protection offered to individuals or micro-enterprises from losses arising from unauthorized or mistaken payment transactions.

The Guidelines are part of MAS’s ongoing review of Singapore’s regulatory framework for payment services.  They are meant to provide general guidance and are not intended to be comprehensive or to replace or override any legislation.

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National Academy of Sciences Encryption Study

Few would describe 2017 as a quiet year.  But it actually was a period of relative calm with respect to at least one important topic.  After supporters and opponents of mandated government access to encrypted communications publicly feuded for much of 2016, reprising arguments they’ve had since at least the days of the “Clipper Chip,” these “encryption debates” seemed to quiet down for much of last year.  The same tensions likely simmered beneath the surface, to be sure, but they didn’t boil over and there was accordingly less attention directed at the issue than there had been previously. 

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Cybersecurity Identified as an SEC OCIE Examination Priority for 2018

On February 7, 2018, the SEC’s Office of Compliance Inspections and Examinations (OCIE) released its 2018 National Exam Program Examination Priorities (2018 Exam Priorities) and, once again, identified cybersecurity as one of its main areas of focus.  According to OCIE, each of its examination programs will prioritize cybersecurity. The 2018 Exam Priorities include five main focus areas:  (1) cybersecurity; (2) compliance and risks in critical market infrastructure; (3) matters of importance to retail investors, including seniors and those saving for retirement; (4) oversight of the Financial Industry Regulatory Authority (FINRA) and Municipal Securities Rulemaking Board (MSRB); and (5) anti-money laundering programs.  For an in-depth discussion regarding the entirety of the 2018 Exam Priorities, see Sidley’s previous analysis here

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SEC Office of Compliance Inspections and Examinations Publishes 2018 Exam Priorities

On February 7, 2018, the Office of Compliance Inspections and Examinations (OCIE) of the U.S. Securities and Exchange Commission (the Commission) released its annual National Exam Program Examination Priorities (Exam Priorities).1 As has been widely reported, the Exam Priorities’ general focus areas include:

  • retail investors
  • compliance and risks in critical market infrastructure
  • oversight of the Financial Industry Regulatory Authority (FINRA) and Municipal Securities Rulemaking Board (MSRB)
  • cybersecurity
  • anti-money laundering (AML) programs

The majority of these Exam Priorities are not surprising because they reflect the Commission’s continued focus on retail investors, conflicts of interest, fee disclosure, cybersecurity, cryptocurrency and AML programs.2 The Exam Priorities can serve as a roadmap for firms to assess their policies, procedures and compliance programs, and to prepare for OCIE exams. This post outlines and elaborates on each of the Exam Priorities.

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NYDFS Cybersecurity Regulations: First Annual Compliance Certification Due February 15, 2018

Companies that are subject to New York’s Cybersecurity Regulation are moving quickly to finalize their compliance obligations under the Cybersecurity Regulation, as the second “due date” quickly approaches – February 15, 2018.   By August 28, 2017, Covered Entities were required to have a cybersecurity program in place, as well as a board (or senior officer) approved written cybersecurity policy and Chief Information Security Officer to help protect data and systems.  They also became obligated to report cybersecurity events to the NYDFS. 

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Protecting Privilege in the Aftermath of a Data Breach

On Jan. 3, the United States Court of Appeals for the Sixth Circuit issued a decision that effectively required a company to turn over materials relating to a privileged forensic data breach investigation because, the court concluded, the company had implicitly waived privilege when it disclosed certain of the forensic firm’s conclusions in response to a discovery request. The Sixth Circuit’s decision emphasizes the need for caution by litigants wishing to raise a defense that relies on privileged investigations and reports, including third-party forensic reports, or otherwise disclosing the conclusions of such investigations and reports.

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Movement on Section 702 of the Foreign Intelligence Surveillance Act (FISA)

Following months of intense debate, an attempted filibuster, and close votes in both the House and Senate, Congress last week finally extended Section 702 of the Foreign Intelligence Surveillance Act (FISA).

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