Oregon Governor Tina Kotek signed into law the Bill Relating to Registration of Business Entities that Qualify as Data Brokers (HB 2052) (the “Act”) on July 27, 2023. Effective January 1, 2024, the Act will require data brokers to annually register with the Oregon Department of Consumer and Business Services (the “Department”). The Act makes […]
Regulatory Enforcement
EU Standard Contractual Clauses (SCCs) Deadline is Looming
Companies relying on the SCCs as a data transfer tool have less than a month to update their existing contracts (if they haven’t done so already). WHAT HAPPENED? The EU General Data Protection Regulation (GDPR) allows companies that want to transfer personal data protected by the GDPR to third countries outside the EU/EEA to do […]
SEC Sends a Message to Investment Advisers: Take Secure Data Disposal Seriously
On September 20, 2022, the Securities and Exchange Commission (SEC) settled an enforcement action with a large, registered investment adviser (the Firm) for alleged violations of the Safeguards Rule and the Disposal Rule of Regulation S-P that arose in the context of a data disposal process, imposing a $35 million penalty. Specifically, the SEC […]
SEC Settles Enforcement Actions with Broker-Dealers and Investment Advisors for Identity Protection Deficiencies
On July 27, 2022, the Securities and Exchange Commission (SEC) separately settled three enforcement actions with broker-dealers and investment advisers for alleged deficiencies relating to the prevention of customer identity theft, in violation of the SEC’s Identity Theft Red Flags Rule, or Regulation S-ID. Regulation S-ID requires registered financial institutions, broker dealers, and investment advisers […]
UK Information Commissioner’s Office Issues Warning on Ransomware Payments
On July 8, 2022, the UK Information Commissioner’s Office (UK ICO) together with the UK National Cyber Security Centre (NCSC), published a joint letter asking the Law Society of England & Wales to remind its members that they should not advise clients to pay ransomware demands should they fall victim to a cyber-attack. The Law […]