The New York Department of Financial Services recently reached a settlement with National Securities Corp. related to multiple cybersecurity violations.
NYDFS settles cybersecurity regulation matter for $3 million
New bipartisan bills aim to regulate and promote blockchain and cryptocurrencies
Legislation has been introduced in the US House of Representatives directed at regulating virtual currency. In a post from the Norton Rose Fulbright Project Finance blog available, Deanne Barrow analyzes the bills.
Readers interested in learning more about cryptocurrency can sign up for updates on our FinTech law and regulation page.
South Africa: Twin Peaks signed into law
The Financial Sector Regulation Bill was signed into law by President Zuma on 21 August 2017. The commencement dates for the new Financial Sector Regulation Act (FSR Act) are not yet known.
The act provides the architecture for the new ‘twin peaks’ method of regulation to be adopted across the South African financial services industry,
South Africa: Laws amendment to accommodate demarcation regulations
The pending changes to the Medical Schemes Act and the Long-term and Short-term Insurance Acts to accommodate the demarcation regulations were made on 1 April 2017 including the new definition of ‘business of a medical scheme’.
The definition of ‘business of a medical scheme’ in the Medical Schemes Act 1998 makes it clear that if
Ontario consults on rewards points expiry regulations
The Government of Ontario has released a public consultation regarding regulations related to the new prohibition on expiry of rewards points issued to consumers. The consultation document, which is available here, includes commentary from the Government and proposed regulatory text. Comments are due by April 28, 2017.
Background
On December 8, 2016, the Government
Canadian anti-money laundering regulations updated
On June 29, 2016, the federal Government published the final version of the long-awaited regulations (Amending Regulations) to amend various regulations (Regulations) under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA).
The Amending Regulations came into force on June 30, 2016, however, there is an almost
The SEC Adopts Pay Ratio Disclosure Rule
The SEC adopted a new rule mandated by the Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Dodd Frank Act”) that requires public companies to disclose the ratio of the compensation of its chief executive officer (“CEO”) to the median compensation of its employees. The rule requires disclosure of this pay ratio in registration
The demise of CFTC Form TO for commodity trade options
On May 7, 2015, the CFTC published in the Federal Register a proposal to eliminate the odd-yet-burdensome Form TO, which for the past two years has been required of derivatives end-users to report certain information to the CFTC regarding their trading in commodity trade options. If the proposal is adopted as final after the close
CFTC views cybersecurity and data integrity as top priorities; may issue regulations
Cybersecurity has recently become a high priority issue at the US Commodity Futures Trading Commission (CFTC) – the agency overseeing designated contract markets, swap execution facilities, derivatives clearing organizations, swap data repositories (SDRs), swap dealers, futures commission merchants, commodity pool operators and other derivatives market participants.
CFTC Articulates Unique Cybersecurity Concerns
CFTC Chairman Timothy Massad
What stops mobile money payments in South Africa?
Despite the increase in mobile payment services globally, the terms “mobile money” and/or “mobile payment services” are not specifically regulated in any piece of South African legislation. However, the acceptance of deposits from the general public by a person (natural or juristic) is regulated by the Banks Act
Section 11 provides that only a registered