In its first hearing of the year, the Senate Committee on Banking, Housing, and Urban Affairs expressed support for potential reforms to the U.S. anti-money laundering (“AML”) and countering the financing of terrorism (“CTF”) framework.  The hearing focused on the relationships among financial institutions, regulators, and … Read More

After being one of the first countries to recognize blockchain technology in the field of cash vouchers, or minibons, France has become the first country to authorize the registration and transfer of unlisted securities by using the blockchain technology.

With the aim of making France the world’s forerunner in the … Read More

Among the virtual currency transactions that are within the scope of CFTC regulation are leveraged, margined, or financed transactions in virtual currencies offered to retail customers. These retail commodity transactions are illegal unless traded on a regulated futures exchange and cleared through a futures commission merchant. They include any transaction: … Read More

With virtual currency markets booming and bitcoin prices at record highs, U.S. financial regulators have been—each in its own manner—considering whether and how to regulate virtual currencies and related products.  Last week, the U.S. Commodity Futures Trading Commission (CFTC) announced that three futures exchanges—CME, Cboe Futures Exchange, and Cantor Exchange—self-certified … Read More

Plaintiffs in data breach cases have tried many theories of recovery, with mixed results. However, plaintiffs and regulators are increasingly having success with allegations of unfair business practices. Davis Polk has published a blog post describing the rise of breach-related Consumer Protection Act actions. The full blog post is available … Read More

Background
On November 5, 2017 the International Consortium of Investigative Journalists (“ICIJ”) released the “Paradise Papers,” a collection of 13.4 million files that appear to have been hacked from offshore service providers and company registries in 19 tax haven jurisdictions.  Of these 13.4 million files, approximately seven million were obtained … Read More

On Halloween, the New York and Vermont attorneys general obtained a $700,000 settlement from Hilton for, among other violations, late breach notification.  Davis Polk has published a blog post on this increase in cyber regulation enforcement and the effect on breach notification deadlines.  The full blog post is available at … Read More

On October 23, 2017, the Reserve Bank of India (“RBI”) announced that it was fining India’s Yes Bank $1 million USD for failing to comply with RBI’s breach notification requirement, among other violations. Davis Polk has published a blog post on this escalation in breach notification enforcement and what it … Read More

During congressional hearings earlier this month, senators grilled Richard Smith, the former Equifax CEO, on the company’s reporting structure for cybersecurity; specifically, on the appropriateness of Equifax’s CISO reporting to the general counsel.  Davis Polk has published a blog post on the reporting structure for CISOs and factors companies should … Read More

The Davis Polk Cybersecurity Team recently blogged about the breach of the SEC’s EDGAR database:

“…The SEC does not believe that personally identifiable information was exposed, but the investigation is still ongoing and raises questions regarding government agencies’ obligations to protect sensitive information, and the potential litigation challenges facing individuals … Read More