Tag Archives: Securities and Exchange Commission

SEC Updates Guidance on Public Companies’ Disclosure of Cyber-Attacks

The U.S. Securities and Exchange Commission (SEC) updated guidance to public companies this week on how and when they are to disclose cybersecurity risks and breaches. The SEC suggests that public companies should disclose potential weaknesses that have not been targeted by hackers. There has always been a tension between the SEC and public companies … Continue Reading

Initial Coin Offerings and Cryptocurrencies Will be a Priority for FINRA in 2018

In a ten page letter that previews the Financial Industry Regulatory Authority’s (FINRA) priorities for 2018, initial coin offerings (ICOs) and transactions involving cryptocurrencies. This follows previous warnings by both the Securities and Exchange Commission (SEC) and FINRA about the risks associated with investing in ICOs and virtual currencies, including Bitcoin. SEC Chairman Jay Clayton … Continue Reading

SEC Brings Fraud Action Against ICO Creator

In its first lawsuit targeting Initial Coin Offerings (ICOs), the Securities and Exchange Commission (SEC) has filed fraud charges against the creator of the ICOs marketed as “REcoin” and “DRC.” The action, filed in the United States District Court for the Eastern District of New York on September 29, 2017, alleges that Maksim Zaslavskiy, operating … Continue Reading

SEC Hacked!

The Securities and Exchange Commission (SEC) has admitted that it was the victim of a cyberattack in 2016 that exposed information that may have been used for insider trading. The hack involved the SEC’s filing database, known as EDGAR. The admission was on the heels of a Government and Accountability Office report in July that … Continue Reading

FINRA fines Raymond James $500,000

Financial services firm Raymond James Financial Services Inc. (Raymond James) has agreed to settle an investigation by the Financial Industry Regulatory Authority (FINRA) for $500,000. The investigation stems from allegations that Raymond James requested that new financial advisers disclose and bring confidential customer information to Raymond James when joining the firm from other brokerage firms, … Continue Reading

Fred’s Inc. discloses data breach to SEC

In its most recent filing with the Securities and Exchange Commission (SEC), Fred’s Inc. disclosed this week that a security firm found malware in its system that was designed to lift customer credit card information. Although it appears from reports that the hackers may have had access to customer credit card information, the security firm … Continue Reading
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