Washington Report 360 | January 28, 2022

SEC focus on cybersecurity; Congressional support of Fed CBDC paper; SEC proposes amendments to Form PF.

Amy S. Matsuo

Amy S. Matsuo

Regulatory and ESG Insights Leader, KPMG US

+1 919-664-7100

Key Highlights

  • Cybersecurity. SEC denoted key areas of upcoming focus on cybersecurity that address strengthening the “cyber hygiene” of SEC registrants (practices to maintain the security of devices, networks, and data) and improving the timing and content of cyber incident notifications and disclosures. Proposals to amend Reg SCI would extend requirements intended to protect the resiliency of technology infrastructures (including business continuity plans, testing protocols, data backups, incident reporting) to reach an expanded number of registrants. (See KPMG Regulatory Alert.)
  • Digital assets. Congressional statements support the FRB’s paper on CBDCs released last week. The Biden Administration may issue an executive order on cryptocurrencies and digital assets as early as next month.
  • Private fund reporting. SEC is proposing amendments to Form PF to expand reporting requirements for “significant events” experienced by large private equity advisers and large liquidity fund advisers to provide more transparency related to financial stability. The proposal would also lower the reporting threshold for “large” funds.
  • Fees on consumer products and services. CFPB is seeking public input on experience with fees associated with a variety of products and services, such as credit card, overdrafts, payment transfers, and mortgages. The responses will inform future guidance and supervision.
  • Complaints. CFPB published its annual list of consumer reporting companies, including specialty reporting companies, and reminded consumers of their right to dispute inaccuracies and the consumer reporting companies’ obligation to conduct a reasonable investigation.  (See related KPMG Regulatory Alert.)

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