Washington Report 360 | November 4, 2022

Third party risk management. Cybersecurity and Ransomware. Accountability/Trust. Liquidity Risks.

Key Highlights

  • TPRM. SEC proposed rules that would establish oversight requirements for investment advisers that retain service providers to perform “covered functions.” (See KPMG Regulatory Alert, here)
  • Cybersecurity and Ransomware. Treasury said information sharing with financial institutions helped thwart cyberattack; FinCEN financial trend analysis report finds nearly $1.2 billion ransomware-related filings in 2021; White House Fact Sheet on ransomware summit.
  • Accountability/Trust. SEC Chair speech outlining “effective administration” of the federal securities laws focuses on importance of “positions of trust”
  • Liquidity Risks. SEC proposed enhancements to the liquidity framework of open-end funds to “better prepare for stressed conditions.”
Financial services regulatory news
SEC
CFTC
  • No-action letter relating to extension of swap reporting requirements
FINRA
FRB
  • Pricing announcement, effective January 3, 2023, for Federal Reserve Bank payment services, including FedNow Services
CFPB
Treasury
  • FinCen financial trend analysis on ransomware BSA reporting
  • Speech on “whole-of-government” approach to ransomware threats
  • FATF updates two lists of jurisdictions with strategic AML/CFT/CPF deficiencies
FTC
  • Enforcement action against a tech provider for alleged data security practice weaknesses
  • PrivacyCon 2022 Event featuring seven panels including consumer surveillance, automated decision-making systems, and adtech
  • Remarks at PrivacyCon 2022 relating to technological emerging risks and data privacy
BIS

 

 

 

Financial services policy news
White House

 

Industry news headlines

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Amy S. Matsuo

Amy S. Matsuo

Regulatory and ESG Insights Leader, KPMG US

+1 919-664-7100