Cybersecurity has become one of the biggest risks facing the financial services industry, and there have been extensive guidance and initiatives from US banking regulators to help ensure the safety of the institutions and the banking system. Some of the more recent regulatory requirements and other developments will have a significant impact on nonbank financial
Federal Trade Commission (FTC)
US FTC Moves Forward on Privacy Rulemaking with Public Forum
On September 8, 2022, the Federal Trade Commission (FTC) held a virtual public forum on the agency’s release last month of an Advance Notice of Proposed Rulemaking (ANPR) to regulate the protection of consumers’ privacy and data security, which we covered in a prior Legal Update. In addition to allowing the public the opportunity…
US FTC Launches Rulemaking on Commercial Surveillance and Data Security Practices
On August 11, 2022, the Federal Trade Commission (FTC) voted 3-2 on partisan lines to file an Advance Notice of Proposed Rulemaking (ANPR) that would regulate the protection of consumers’ privacy and data security in a rulemaking titled “Trade Regulation Rule on Commercial Surveillance and Data Security.”
The release of this ANPR—in the midst of…
US FTC to “Crack Down” on EdTech’s Use of Children’s Data
On May 19, 2022, the Federal Trade Commission (FTC) unanimously approved a policy statement on education technology (EdTech) and the Children’s Online Privacy Protection Act (COPPA). Characterized as part of a larger effort to “crack down on companies that illegally surveil children learning online,” the policy statement itself merely highlights pre-existing obligations under…
US Senate Confirms 5th FTC Commissioner – Now What?
On May 11, 2022, the Senate confirmed President Biden’s appointment of Alvaro Bedoya to fill the vacant Democratic seat on the Federal Trade Commission (FTC). Commissioner Bedoya’s confirmation gives the Democratic commissioners a voting majority on the Commission, and we expect the FTC will pursue actions previewed by Chair Lina Khan. In this Legal Update,…
Data Privacy and Cybersecurity Issues in M&A Transactions
By Stephen Lilley on
Mayer Brown partners Christian Fabian, Stephen Lilley and Lei Shen, located in the United States, focus on data privacy and cybersecurity issues in M&A transactions.
Global Insurance Industry Year in Review 2021
Our Global Insurance Industry Year in Review is now in its 10th year. In this report, we discuss developments and trends in insurance industry transactions over the past year, with a particular focus on mergers and acquisitions, corporate finance, insurtech, the insurance-linked securities and convergence markets, as well as tax, regulatory and litigation developments.
A…
Trends for Technology Transactions
In the 2022 edition of our long-running annual podcast, partners in Mayer Brown’s Technology Transactions practice will discuss trends that will drive and shape technology transactions. This year’s program will focus on convergence of cloud, AI and data; innovation through new and complex collaborations; continued change in cybersecurity and privacy laws and priorities; increasing focus…
Contracting for AI in the Evolving Regulatory Landscape
This article is part three of a four-part series by Mayer Brown on the latest trends in digital transformation. Read part one here and part two here.
The rapid advancement of AI technologies in recent years means that regulators are engaged in a game of catch up. While the existing regulatory landscape is sparse…
US Federal Trade Commission Adopts Prescriptive Data Security Requirements and Other Updates to Its Gramm-Leach-Bliley Act Safeguards Rule
- On October 27, 2021, the Federal Trade Commission issued a final rule (“Final Rule”) implementing most of the revisions it proposed in 2019, with some important modifications, to its Gramm-Leach-Bliley Act safeguards rule.
- Financial institutions covered by the Final Rule include finders, finance companies, mortgage companies, motor vehicle dealerships, payday lenders and other non-banks involved
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