SEC (OCIE) Cybersecurity Initiative
The US Securities and Exchange Commission’s (SEC’s) Office of Compliance Inspections and Examinations (OCIE) has issued a National Exam Program Risk Alert entitled ‘OCIE Cybersecurity Initiative’, in which it announced its plans to conduct examinations of more than 50 (of approximately 15,000) registered broker-dealers and investment advisers.
The risk alert does not indicate the nature of the firms that OCIE intends to examine, although it can be expected that the sample may be designed to elicit information about how firms of different sizes and levels of complexity are approaching and addressing cyber-security risks. Accordingly, registered broker-dealers and investment advisers should review the risk alert carefully and begin preparations for dealing with a potential examination by OCIE of their cyber-security defences, whether as part of this initial review or in the future.
The risk alert includes a sample information request list that demonstrates the many categories of detailed information that OCIE will potentially be seeking from the entities being examined. This important and somewhat unusual disclosure by OCIE is, per the risk alert, ‘intended to empower compliance professionals in the industry with questions and tools they can use to assess their firms’ level of preparedness, regardless of whether they are included in OCIE’s examinations’…
Click on the link below to read the rest of the Dentons briefing.
Sign in or Register to continue reading this article
It's quick, easy and free!
It takes just 5 minutes to register. Answer a few simple questions and once completed you’ll have instant access.Register now
Why register to The Lawyer
In-depth, expert analysis into the stories behind the headlines from our leading team of journalists.
Identify the major players and business opportunities within a particular region through our series of free, special reports.
Receive your pick of The Lawyer's daily and weekly email newsletters, tailored by practice area, region and job function.
More relevant to you
To continue providing the best analysis, insight and news across the legal market we are collecting some information about who you are, what you do and where you work to improve The Lawyer and make it more relevant to you.
News from The Lawyer
Analysis from The Lawyer
Life in Canada is getting harder for firms as commodities prices fall and work volumes slow
Which firms are cutting it in this era of slimline rosters, and who are the GC new brooms making clean sweeps? The Lawyer can reveal all