Proposed Rule for Swap Dealers and Participants

On April 16th, the SEC voted to propose new rules for security-based swap dealers and major security-based swap market participants. The proposed rules cover recordkeeping, reporting, and notification requirements for security-based swap dealers and major security- based swap participants and would establish additional recordkeeping requirements for broker-dealers to account for their security- based swap activities. SEC Press Release. SEC Release 34-71958.

SEC Releases Cyber Security Plans for Wall Street

On April 16th, Reuters reported on the SEC document which poses questions that they are likely to ask investment firms and brokers during their examinations. Some of the questions deal with past attacks while others will focus on how firms protect customer information and what protective security measures are in place. Cyber Security.

Rulemaking Petition re Corporate Political Spending Submitted

On April 15th, the SEC published a petition submitted by Citizens for Responsibility and Ethics in Washington (“CREW”) requiring public companies disclose to shareholders the use of corporate resources for political activities. Political Spending.

GAO Report States SEC Data Security at Risk

On April 17th, Reuters reported on the GAO report, “SEC needs to Improve Controls over Financial Systems and Data.” The report states that the SEC is lacking in controls for information security, such as strong passwords, data encryption, and even its physical security is lax. Security.