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Katherine Mooney Carroll’s practice focuses on advising U.S. and international financial institutions on U.S. regulatory matters, including recent reforms pursuant to the Dodd-Frank Act, regulatory aspects of bank M&A, cybersecurity and privacy matters, and compliance with U.S. sanctions and anti-money laundering laws.

As firms respond to the ongoing coronavirus pandemic by increasingly transitioning to remote and telework arrangements, the Financial Industry Regulatory Authority (“FINRA”) issued an alert on measures that firms and associated persons can take to address resulting cybersecurity vulnerabilities:

  • Measures for Firms. Firms should take steps to ensure network security.  This may include providing

On Wednesday, March 11, 2020, the California Attorney General released a second set of modifications (the “March Revisions”) to the proposed regulations implementing the California Consumer Privacy Act of 2018 (the “CCPA”), including substantive changes to both the initial draft regulations issued in October (the “Initial Regulations”) and the revisions published Friday, February 7, 2020

Efforts to contain COVID-19 have resulted in many employees working remotely for potentially an extended period of time.  While such precautions are in place, it is important to stay vigilant of cybersecurity risks.  There are already reports of COVID-19 related phishing scams and a recent hack of the U.S. Health and Human Services Department amid its pandemic response.  Remote working can exacerbate these risks.  Below is a checklist of key issues to keep in mind on this subject:
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On Friday, February 7, 2020, the California Attorney General released an amended set of proposed regulations (supplemented on February 10, 2020) implementing the California Consumer Privacy Act of 2018 (the “CCPA”), including substantial changes to the draft regulations issued in October.  While the revised regulations eliminate certain requirements that businesses found to be onerous and

In 2019, boards and senior management across a range of industries continued to cite cybersecurity as one of the most significant risks facing their companies.

At the same time, comprehensive data privacy regulation became a new reality in the United States as many companies implemented major revisions to their privacy policies and data systems to

The final version of the California Consumer Privacy Act of 2018 is coming into view.

On October 10, California’s Attorney General released the long-anticipated draft regulations to implement the CCPA, and on October 12, the Governor signed into law five amendments to the CCPA passed during the 2019 legislative session.  (We previously discussed the CCPA 

On September 18, 2019, the Securities and Exchange Commission (“SEC”) filed its first civil suit alleging violations of broker-dealer registration requirements in U.S. digital asset markets.  In a case filed in the U.S. District Court for the Central District of California, the SEC alleged that Defendants ICOBox and its founder, Nikolay Evdokimov, illegally conducted an unregistered public securities offering for their 2017 initial coin offering (“ICO”), and have operated an unregistered brokerage service facilitating the launch of ICOs in digital asset securities since 2017.
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California’s 2019 legislative session has drawn to a close with passage of five amendments to the California Consumer Privacy Act (CCPA) during the final days of the session.  Assuming that the bills are timely signed by the Governor before the October 13 deadline, businesses will finally have the complete version of the statute that will

On January 24 2019, Canada’s Office of the Superintendent of Financial Institutions (“OSFI”) released an Advisory detailing new requirements for Canadian federally regulated financial institutions (“FRFIs”) to report cyber incidents within 72 hours.  FRFIs include banks, trust companies, loan companies, life insurance companies, property and casualty insurance companies, and fraternal benefit societies.

The new reporting requirements become effective on March 31, 2019.
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On January 22, the Financial Industry Regulatory Authority (“FINRA”)[1] released its 2019 Risk Monitoring and Examination Priorities Letter (the “Letter”).  The Letter highlights material new priorities for FINRA examinations in the coming year, as well as priorities in areas of ongoing concern.  The topics highlighted in this year’s Letter reflect FINRA’s increasing focus on its members’ interaction with, and adoption of, innovative financial technologies, as well as its implicit acknowledgement of the ability for such innovations to assist in regulatory compliance.  The new priorities highlighted in the Letter include several related to FinTech, including online distribution platforms, use of regulatory technology (or “RegTech”), and supervision of digital asset businesses.  In priority areas of ongoing concern, the Letter confirmed that FINRA will continue to focus on reviewing the adequacy of firms’ cybersecurity programs.  Below we detail FINRA’s discussion of these priorities and analyze them in the context of other recent guidance and enforcement actions.
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