The SEC published in March 2022 a dauntingly complex proposal to require public companies to provide climate-related disclosures.[1] The period for public comment on the proposal is very short, and it seems clear that a majority of the Commission is determined to proceed quickly.
Continue Reading The SEC’s Climate Proposal – Top Points for Comment
Cybersecurity
SEC Proposes New Disclosure Rules for Cybersecurity Incidents and Governance
By Helena K. Grannis & Anthony M. Shults on
Last month, the U.S. Securities and Exchange Commission issued a proposal to enhance and standardize disclosure requirements related to cybersecurity incident reporting and cybersecurity risk management, strategy, and governance. Among other changes, the SEC’s proposal would require disclosure about material cybersecurity incidents within four business days and require annual disclosure regarding a registrant’s policies and…
Schrems III? The European Commission and U.S. Government Announce New Trans-Atlantic Data Privacy Framework
By Gareth Kristensen, Melissa Faragasso & Nadia Romano on
After nearly two years of detailed negotiations, on March 25, 2022, U.S. President Joe Biden and European Commission President Ursula von der Leyen announced an “agreement in principle” on a new Trans-Atlantic Data Privacy Framework (the “Framework”) to re-establish an important legal mechanism to effectuate cross-border transfers of personal data from the EU to the U.S. The Framework is hoped to address concerns raised by the decision of the Court of Justice of the European Union (the “CJEU”) in Data Protection Commissioner v Facebook Ireland and Maximillian Schrems (2020) (“Schrems II”).
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Businesses Buzzing With News of Utah’s New Comprehensive Privacy Law
By Melissa Faragasso on
Following the lead of California, Virginia and Colorado (as previously discussed here, here and here respectively), on March 24, 2022, Utah became the fourth state to enact an omnibus privacy law, creating compliance obligations for businesses that collect and process personal data of Utah residents and providing such residents more control over their data.
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Cyber Incident Reporting for Critical Infrastructure Act Signed Into Law
On March 15, 2022, President Biden signed into law the Cyber Incident Reporting for Critical Infrastructure Act of 2022, which imposes federal reporting requirements for cyber incidents and ransomware attack payments. The legislation will require covered critical infrastructure entities to report to the Cybersecurity and Infrastructure Security Agency within 72 hours of forming a…
Recent Developments Shed Light on the Justice Departments Civil Cyber-Fraud Initiative
In October 2021, the U.S. Department of Justice announced the launch of its new Civil Cyber-Fraud Initiative, which aims to hold government contractors and grant recipients accountable for cyber-related fraud under the False Claims Act.
Two recent developments provide insight into how the Justice Department will pursue cases under this new initiative, and reveal the…
President Biden Issues Executive Order on Digital Assets
By Cleary Gottlieb on
On March 9, 2022, President Biden signed a wide-ranging Executive Order on Ensuring Responsible Development of Digital Assets (the “Order”). While the Order does not mandate any particular regulatory prescriptions, it lays out key policy goals for a whole-of-government approach to digital asset regulation and directs the U.S. Government to assess the potential for a…
U.S. Senate Fast Tracks Major Cybersecurity Legislation in Response to Russia Threat
On March 1, 2022, the U.S. Senate passed by unanimous consent a package of three cybersecurity bills, known collectively as the Strengthening American Cybersecurity Act, which would enhance reporting requirements for certain major cyber incidents and ransomware attacks. Senators Gary Peters and Rob Portman, who co-sponsored the Act, expressed the urgency of enhancing the nation’s cyber readiness “in the face of potential cyber-attacks sponsored by the Russian government in retaliation for U.S. support in Ukraine.”[i]…
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Developments at Justice: The Deputy Attorney General Talks Cybersecurity and the National Cryptocurrency Enforcement Team Gets its First Director
February 17, 2022 was a busy day for the Department of Justice and its growing cyber portfolio. First, Deputy Attorney General Lisa O. Monaco delivered remarks at the Annual Munich Cyber Security Conference, stressing the Department’s efforts to confront cyber criminals and its increasing focus on disruption and prevention, even if doing so would limit criminal prosecutions. Additionally, the Department announced the appointment of the first Director of the National Cryptocurrency Enforcement Team, which was established to address criminal misuse of cryptocurrencies and digital assets.
Continue Reading Developments at Justice: The Deputy Attorney General Talks Cybersecurity and the National Cryptocurrency Enforcement Team Gets its First Director
SEC Chair Previews Ramp Up in Regulation and Enforcement in the Cybersecurity Context
By Rahul Mukhi, Anthony M. Shults & Hyatt Mustefa on
On January 24, 2022, Securities and Exchange Commission Chair Gary Gensler gave a speech at the Northwestern Pritzker School of Law’s Annual Securities Regulation Institute signaling the SEC’s intention to step up its cyber-related regulatory and enforcement efforts. Gensler described the continued rise in cybersecurity incidents targeting the financial sector as a serious threat to the nation’s economy and critical infrastructure, with costs potentially in the trillions of dollars.
Continue Reading SEC Chair Previews Ramp Up in Regulation and Enforcement in the Cybersecurity Context