On April 16, the SEC’s Office of Compliance Inspections and Examinations (“OCIE”) issued a Risk Alert highlighting Regulation S-P compliance deficiencies and issues it found in recent examinations of broker-dealers and investment advisers. Regulation S-P is the primary SEC rule detailing the safeguards these firms must take to protect customer privacy. The Risk Alert provides…

On Wednesday, Consumer Financial Protection Bureau (CFPB) Director Kathy Kraninger delivered her first policy speech since succeeding Mick Mulvaney as head of the CFPB in December. Forecasting the Bureau’s agenda over the coming months, Kraninger promised that, among other things, the Bureau will publish within weeks proposed rules to implement the Fair Debt Collection Practices…

As recognized by new guidance from the Financial Industry Regulatory Authority (FINRA), the departure of a registered representative often prompts customer questions about the departing representative and the continued servicing of a customer’s account. In light of the continued frequency of movement of registered representatives from, or among, member firms, FINRA issued guidance on April…

What is this bill?  A new bill introduced in the U. S. Senate on March 14, 2019 would require companies to obtain explicit user consent before facial recognition data could be collected and shared. The bill is known as the Commercial Facial Recognition Privacy Act of 2019, and was introduced by Sens. Brian Schatz. D- Hawaii and Roy Blunt, R-Missouri.

What does the bill prohibit?  The bill makes it unlawful for any covered entity to knowingly use facial recognition technology to collect facial recognition data, UNLESS the covered entity obtains explicit consent from the individual after providing notice to such individuals. The bill would also require that covered entities notify individuals whenever their facial recognition data is used or collected.

On March 12, 2019, the United States Attorney’s Office for the District of Massachusetts announced federal criminal charges in “Operation Varsity Blues,” the largest college admissions case ever prosecuted by the Department of Justice. Fifty people have been charged for their involvement in what prosecutors describe as a nationwide conspiracy to get the children of…

Following recent changes to Department of Justice policy regarding individual accountability in government investigations of corporate wrongdoing, DOJ has recently further demonstrated its willingness to consider a flexible approach in applying the False Claims Act.

In a January 28, 2019 speech by Deputy Associate Attorney General Stephen Cox to the 2019 Advanced Forum on…

The California Attorney General is currently on a California tour soliciting public comment on the CCPA.[i] To date, the Attorney General has held public forums in San Francisco (January 8th), San Diego (January 14th) and Riverside (January 24th) and will continue on to Los Angeles (January 25th), Sacramento (February 5th), and Fresno (February 13th). These hearings are being held pursuant to a CCPA requirement that the Attorney General “solicit broad public participation and adopt regulations to further the purposes” of the CCPA. Specifically, the Attorney General is directed to seek public feedback on the following areas: expanding the definition of “personal information,” establishing additional exceptions to compliance, establishing rules and procedures for facilitating consumer opt-out requests, just to name a few.

With the SEC prioritizing protection of retail investors, investment advisers are facing increased scrutiny for misappropriation offenses. Adviser representatives are becoming more creative, making it harder for investment advisers to detect misappropriation. It may be easy for investment advisers to rely on software and automated-alerts to safeguard client assets, but the days of solely…

Recent developments in privacy law and a rise in class action lawsuits related to data collection offer a cautionary tale about understanding legal and ethical boundaries of monitoring “on-the-clock” employee conduct. With a hodgepodge of federal, state, and local legislation governing employee privacy rights, employers are often left to navigate a complicated legal landscape while balancing the practical need to understand how employees are using company information and equipment.  Employers, for example, have a legitimate interest in protecting company trade secrets, detecting unlawful transmission of unlicensed material, and improving work productivity.  Employees, on the other hand, may have a reasonable expectation of privacy in certain contexts while at work.

This quandary begs the question, where do employers draw the line?

The Blackstone Group has announced the closing of its acquisition of Clarus. The business will now operate as Blackstone Life Sciences.

Blackstone indicated that its new private investment platform will invest across the lifecycle of companies and products within life sciences sectors.

Historical funds will retain the Clarus name.

Blackstone had previously announced its acquisition…