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Day: July 6, 2017

CCS Launches “CyberSecure” to Assess Cybersecurity Compliance (Client Webinar on July 12)

Cipperman Compliance Services (CCS) has partnered with Align Cybersecurity to offer “CyberSecure,” a collaborative initiative to address the cybersecurity compliance needs of asset managers of all sizes with a trusted, industry-leading solution that provides end-to-end identification, evaluation and remediation of cybersecurity deficiencies. CyberSecure seeks to integrate the necessary business functions and disparate skill sets of an organization to address data control, vendor management, security protocols, and active threat protection. Cyber Secure is a necessary investment to ensure compliance with SEC cybersecurity requirements and help protect client data and other intellectual assets from cybertheft.

CCS provides outsourced chief compliance officers and other compliance services to mutual funds, hedge funds, private equity firms, broker-dealers, and money managers. Align Cybersecurity is a global cybersecurity advisory practice led by subject matter experts in cybersecurity law and regulation. The two firms bring together an active understanding of all relevant law, regulations and rules regarding cyber and data security as well as one of the deepest, most comprehensive suites of capabilities for security, testing, vendor management, employee training and vulnerability remediation.

On Wednesday, July 12, CCS and Align Cybersecurity are holding a client webinar to describe CyberSecure. If you currently work with CCS and would like to attend the webinar, please contact your CCS service team.

If you otherwise want more information about CyberSecure, please contact Michelle Gallagher at 484-588-5520 or mgallagher@cipperman.com.

FINRA Imposed $80 Million More in Fines in 2016

FINRA imposed nearly double the fines on the industry in 2016, assessing $173.8 Million in fines as compared to $93.8 Million in 2015, according to its annual report.  The increase in fines helped FINRA report over $57 Million in net income versus a $39 Million loss last year, even though operating income was lower in 2016.  FINRA also ordered another $27.9 Million in restitution.  FINRA uses fines collected for “capital expenditures and regulatory projects.”

OUR TAKE: Most of the financial regulators use their enforcement powers to collect funds to support their activities.  Rather than encourage this financial incentive to bring cases, policy-makers should consider other alternatives such as third party compliance reviews or user fees.

http://www.finra.org/sites/default/files/2016_AFR.pdf