Week InReview

If you get hacked, is that securities fraud?

"Jay Clayton, speaking at an event sponsored by New York University's School of Law, said investors still don't fully appreciate the threat posed by hackers. 'I am not comfortable that the American investing public understands the substantial risk that we face systemically from cyber issues and I would like to see better disclosure around that,' Mr. Clayton said. ...

"Mr. Clayton said the SEC would investigate companies that mislead investors about material cyberrisks, but said the battle against hackers is much broader and shouldn't be waged in government 'silos.'"

Fri Sep 8, 2017
Let's recap
In case you missed it . . .
New US liquidity rules strain mutual funds
Property and money market funds affected by measures for stressed market conditions (Sep 8)

Asset managers are slowly showing their hand on whether they'll absorb the costs of research after new European regulations come into force in January. So far, most of them are taking the hit rather than passing them onto clients (Apr 7)

Will SEC and DOL get on the same side? It's about time.
While the Department of Labor considers revising or repealing the fiduciary rule before it takes full effect, the Securities & Exchange Commission is working on its own standards of conduct for investment advisors and brokers. Ideally, the delay will give the two agencies additional time to collaborate ahead of the rule's implementation. (Sep 7)

No law needed on insider trading, SEC chief says
Jay Clayton says agency doesn't need Congress to specify what is illegal (Sep 6)

OMB asks agencies for next year's regulatory plans
OMB asks federal agencies for next year's regulatory plans; plans must include anticipated deregulatory actions; agencies also must fill out new, non-public worksheets (Sep 5)
The Cyber Cafe
Cybersecurity news every Friday.
SEC chief wants investors to better understand cyberrisk
Jay Clayton says regulators, Wall Street should do more to educate investors about cyberthreats.

Cybersecurity help wanted: Asperger people
People with Asperger Syndrome have distinct advantages when it comes to combating cyber crime.

10 tips for reducing insider security threats
Insider threats can pose greater risks to company data than those associated with external attacks. Here are some techniques to help you spot and mitigate them as quickly as possible.
Senate panel OKs keeping FSOC insurance expert
House approved identical version
(Sep 7) -- The Senate Committee on Banking, Housing, and Urban Affairs approved, by voice vote, a bill that would keep an independent member with insurance expertise on Financial Stability Oversight Council. The panel's nongovernment insurance voting member would stay on the council as long as 18 months beyond a six-year term if a presidential appointee hasn't been confirmed to the post by the Senate. No successor to Roy Woodall, the current insurance voting member whose term expires Sept. 30, has been nominated. The House approved an identical version of the legislation (S. 1463, H.R. 3110), on Sept. 5.
Binge reading disorder
Hand-curated, chosen with love.
The great pot monopoly mystery
Some very powerful people are trying to corner the market on  legal weed  and turn their company into the Monsanto of marijuana. Who are they? And can they be stopped?
- GQ

Jamie Dimon's $13 billion secret revealed
After JPMorgan Chase's $13 billion settlement for its alleged role in underwriting fraudulent securities in the years leading to the 2008 financial crisis,  the bank paid another settlement to prevent a separate legal case from potentially unearthing it. This Great White Whale of a financial-crisis has been a mystery.  Until now.

Rescue mission underway for rare wine collections menaced by Irma
Wine collections worth millions of dollars are being stashed out of reach of the Category 5 hurricane, moved from homes to local bunker-like storage units or shuttled to temperature-controlled warehouses as far away as New Jersey.