Regulators Share Lessons Learned – Transitioning to Remote Work and Remote Supervision

In June 2020 FINRA (Financial Industry Regulatory Authority), a regulatory body governing broker-dealers int he U.S., released a regulatory notice to help firms understand how their peers are responding to the COVID-19 outbreak.  In this Notice the FINRA staff shared certain observations based on discussions with member firms about steps taken to transition personnel to… READ MORE

Zoom – Firms Should Conduct a Risk-Based Assessment Before Implementation

As many firms have started heavily leveraging remote conferencing systems to maintain business continuity during this COVID-19 outbreak, Zoom has seen a sudden rise in popularity and an equally sudden rise in cybersecurity concerns. There are many reports detailing both the lack of available protections and the implementation of those protections by firms. Zoom has… READ MORE

What is Digital Mining? Behind the Distributed Ledger Curtain

What is Digital “Mining?” Blockchain or distributed ledger technology is a shared ledger, duplicated across a network of computers or operators of “nodes” on the network, typically referred to as “Miners”.   Blockchain secures the data using encryption and the decentralized manner of retaining individual records across a wide group of operators of nodes, so that… READ MORE

Blockchain Technology – Transforming Global Business Activities

For most people the term ‘blockchain’ is synonymous to ‘cryptocurrency,’ largely due to media coverage of the wild value fluctuations of cryptocurrencies like Bitcoin and block.one’s recent Initial Coin Offering (ICO) of its token, EOS. But they are very distinct, and blockchain technology could be the far more important of the two. Once you understand… READ MORE

PIPA: What You Need to Know

The Personal Information Privacy Act (PIPA) is expected to come into effect this year. PIPA will impose obligations on organizations using personal information in Bermuda. Under PIPA, personal information means any data about an identified or identifiable individual. If a company holds personal information about customer or employees, there are obligations in the Act that… READ MORE

SEC Risk Alert Shows Gaps in Firm Cybersecurity Programs

The SEC’s Office of Compliance Examinations and Inspections (OCIE) has released a Risk Alert with a brief summary of observations from its second round of cybersecurity exam sweeps, where it surveyed 75 broker dealers, investment advisors, and investment companies.  The Cybersecurity 2 Initiative was a more thorough follow-up to their 2014 Cybersecurity 1 Initiative.  The… READ MORE

Oyster Consulting (Bermuda) Ltd. Hosts Regulatory Compliance Seminar

Oyster Consulting (Bermuda) Ltd hosted its inaugural Regulatory Compliance Seminar on 26th July 2016. Panelists discussed changes to Bermuda’s Anti-Money Laundering/Anti-Terrorist Financing requirements, Cybersecurity and Conducting Investment Advisory Business in the U.S. “Over the past year,” said Oyster Consulting (Bermuda) Consultant Henry Komansky, “Bermuda has been updating its legislation to address gaps in the AML/ATF… READ MORE