What Funds Can Take Away From SEC Cybersecurity Guidance
Law360, New York (May 7, 2015, 3:30 PM EDT) -- In late April 2015, the U.S. Securities and Exchange Commission responded to the heightened risk of data breaches at the entities it regulates by issuing prescriptive guidance on cybersecurity for all investment advisers and registered investment companies, including mutual funds, insurance separate accounts and business development companies (funds). A guidance update, issued by the SEC's powerful Division of Investment Management, identifies cybersecurity as an important issue it is following and lays out a series of steps it expects all funds, advisers and their chief compliance officers to take to address this issue. Funds and advisers are advised to pay close attention to this guidance, as it likely will serve as a template for an expected new round of targeted inspections on cybersecurity....
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