CSS Blog

News, updates and analysis from around the world of compliance

Texas Outlaws and a Silver Bullet: Position Limits in the USA

In this first installment on position limits, Regulatory Guidance expert Greg Hotaling surveys the current landscape of position limits imposed for U.S.-listed commodity derivative holdings, which can affect investment firms and other speculative investors regardless of where they are based. Stay tuned for coverage of EU position limits in the next edition. “Who shot J.R.?!” … Continued

FAQs From the Cyber Desk

Cybersecurity is a fast-moving target, so it is not uncommon for firms to have questions when it comes to assessing and understanding their cybersecurity risks. Here at CSS we receive a lot of cybersecurity questions, so we thought we would take the time to answer 10 of the most common Frequently Asked Questions. (1) What … Continued

EU Position Limits: Born in the USA?

This is the second installment of Regulatory Guidance Expert Greg Hotaling’s blog on position limits, this time addressing EU-listed commodity derivatives and related products.  As always, keep in mind that these limits can apply to asset managers, and other market participants, regardless of where they are based. In 2009, the European Union’s first comprehensive position … Continued

First Charges Filed Under NYDFS Cybersecurity Regulations

On July 21, 2020, The New York State Department of Financial Services (NYDFS) filed its first charges under its Cybersecurity Regulation, 23 NYCRR Part 500 (Cybersecurity Regulation), which went into full effect March 2019. The Cybersecurity Regulation requires financial institutions regulated by the NYDFS to establish and maintain a cybersecurity program designed to protect the … Continued

Compliance Culture in a Bottle

What makes one firm – and the various professionals who represent it – live and breathe by the book, while others are a bunch of scofflaws? I can tell you this for sure: there is no magic potion that you can buy to embed a culture of compliance in an organization. As cliché as it … Continued

The SEC Amends the Definition of “Accredited Investor” and the Debate Over Private Market Protections Continues

On August 26, 2020, the Securities and Exchange Commission amended Rule 501(a) of the Securities Act of 1933, expanding the definition of “accredited investor,” which is one of the principal tests for determining who is eligible to participate in private capital markets in the United States.[1] The SEC additionally amended Rules 144A, 215, and 163B … Continued

Gaining a Seat at the Table – Influencing from Within

Throughout my career, I’ve never heard a business leader say compliance isn’t important. Time and again, through countless conversations and interviews, compliance is touted as paramount to the firm. And while those presidents and CEOs may think they believe that, often compliance is left out of those key meetings and decisions, only being filled in … Continued

Navigating Regulatory Change: How to Win the Regulatory Game

Being a Chief Compliance Officer navigating regulatory change is a lot like quarterbacking an offense in an action-packed (American) football game: you’re responsible for calling the plays, reading the opposition, seeing opportunity, and leading the team to victory. This can really be applied to any sport or business. With the expanding scope of regulations demanding … Continued

The Lasting Impact of COVID-19 on Investment Management

The COVID-19 pandemic and related shutdown of global economies will be remembered as one of the most significant shocks to the investment management industry. In early 2020, global economies were generally strong. By mid-March, the U.S. was in a full-blown credit crisis, with credit markets seizing, buyers were avoiding even “safe” investments like U.S. Treasuries … Continued

Business Continuity and Preparing for Regulatory Exams Post-Pandemic

As a compliance professional, the past months have probably been the most challenging of your career. Events, whether COVID-19, significant market fluctuations, halted stock exchange trading, or liquidity concerns, provided new and unique challenges for even a seasoned compliance professional. And while the focus on these new risks should take center stage for compliance officers, … Continued

The Case for an Interim Evaluation of your Compliance Program

How prepared was your firm for the disruption of COVID-19 pandemic? Did your firm’s business continuity plan cover a pandemic? Have you adapted your compliance program since March? The COVID-19 pandemic has forced many to rethink best practices in the face of adapting to the “new normal.” Whether your firm is continuing to work from … Continued

The Door is Wide Open: Unpatched Security Flaw Leads to Leak of Login Credentials for 900+ Enterprise VPNs

A popular brand of VPN software recently had usernames, passwords, and IP addresses published on a dark web hacker forum frequented by ransomware gangs. I first wrote about this issue in July 2019. At the time, various VPN appliances from three well known and highly used vendors were vulnerable to a critical vulnerability which could … Continued

Q&A on Sensitive Industries with Marye Cherry, CSS’s Regulatory Guidance Expert

The COVID-19 pandemic and the resulting market volatility have led several governments to amend law and regulation in the context of sensitive industries. Much of the regulatory response has been directed at tightening foreign investment restrictions by lowering shareholding thresholds as well as expanding the sectors caught by a foreign investment review. As a result of the recent regulatory changes, more investments are now subject to … Continued

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CSS frequently publishes blog posts which are written by our team from their observations in the field, at conferences and through experiences with compliance professionals. These posts are designed to further knowledge and share industry best practices. Topics run the gamut, including Form ADV, cybersecurity, MiFID II, position limit monitoring, technology challenges and more. Complete and submit the brief form below to receive notifications when we publish new content.

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