Significant changes to the federal regulatory process, new cybersecurity requirements for New York financial institutions, and more in this issue of Business News Digest

3 min

executive order

President Trump Signs Executive Order Introducing Significant Changes into the Federal Regulatory Process

On January 30, President Trump issued an Executive Order entitled "Reducing Regulation and Controlling Regulatory Costs," which if properly implemented may herald the most significant changes in the federal regulatory process since 1981, when President Reagan instituted formal White House Regulatory Review of rules issued by Executive departments and agencies.

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cash and credit cards

Fund Forum – February 2017

This issue of Venable's Fund Forum provides (i) the ABC's of launching a fund, (ii) a how-to guide for structuring U.S. real estate funds, (iii) a summary of SEC's OCIE Examination Priorities for 2017, (iv) a review of FINRA's 2017 priorities letter, and (v) a collection of post-election resources. We're also happy to announce that Sung Hwang, Venable Tax partner and Fund Forum contributor, was appointed as a joint General Reporter for the Investment Funds topic for the International Fiscal Association London Congress 2019.

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New York's Department of Financial Services Finalizes Cybersecurity Requirements for Financial Institutions

On March 1, 2017, the New York State Department of Financial Services' (DFS) mandatory cybersecurity requirements for financial services entities will become effective, with implementation to occur within 180 days (or by September 1, 2017). The requirements broadly cover all entities operating under or required to operate under DFS licensure, registration, or charter, or which are otherwise DFS-regulated, as well as, by extension, unregulated third-party service providers to regulated entities. This not only includes state-chartered banks, licensed lenders, private bankers, service contract providers, trust companies, and mortgage companies, but also foreign banks licensed to operate in New York and any insurance company doing business in New York. It does exempt small companies, though, including those with fewer than 10 employees, less than $5 million in gross annual revenue for three years, or less than $10 million in year-end total assets.

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Association of Corporate Contribution Professionals (ACCP) Annual Conference

March 14, 2017 | San Antonio, TX

Bob Waldman will be speaking at the Association of Corporate Contribution Professionals (ACCP) Annual Conference in San Antonio on March 14, 2017. His session topics are "The Do's & Don'ts of Foundations" and "NGO's In Trouble, Managing your Reputational Risk." The conference features corporate social responsibility professionals from Fortune 500 companies. ACCP is a membership organization open to for-profit companies or corporate funded foundations that have corporate responsibility or corporate citizenship programs.



Big changes in federal procurements, higher bar for TAA compliance, and more in the February issue of Government Contracts Update

CFPB rulemaking in the Trump administration, fintech compliance resources, and more in the February 3 issue of Consumer Financial Services Practice Digest

A petition for rulemaking under TCPA, D.C. Circuit to review PHH en banc, and more in the February 17 issue of Consumer Financial Services Practice Digest

Provisional applications, revision to California patent rules, and more in the February issue of IP Buzz

Congress Continues to Consider Its Affordable Care Act Repeal and Replacement Options While the Trump Administration Moves Forward with Regulatory Action

Mandatory Paid Sick Leave Could be Coming to Maryland

Potential Challenges Posed by the Shifting Priorities of the Trump Administration

Reminder: February and March Deadlines!

The GAO Affirms the Navy's Belt-and-Suspenders, and Another-Set-of-Suspenders, Approach to OCI Waivers, and Highlights Timing Considerations in Alleging PIA Violations