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DOL Weighs In With Cybersecurity Guidance, FINRA Issues Reminders on Options and Predispute Arbitration Agreements, NASAA Releases Annual State Advisers Report, Cayman Extends CRS Compliance Form Deadlines: Regulatory Update for June 2021 | Hardin Compliance Consulting LLC

For Investment Advisers and Broker-Dealers DOL issues Cybersecurity Guidance. On April 14, 2021, the U.S. Department of Labor (“DOL”) Employee Benefits Security Administration (“EBSA”) issued cybersecurity guidance directed towards ERISA plan sponsors and ERISA fiduciary advisors. While the guidance appears similar to SEC’s advice, there is one noticeable difference: the DOL says firms “should” have a reliable annual third-party audit of security controls. As part of this audit, EBSA expects to see audit reports, audit files, penetration test reports, and any other analyses or reviews of cybersecurity practices. EBSA also wants documented corrections of any weaknesses identified in the independent third-party analyses. What are the implications to firms subject to this guidance? Will the DOL consider it a breach of fiduciary duty if a firm does not hire a third party to conduct an audit of its security controls? Can a firm do this assessment internally? Time will tell

Financial Services Minister & Parliamentary Secretary receive briefs

(L-R) Ministry of Financial Services and Commerce Chief Officer Dr Dax Basdeo, Minister of Financial Services and Commerce André Ebanks, Maritime Authority of the Cayman Islands (MACI) CEO Joel Walton, Parliamentary Secretary for Financial Services Katherine Ebanks-Wilks and MACI Chairperson Sherice Arman Minister for Financial Services and Commerce, André Ebanks, and Parliamentary Secretary for Financial Services, Katherine Ebanks-Wilks, have been briefed by senior managers in the Ministry’s statutory authorities on current operations and initiatives. Statutory authorities under the Ministry’s remit are the Cayman Islands Monetary Authority (CIMA); the Cayman Islands Stock Exchange (CSX), the Stock Exchange Authority, the Auditors Oversight Authority, the Special Economic Zone Authority, the Civil Aviation Authority (CAA), the Air Transport and Licensing Authority and the Maritime Authority of the Cayman Islands (MACI).

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