SIFMA called on the SEC to slow down its rulemaking processes and prioritize rule proposals that address the most pressing needs in the market. SIFMA urged the SEC to finalize a rule proposal to change the cybersecurity risk management protocols for the Consolidated Audit Trail.
Industry groups, regulators and elected officials submitted feedback on the SEC's proposed disclosure requirements regarding cybersecurity risk management, governance, strategy and incident reporting by public companies.
At a hearing before the Senate Committee on Banking, Housing and Urban Affairs, Treasury Secretary Janet L. Yellen testified on the Financial Stability Oversight Council's 2021 Annual Report to Congress.
SEC Chair Gary Gensler outlined additional regulatory steps to protect registrants, public companies and service providers against "cybersecurity pitfalls" facing the "financial sector, investors, issuers and the economy at large."
In submitted comments, financial services and alternative investment associations raised multiple concerns about the SEC's proposal on cybersecurity risk management and reporting requirements for investment advisers and funds.
The OCC, FDIC and Federal Reserve Board have each published guidance for banks and bank service providers to assist entities in meeting new regulatory obligations on information sharing for cybersecurity incidents impacting the U.S. banking system.
FINRA assured users that it was "aware" of recently discovered vulnerabilities and has taken steps to neutralize risks to FINRA's web-based applications that were developed using the Java "Spring" application development framework.