Ten Practical Tips for Developing a FINRA-Compliant Social Media Policy
On October 14, the Financial Industry Regulatory Authority (FINRA) fined a securities analyst $15,000 for "tweeting" opinions about securities without revealing that he owned them. The action, write Venable attorneys Michael R. Manley, Armand J. (A.J.) Zottola, and Andrew E. Bigart, is one of roughly 10 involving social media postings over the past several years and highlights the need for research analysts, brokers, and others in the securities industry to implement appropriate policies and procedures for the use of social media.
Enforceability of Online Terms of Use: Guidance from the Ninth Circuit
The Ninth Circuit Court of Appeals recently decided a case addressing the enforceability of terms of use posted on websites as mere notices that are not affirmatively accepted by users through a formal acceptance process such as checking an "I agree" box. This case, write Venable attorneys Armand J. (A.J.) Zottola and Robert F. Parr, reinforces certain principles of online contract formation and provides helpful guidance to companies of all sizes that use websites and/or mobile applications to promote their businesses and connect with customers.
Click to find out how to make your website terms of use enforceable.
NIST Holds Sixth Workshop on Cybersecurity Framework
The National Institute of Standards and Technology (NIST) held its sixth workshop on the Cybersecurity Framework at the University of South Florida on October 29-30. The workshop, write Venable attorneys Jamie Barnett, Dismas Locaria, and Jason R. Wool, provided attendees with a better understanding of the extent to which the Framework is being used, the ways that various entities are using it, and the issues, concerns, and gaps that have been identified with regard to the Framework since its rollout in February of this year.
Click here for Venable's key takeaways from the workshop.
FFIEC Cybersecurity Assessment: Senior Management Must Take the Lead
The Federal Financial Institutions Examination Council (FFIEC) set out its Cybersecurity Assessment Observations on November 3, placing responsibility squarely on the shoulders of bank senior management to understand and mitigate the cybersecurity risks inherent in their financial institutions. The FFIEC Observations, write Venable attorneys John E. Bowman, Ralph E. Sharpe, and D. E. Wilson, Jr., represent the collective evaluations by the FFIEC regulatory agencies of the banks' management of, and preparedness to mitigate, cybersecurity risks.
Click here for an overview of the FFIEC's assessment.
FDIC Issues Guidance on De Novos
The Federal Deposit Insurance Corporation (FDIC) issued Guidance Related to the FDIC Statement of Policy on Applications for Deposit Insurance – Q&As on November 20 to aid "applicants in developing proposals for deposit insurance, and to provide transparency to the application process." More important than the Guidance itself, write Venable attorneys John E. Bowman, John B. Beaty, Ralph E. Sharpe, Ronald R. Glancz, and Kristin M. Cobb, is the implication that the sun may once again be rising on the FDIC and its willingness to seriously entertain de novo applications for deposit insurance for the first time since before the financial crisis.
Click here for a quick summary of the Guidance and its potential implications.
Qualified Retirement Plans May Need to be Amended by Year-End to Recognize Same-Sex Spouses Retroactively
In U.S. v. Windsor, the Supreme Court essentially ruled that the term "spouse" includes any individuals who were lawfully married under any state law or other jurisdiction. Recent notices from the IRS provide additional guidance regarding the application of Windsor to qualified retirement plans, write Venable attorneys Jessica E. Kuester, Keith A. Mong, and Lisa A. Tavares, including the retroactive application of the decision and the plan amendments that may be required.
Click here to learn about the changes.
New SBIR Opportunities: Why Phase III Contractors and Venture Capital Companies Should Consider Possible Changes to the SBIR and STTR Programs
Any small business or venture capital company interested in Small Business Innovation Research or Small Business Technology Transfer funding opportunities should pay close attention to two major updates write Venable attorneys Keir X. Bancroft and Anna E. Pulliam. The Small Business Administration recently requested public comments, due by January 6, 2015, on data rights and Phase III funding. And, the Government Accountability Office issued a report identifying the National Institutes of Health and the Department of Energy's Advanced Research Projects Agency-Energy as the two agencies presently accepting applications from majority-owned portfolio companies.
Click here for an overview of the SBA's request for comments and the GAO's report.
3-D Printing – The End of Shopping as We Know It
3-D printing is one of the most disruptive technologies to penetrate the marketplace writes Venable attorney Joshua J. Kaufman. While it is currently and extensively used for prototype design, medical devices, and creating novelty items, it has the potential for dramatically changing our way of life.
Click here to learn how the law is changing to reflect new technologies.
How Much is that Doughnut in the Window? FDA Labeling Requirements for Restaurants and Vending Machines
FDA finalized two rules on November 25 requiring calorie information be listed on menus and menu boards in chain restaurants, similar retail food establishments, and vending machines with 20 or more locations. The premise of the requirement, write Venable attorneys Ralph S. Tyler, Matthew S. Poliner, and Heili Kim, is that knowing the number of calories will positively influence eating behavior and, over time, help to address the nation's obesity problem.
Click to read how the validity of that premise is about to be tested.
CFPB Proposes Rule for Prepaid Products and Releases Study on Prepaid Account Agreements
The Consumer Financial Protection Bureau (CFPB) released a proposed rule regulating prepaid products on November 13. The proposed rule would amend parts of Regulation E, implementing the Electronic Fund Transfer Act, and Regulation Z, implementing the Truth in Lending Act. Venable attorneys Allyson B. Baker, Ellen Traupman Berge, William R. Nordwind, Andrew Olmem, D. E. Wilson, Jr., Andrew E. Bigart, Kristin M. Cobb, and Peter S. Frechette write that the CFPB's proposed rule is accompanied by a study on prepaid account agreements.
Click to learn more about the proposed rule.
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