Financial Institutions

Article courtesy of Morrison & Foerster’s Mobile Payments Practice

On May 30, 2013, the California Department of Financial Institutions (CADFI) issued a cease and desist letter to Bitcoin Foundation, a not-for-profit organization established to standardize, protect and promote the use and adoption of Bitcoin. CADFI stated in its letter that Bitcoin Foundation “may be engaged

FINRA, having enacted new communications rules that specifically reference electronic communications, having issued two Regulatory Notices (linked here and here) providing guidance to the securities industry on social media, and having made social media and electronic communications exam priorities in two of the last three years, is now taking the next logical step:  conducting

Article courtesy of Morrison & Foerster’s MoFo Tech

As financial institutions and investors turn to social media to instantly share snippets of news and potential clues about market trends, the FBI and SEC are monitoring such postings for evidence of insider trading and improper investment information. Companies must comply with pre-Internet federal securities laws covering

With the explosive growth of social media, consumers increasingly expect to be able to interact online with the companies from which they buy goods and services. As a result, financial institutions have begun to explore the use of social media, both to strengthen relationships with existing customers and to attract new ones. Financial institutions, however,

The announcement by a Wall Street firm that it plans to give its financial advisers limited access to social media websites has been viewed by many as inevitable.  Morgan Stanley’s foray into the fast-changing world of social media highlights the difficulties faced by broker-dealers and investment advisers and the regulators who oversee them.  As more

While Facebook, Twitter, LinkedIn and other social media platforms have become an increasingly important tool for businesses across industries to meet their customers’ needs and expectations, financial institutions have been slow to embrace social media.  This is likely attributable to the highly regulated environment in which financial institutions operate, the unique risks associated with operating