Cyber security

Congress is considering a proposal that would allow small companies to create a multiple-employer retirement plan to enable workers to build savings.

The reforms could serve as a checklist for firms looking to enhance their own cybersecurity posture in light of the regulator’s increased scrutiny.

The ability for consumers to access and share data in one place could transform financial advice.

NASAA President Joseph Borg also vowed to work with SEC Chairman Jay Clayton’s team on improvements to the Regulation Best Interest proposal.

Collaboration is key to the effort since there “is no competitive advantage to be the only firm engaged in data protection."

The self-regulatory body says working with data aggregators increases the risk of cyber fraud, unauthorized transactions and identity theft. But aggregators say other links in the information chain are more vulnerable.

The accusations shed light on the massive back-office systems maintained by regulators and the difficulty of keeping the sensitive information in them private.

Commission prioritizes retail investors as OCIE issues its must-read compliance letter.