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The Wagner Law Group Description 

The Wagner Law Group, A Professional Corporation, is a nationally recognized ERISA & employee benefits, estate planning, employment, labor & human resources practice. 


Established in 1996, The Wagner Law Group has 22 attorneys engaged exclusively in employee benefits, estate planning and employment law. Six of our attorneys are AV rated by Martindale-Hubbell as having very high to preeminent legal abilities and ethical standards. The firm is among the largest ERISA boutiques in the country. Our practice is national in scope, with clients in more than 40 states and several foreign countries.






Contact Info

The Wagner Law Group


  Integrity | Excellence



Tel: (617) 357-5200 

Fax: (617) 357-5250 

99 Summer Street 

13th Floor

Boston, MA 02110

Palm Beach 

Tel: (561) 293-3590
Fax: (561) 293-3591
7108 Fairway Drive
Suite 125
Palm Beach Gardens, FL 33418



Tel: (813) 603-2959

Fax: (813) 603-2961

101 East Kennedy Boulevard

Suite 2140
Tampa, FL  33602 


San Francisco

Tel: (415) 625-0002

Fax: (415) 358-8300

315 Montgomery Street

Suite 904

San Francisco, CA 94104


St. Louis

Tel: (813) 603-2959

Fax: (314) 236-5743
100 South 4th Street, Suite 550
St. Louis, MO  63102 







May 5, 2015


 ERISA & Investment Management

Law Alert






Cybersecurity Guidance Update from SEC 






On April 28, 2015, the SEC Division of Investment Management issued guidance with regard to cybersecurity issues for both registered investment companies and registered investment advisers.  (IM Guidance Update 2015-2, "Guidance").  The Guidance identifies and discusses various measures that a fund or adviser may wish to consider when addressing privacy and data risks.  The SEC notes that the suggested measures are not intended to be comprehensive and alternative measures may be more appropriate, depending on the facts and circumstances.  Nonetheless, the Guidance provides an excellent overview and potential guide map to the development of cybersecurity policies and procedures that are compliant from an SEC point of view.   


For example, the Guidance provides that: 

  1. An adviser should conduct periodic assessments regarding all aspects of the information collected, processed, and/or stored by the firm and the technology systems it uses.  
  2. Periodic assessment should also be conducted with regard to security controls and processes, internal and external cybersecurity threats to and vulnerabilities of the firm's information and technology systems, and the governance structure for the management of cybersecurity risk. With regard to governance, in other words, the SEC is really asking "who is in charge and accountable?"  
  3. The firm should create a strategy that deals with the cornerstones of cybersecurity policy:  prevent, detect, and respond.   
  4. The strategy might include access control via management of user credentials, authentication and authorization methods, data encryption, and controlling of loss or exfiltration via restrictions on use of removable storage media and software monitoring of risk events.  It also suggests data backup and incident response procedures.   

The Guidance notes that these suggested measures are considered in the context of a fund or adviser's duty to comply with obligations under the federal securities laws. 


The Guidance may be found here: 



Please let us know if you require any further assistance with regard to the development of your cybersecurity policies and procedures.


Steve Wilkes to Testify at DOL ERISA Advisory Committee


Steve Wilkes, of our San Francisco office, has been invited to testify on May 29, 2015 to the Department of Labor's ERISA Advisory Council on cybersecurity issues concerning the intersection of "Privacy/Cybersecurity" and "ERISA".  We will continue to keep you posted on the details of this event.




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This Newsletter is provided for information purposes by The Wagner Law Group to clients and others who may be interested in the subject matter, and may not be relied upon as specific legal advice.  This material is not to be construed as legal advice or legal opinions on specific facts. Under the Rules of the Supreme Judicial Court of Massachusetts, this material may be considered advertising.