Regulatory Alerts2023-03-15
Cybersecurity Risk Management Rule for Broker-Dealers, Clearing Agencies, Security-Based Swap Entities, and Securities Market Regulators
The Securities and Exchange Commission proposes a new cybersecurity rule and reporting form requiring broker-dealers, clearing agencies, security-based swap entities, and other designated securities market participants to implement comprehensive risk management policies and procedures. The proposal mandates immediate notification to the Commission upon the occurrence of a significant cybersecurity incident, followed by detailed reporting and public disclosures to enhance market transparency. Additionally, the Commission proposes amendments to existing recordkeeping regulations and substituted compliance provisions to ensure consistent oversight and alignment with cross-border regulatory frameworks.
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