Regulatory Alerts2023-04-05 | 2023-05767Added · Updated
Cybersecurity Risk Management Rule for Broker-Dealers, Clearing Agencies, and Other Market Entities
The Securities and Exchange Commission proposes a new rule requiring broker-dealers, clearing agencies, and other designated market entities to implement cybersecurity risk management policies and procedures. The proposal mandates immediate notification to the Commission regarding significant cybersecurity incidents, detailed reporting via Form SCIR, and public disclosures to enhance transparency. Additionally, the Commission seeks to amend existing recordkeeping rules and address substituted compliance for security-based swap dealers and major participants.
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