Regulatory Alerts2023-04-06 | 2023-05774Added · Updated
Regulation S-P: Privacy of Consumer Financial Information and Safeguarding Customer Information
The Securities and Exchange Commission proposes amendments to Regulation S-P requiring broker-dealers, investment companies, and registered investment advisers to implement written incident response programs and provide timely customer notifications following data breaches. The proposal expands the scope of the safeguards and disposal rules to cover all transfer agents and mandates the maintenance of written records documenting compliance with these enhanced security measures. Additionally, the amendments align annual privacy notice delivery requirements with statutory exceptions under the Gramm-Leach-Bliley Act to ensure consistent consumer protections.
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