SEC amends Reg S-P to require data breach notification within 30 days
By 
Aaron Nicodemus2024-05-16T19:10:00
The Securities and Exchange Commission (SEC) will require broker-dealers and registered investment advisers to adopt written policies and procedures for handling data breaches of customer data and notify affected customers within 30 days.
On Thursday, the SEC approved amendments to Regulation S-P, known as the safeguards rule. The rule requires covered entities to have policies and procedures in place to safeguard and dispose of sensitive customer data, as well as provide privacy notices and opt out procedures.
The amendments widen obligations for broker-dealers, funding portals, registered investment advisers, investment companies, and transfer agents to create and implement a data breach incident response program.
THIS IS MEMBERS-ONLY CONTENT
You are not logged in and do not have access to members-only content.
If you are already a registered user or a member, SIGN IN now.
Related articles
-
News BriefSEC official clarifies material incident reporting under new cyber rule
Erik Gerding, director of the Securities and Exchange Commission’s Division of Corporation Finance, issued a statement addressing early inconsistencies observed under the agency’s new cybersecurity incident disclosure rule.
-
News BriefSEC risk alert flags branch office cybersecurity controls
The protection of customer personal data by branch offices of broker-dealers and investment advisers should be just as robust—and as well-coordinated—as protocols used by the firm’s home office, according to the Securities and Exchange Commission.
-
News Brief
SEC proposes Reg S-P updates on incident response, breach notifications
The Securities and Exchange Commission proposed amendments to its regulation requiring broker-dealers, investment companies, and registered investment advisers to establish policies and procedures to safeguard customer records and information.
More from Regulatory Policy
-
PremiumRepublican-led SEC abandons climate rule; Dem commissioner calls move ‘unlawful’
The Securities and Exchange Commission’s Republican leadership is abandoning the climate-related disclosure rule package passed last year by Democrats, hoping that the courts will kill regulations already on life support.
-
News BriefFinCEN drops BOI requirement for U.S. companies, persons
The U.S. Treasury Department’s Financial Crimes Enforcement Network issued a final interim rule that eliminates beneficial ownership information reporting obligations for U.S.-based companies and persons.
-
News BriefTrump picks Fed vice chair of supervision, aims to roll back 2023 bank protections
Federal Reserve Board member Michelle Bowman has been nominated as the board’s vice chair for supervision, a position that oversees regulation of the nation’s largest banks.