Regulation S-P: Privacy of Consumer Financial Information and Safeguarding Customer Information

Document 2023-05774 is a Proposed Rule published by the Securities and Exchange Commission in the Federal Register on April 6, 2023. The Securities and Exchange Commission ("Commission" or "SEC") is proposing rule amendments that would require brokers and dealers (or "broker-dealers"), investment companies, and investment advisers registered with the Commission ("registered investment advisers") to adopt written policies and procedures for incident response programs to address unauthorized access to or use of customer information, including procedures for providing timely notification to individuals affected by an incident involving sensitive customer information with details about the incident and information designed to help affected individuals respond appropriately. The Commission also is proposing to broaden the scope of information covered by amending requirements for safeguarding customer records and information, and for properly disposing of consumer report information. In addition, the proposed amendments would extend the application of the safeguards provisions to transfer agents. The proposed amendments would also include requirements to maintain written records documenting compliance with the proposed amended rules. Finally, the proposed amendments would conform annual privacy notice delivery provisions to the terms of an exception provided by a statutory amendment to the Gramm-Leach-Bliley Act ("GLBA"). View the original at https://www.federalregister.gov/documents/2023/04/06/2023-05774/regulation-s-p-privacy-of-consumer-financial-information-and-safeguarding-customer-information.

No. Document 2023-05774 is not classified as economically significant under Executive Order 12866. Economically significant rules require OIRA review and are estimated to have impacts of $100 million or more per year.