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- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By Adrianne Appel2022-09-20T18:40:00
Morgan Stanley Smith Barney (MSSB) agreed to pay $35 million to settle Securities and Exchange Commission (SEC) charges it repeatedly disregarded the safeguarding of clients’ personal data.
The personally identifiable information of approximately 15 million MSSB customers was made vulnerable over a five-year period, beginning in 2015, because of failures by the firm to protect it, the SEC said in a press release Tuesday. MSSB is a wholly owned subsidiary of Morgan Stanley.
The trouble began when MSSB did not encrypt the personal data of customers stored on computer servers and hard drives, the SEC alleged. In 2016, the firm decommissioned two data centers and didn’t properly dispose of its computer servers and hard drives, the agency said.
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News and analysis for the well-informed compliance or audit exec.
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2024-05-16T19:10:00Z By Aaron Nicodemus
The Securities and Exchange Commission 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.
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