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- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
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.
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News and analysis for the well-informed compliance or audit exec.
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2024-05-22T16:35:00Z By Kyle Brasseur
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.
2023-04-27T18:43:00Z By Aaron Nicodemus
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.
2023-03-15T17:45:00Z By Kyle Brasseur
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.
2024-07-24T15:50:00Z By Aaron Nicodemus
Financial institutions holding Russian sovereign assets that have not reported them to the Treasury Department’s Office of Foreign Assets Control are now required to do so by Aug. 2.
2024-07-23T12:29:00Z By Ruth Prickett
Compliance officers should take note of proposed laws in the U.K. with the newly elected Labor government setting the legislative agenda in the King’s Speech last week, promising consultations on enhanced employee rights and a higher minimum wage.
2024-07-22T15:50:00Z By Aaron Nicodemus
Four federal banking regulators have joined the Treasury Department’s Financial Crimes Enforcement Network in issuing a notice of proposed rulemaking that would require financial institutions to conduct more thorough risk assessments on their anti-money laundering/countering the financing of terrorism programs.
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