- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Kyle Brasseur2023-03-15T17:45:00
The Securities and Exchange Commission (SEC) on Wednesday 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.
The proposed amendments would update Regulation S-P to “address the expanded use of technology and corresponding risks” that have come with innovation since the rule was first adopted in 2000, the SEC said in a press release. The agency noted its proposed changes were informed by comments in response to an abandoned 2008 proposal to amend Reg S-P in a similar manner.
The new proposal will be subject to a 60-day comment period following publication in the Federal Register.
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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.
Nonbank financial institutions must report certain data breaches to the Federal Trade Commission within 30 days of discovery under a new amendment to the agency’s Safeguards Rule.
The No. 1 priority at the Securities and Exchange Commission after organizations are impacted by a cybersecurity incident is that investors receive timely and accurate disclosures, according to Enforcement Division Director Gurbir Grewal.
Steel and an artificial sweetener made by two Chinese companies using forced labor have been banned from entering the U.S. under the Uyghur Forced Labor Prevention Act.
A federal court in Florida has lashed out at federal whistleblower programs by dismissing a mundane False Claims Act case against a medical practice on the grounds that the qui tam provisions of the FCA are unconstitutional.
Companies under criminal prosecution by the Department of Justice for any reason must show they have robust compliance for any artificial intelligence in use–or risk heightened prosecution–under a DOJ policy update.
