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SEC Proposes Amendments to Regulation S-P |
April 2, 2008
Previously published on March 13, 2008
In a release issued March 4, 2008 (the "Release"), the Securities and Exchange Commission (the "Commission") proposed amendments to Regulation S-P (the "Regulation") that would, if enacted, effectuate changes in four principal ways: (1) set forth more specific requirements for safeguarding information and responding to information security breaches, (2) expand the scope of information covered by the Regulation's safeguarding and disposal provisions, and broaden the types of institutions and persons covered by such provisions, (3) require institutions subject to the safeguards and disposal rules to maintain written records of their policies and procedures and their compliance with those policies and procedures, and (4) articulate a new exception from the notice and opt-out requirements to permit a limited transfer of information to a nonaffiliated third party when personnel move from one broker-dealer or investment adviser to another.
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The views expressed in this article are solely the views of the author and not Martindale-Hubbell. This article is intended for informational purposes only and is not legal advice or a substitute for consultation with a licensed legal professional in a particular case or circumstance. |
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