The U.S. Securities and Commission (“SEC”) released today a proposed rule amending Regulation S-P, which includes an exception from the privacy notice and opt-out requirements so as to permit the release of certain customer contact information to the customer’s representative when departing his or her current SEC registered investment adviser or broker-dealer and joining a new firm.
Category Archives: Privacy
Proposed Amendments to Reg S-P Permits Limited Transfer of Information When IARs Change Firms
March 05, 2008
At its open meeting today, the U.S. Securities and Exchange Commission (“SEC”) voted to propose several amendments to Regulation S-P, which sets forth the privacy obligations of registered investment advisers and broker-dealers with respect to confidential client information.
The U.S. Securities and Exchange Commission (“SEC”) announced that its Commissioners will consider at its open meeting scheduled for Tuesday, March 4, 2008, a recommendation by staff to propose amendments to Regulation S-P, which governs the privacy of customer financial information.
SEC Initiates Cease-and-Desist Proceeding over Regulation S-P
August 29, 2007
The United States Securities and Exchange Commission (“SEC”) recently announced the issuance of an Order Instituting Administrative Cease-and-Desist Proceedings against Next Financial Group, Inc. (“Next”) for alleged violations of Regulation S-P (Privacy of Consumer Financial Information).
Has Your Firm Safeguarded Customer Information
March 31, 2006
The Gramm-Leach-Bliley Act of 1999 and the subsequent Regulation S-P require that certain financial institutions, such as investment advisors, safeguard the privacy of non-public customer information. Under this regulation, financial institutions must provide clients with the opportunity to opt out (or avert) the disclosure of their non-public information to non-affiliated parties other than as required or allowed by law. At this juncture, you are probably familiar with this requirement and already provide a copy of your privacy policy to all new clients upon establishing the client relationship and existing clients on an annual basis.
