SEC Sets Comment Deadline on Proposed Amendments to Consumer Financial Privacy Rules
Comments on an SEC proposal to amend regulations on consumer financial privacy and information safeguards ("Reg S-P") are due by June 5, 2023. The comment deadline was published in the Federal Register.
As previously covered, the proposed changes would, among other things, (i) require firms to implement written incident response plans, (ii) provide timely notification to affected individuals following data breaches and (iii) extend the protections of Reg S-P’s safeguards and disposal rules to cover information that a firm receives from another financial institution relating to that institution’s customers.
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The SEC proposed amendments to regulations on consumer financial privacy and information safeguards that would, among other things, require firms to implement written incident response plans and provide data breach notifications to customers.
