SEC Solicits Comments on Privacy and Opt Out Notice Provisions of Regulation S-P

The SEC issued a notice soliciting comments on rules for the collection of information provided for in the privacy notice and opt out notice provisions of Regulation S-P. The SEC plans to submit the collection of information rules to the Office of Management and Budget ("OMB") for extension and approval.

The privacy notice and opt out notice provisions of Regulation S-P (implementing Title V of the Gramm-Leach-Bliley Act) include the requirement that at the time of establishing a customer relationship with a consumer and not less than annually during the continuation of such relationship, a financial institution shall provide a clear and conspicuous disclosure to such consumer of such financial institution's policies and practices with respect to disclosing nonpublic personal information to affiliates and non-affiliated third parties.

The SEC is requesting written comments on:

• whether the proposed collection of information is necessary for the proper performance of the functions of the SEC, including whether the information shall have practical utility;
• the accuracy of the SEC's estimates of the burden of the proposed collection of information on respondents;
• ways to enhance the quality, utility, and clarity of the information to be collected; and
• ways to minimize the burden of the collection of information on respondents, including through the use of automated collection techniques or other forms of information technology.

Comments must be submitted by June 23, 2015.

See: 80 FR 23059.