Comments on an SEC proposal to amend regulations on consumer financial privacy and information safeguards ("Reg S-P") are due by June 5, 2023.
News & Insights
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.
FINRA provided an update of its targeted exam (sweep) focusing on the social media practices firms use to acquire new customers and firms’ privacy notices with respect to customer nonpublic information.
The SEC Division of Examinations outlined its annual priorities for 2023. The new report includes a heightened focus on RIA regulation, private investment fund RIAs, ESG-focused investing, Regulation Best Interest for broker-dealers and the fiduciary standard for advisers.
A broker-dealer settled FINRA charges for (i) failing to disclose that various corporate and municipal bonds held by its customers were in default and (ii) failing to deliver a number of required disclosures to its customers.