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SEC proposes enhancements to Regulation S‐P

Hardy Callcott (Partner, Bingham McCutchen, LLP, San Francisco, California, USA)
Gail Marshall‐Smith (Of Counsel, Bingham McCutchen, LLP, Washington, DC, USA)

Journal of Investment Compliance

ISSN: 1528-5812

Article publication date: 13 June 2008

Abstract

Purpose

The purpose of this paper is to explain the SEC's proposed amendments to Regulation S‐P to enhance the protection of consumer financial information.

Design/methodology/approach

The paper explains: the safeguards and disposal rules; the Commission's proposal to broaden the scope of the information covered by the safeguards and disposal rules; the proposed extension of disposal rule to individuals; the proposed more detailed standards for safeguarding information; the proposed more detailed standards for responding to data security breaches; and a proposed exception to Regulation S‐P for representatives who move to a new firm.

Findings

The paper reveals that the SEC has seen an increasing number of security breaches and, therefore, believes an enhancement to these rules is warranted.

Originality/value

The paper provides a clear explanation of proposed rule changes by experienced securities lawyers.

Keywords

Citation

Callcott, H. and Marshall‐Smith, G. (2008), "SEC proposes enhancements to Regulation S‐P", Journal of Investment Compliance, Vol. 9 No. 2, pp. 55-59. https://doi.org/10.1108/15285810810886207

Publisher

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Emerald Group Publishing Limited

Copyright © 2008, Emerald Group Publishing Limited