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ARTICLE · 08 OCTOBER 2009

A Compilation Of Enforcement And Non-Enforcement Actions - October 2009

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The SEC recently adopted Regulation S-AM (Regulation), in order to implement Section 624 of the Fair Credit Reporting Act (amended by Section 214 of the Fair and Accurate Credit Transactions Act of 2003).

United StatesFinance and Banking
Peter Fetzer
Peter Fetzer
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Non-Enforcement Actions

SEC Promulgates Its Affiliate Marketing Rule

The SEC recently adopted Regulation S-AM (Regulation), in order to implement Section 624 of the Fair Credit Reporting Act (amended by Section 214 of the Fair and Accurate Credit Transactions Act of 2003). The intendment of the Regulation is to limit use of personal information for solicitation and marketing purposes. It is promulgated with similar rules for certain banking agencies, including the FDIC, the Board of Governors of the Federal Reserve, and the FTC, among others.

The Regulation prohibits the using of information by affiliates for solicitation purposes. Notice, however, that it does not prohibit the sharing of such information. The Regulation also permits using the information for solicitation purposes if (1) the consumer is given conspicuous notice of the potential marketing purposes; (2) the consumer is given a simple way to opt out of such marketing efforts; and (3) the consumer

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