Log in or register
Share on LinkedInShare on LinkedIn

ARTICLE · 16 DECEMBER 2015

Effective Immediately: New Exception to Annual Privacy Notice Requirement

Dykema Gossett
Explore more from Dykema Gossett

An amendment to the Gramm-Leach-Bliley Act ("GLBA") that was signed into law December 4, 2015, takes effect immediately and provides a new exception to the annual privacy notice requirement under GLBA.

United StatesFinance and Banking
Jacqueline Allen
Jacqueline Allen

An amendment to the Gramm-Leach-Bliley Act ("GLBA") that was signed into law December 4, 2015, takes effect immediately and provides a new exception to the annual privacy notice requirement under GLBA. The existing language in GLBA requires financial institutions to provide their customers with initial and annual privacy notices regarding their privacy policies and information-sharing practices.

Section 75001 of the Fixing America's Surface Transportation Act (the "FAST Act") amends Section 503 of the GLBA by adding an exception to the requirement that financial institutions send annual privacy notices. The exception states that a financial institution is not required to provide an annual privacy notice if it:

We operate a free-to-view policy, asking only that you register in order to read all of our content. Please login or register to view the rest of this article.

Register for freeORLog in

View source

Related Articles

Legal Intelligence Newsletters: sign up for the latest legal and regulatory news on your chosen topics

Read more about

Related Comparative Guides

See more popular content from

Article

SEC Advances “Responsible Retailization” Through A Potential Accredited Investor Exam And Potential Regulated Fund Reforms

On September 30, 2026, the Securities and Exchange Commission (SEC) issued two rule proposals and five notices aimed at expanding investors’ access to private markets. The package would add ways to qualify as an accredited investor, including passing a new exam administered by the Financial Industry Regulatory Authority (FINRA), broaden performance-based compensation and modernize regulated funds, including interval funds and business development companies (BDCs).
United StatesFinance and Banking
Proskauer Rose LLP
Proskauer Rose LLP
Article

SEC Proposes Rule Amendments To Expand Retail Access To Private Markets

The SEC has proposed sweeping amendments to expand retail investor access to private market strategies, including changes to performance-based compensation rules for registered investment advisers and modernization of the interval fund framework. The proposals also explore new credential-based pathways for individuals to qualify as accredited investors, potentially opening private offerings to a broader pool of eligible participants.
United StatesFinance and Banking
Duane Morris LLP
Duane Morris LLP
Article

SEC Approves FINRA’s New “Outside Activities” Rule

The Securities and Exchange Commission has approved FINRA Rule 3290, which will replace existing rules governing outside business activities and private securities transactions for registered persons. This new rule narrows the scope to focus on investment-related activities while maintaining similar supervisory obligations for member firms. Understanding the key changes and implementation requirements will be critical for broker-dealers as they update their compliance policies and procedures.
United StatesFinance and Banking
WilmerHale
WilmerHale
Article

SEC Proposes Rule Changes And Seeks Comments On Additional Accredited Investor Pathways

The Securities and Exchange Commission has proposed six new pathways for individuals to qualify as accredited investors, moving beyond traditional income and wealth thresholds. These changes would allow qualification through professional certifications like CPA, CFA, and CFP designations, as well as through a new FINRA-administered exam testing securities knowledge.
United StatesFinance and Banking
Taft, Stettinius & Hollister LLP
Taft, Stettinius & Hollister LLP