Swiss Data Protection Regulator Is Latest To Outline Framework For Transferring Data To The SEC

Entities registered with the U.S. Securities & Exchange Commission (SEC) must maintain certain books and records and can be subject to the SEC's examination, inspection, and enforcement authority. Responding to SEC requests can require cross-border transfers of personal data, and this has historically risked non-compliance under foreign data protection law.

The SEC has been proactive in seeking positions from foreign data protection regulators that may provide a path to compliance for SEC registrants to transfer personal data in connection with SEC requests. Earlier this year, the UK's Information Commissioner's Office (UK ICO) published a letter to the SEC indicating the formal steps SEC registrants could take to enable transfers to the SEC in connection with books and records inspections and examination requests directed towards a broad swath of securities industry participants the SEC regulates, including investment advisers, investment companies, broker-dealers,