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ARTICLE · 06 APRIL 2023

SEC Proposes Multiple New Cybersecurity And Privacy Rules For Securities Market Participants

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On March 15, 2023, the U.S. Securities and Exchange Commission (SEC or Commission) proposed new cybersecurity and privacy rules for broker-dealers, registered investment...

United StatesTechnology
Ellen Fleishhacker
Ellen Fleishhacker
Daniel Hawke
Daniel Hawke
Ronald Lee
Ronald Lee
Jane Norberg
Jane Norberg
Nancy L. Perkins
Nancy L. Perkins
Adam Reinhart
Adam Reinhart
Christian D. H. Schultz
Christian D. H. Schultz
Jami Mills Vibbert
Jami Mills Vibbert
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On March 15, 2023, the U.S. Securities and Exchange Commission (SEC or Commission) proposed new cybersecurity and privacy rules for broker-dealers, registered investment advisers (registered advisers), investment companies (funds), and other securities market participants. Concurrently, the SEC re-opened the comment period on proposed cybersecurity rules for registered advisers and funds that were initially proposed in February 2022.

The new rule proposals, key elements of which are described below, consist of (1) amendments to Regulation S-P, (2) new cybersecurity rules for broker-dealers and certain other market entities, and (3) amendments to Regulation SCI. The proposed rules underscore the SEC's concern about the risks posed for market participants by cybersecurity vulnerabilities and the Commission's determination to address those risks through regulatory discipline, which follows recent enforcement actions, as well as the inclusion of cybersecurity in SEC

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