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ARTICLE · 08 MAY 2023

SEC Releases Long-awaited Proposal To Revise Regulation S-P

Thompson Coburn LLP
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For some of the above items, the SEC proposes concrete revisions or additions to Regulation S-P and requests comment on several issues.

United StatesTechnology
James Shreve
James Shreve
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On March 15th, the Securities and Exchange Commission ("SEC") issued a proposed rule to revise Regulation S-P ("Proposed Regulation S-P") which implements the privacy and security requirements of the Gramm-Leach-Bliley Act ("GLBA") and certain other laws. The new proposed rule was issued almost exactly 15 years after the SEC issued proposed, but never finalized, revisions to Regulation S-P. On the same day, the SEC released a proposed cybersecurity risk proposed rule for several types of regulated securities entities ("Cyber Risk Proposal").

The 2023 Proposed Regulation S-P addresses several topics relating to SEC-regulated financial institutions, including:

  • Introducing a new requirement of security breach notification to customers

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