SEC OCIE Highlights Potential Deficiencies in Firm Privacy Policies

On April 16, the SEC’s Office of Compliance Inspections and Examinations (“OCIE”) issued a Risk Alert highlighting Regulation S-P compliance deficiencies and issues it found in recent examinations of broker-dealers and investment advisers. Regulation S-P is the primary SEC rule detailing the safeguards these firms must take to protect customer privacy. The Risk Alert provides an important reminder for firms to assess their supervisory and compliance programs related to Regulation S-P and make any necessary changes to strengthen those systems. Indeed, in light of the substantial fines that can accompany a finding that Regulation S-P has been violated, firms must pay careful attention to the OCIE’s guidance regarding potential pitfalls. Regulation S-P requires broker-dealers and advisors to adopt written policies and procedures addressing the protection of customer information and records. These policies and procedures must be reasonably designed to ensure…

Read more detail on Recent Administrative Law posts –

Related news:

This entry was posted in Administrative law and tagged , , , , , , . Bookmark the permalink.

Leave a Reply