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SEC Issues New Regulation S-P Rules

An SEC final rule updates Regulation S-P regarding the treatment of nonpublic personal information impacting broker-dealers, investment companies, and investment advisers.
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On May 16, 2024, the SEC released a final rule updating Regulation S-P, which covers the treatment of nonpublic personal information by broker-dealers (including funding portals), investment companies, registered investment advisers, and for the first time, transfer agents. Download the article below for details on the rule. Enhancements include:

  • Covered institutions must develop, implement, and maintain written policies and procedures for an incident response program that is reasonably designed to detect, respond to, and recover from unauthorized access to or use of customer information.
  • The response program must include procedures to provide timely notification to affected individuals whose sensitive customer information was—or is reasonably likely to have been—accessed or used without authorization.
  • Broadening the scope of information covered by Regulation S-P’s requirements.

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