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Jennifer Klass

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In Data Privacy

SEC’s Proposed Updates to Reg S-P: How Will This Impact Your Company?

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In Brief On March 15, 2023, the US Securities Exchange Commission (“SEC”) proposed amendments to Regulation S-P (“Reg S-P”). If adopted, the amendments would introduce new data security and governance requirements for broker-dealers, investment companies, and investment advisers registered with the SEC. Background When the SEC first promulgated Regulation S-P in 2000, the goal was to ensure that covered entities establish adequate safeguards to protect customer information. The existing version consists essentially of two cornerstone…

In Cybersecurity

SEC Proposes Broad New Cybersecurity Risk Management Rules for Investment Advisers and Funds

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Commission Seeks Public Comment on Wide Range of Issues in Proposal On February 9, 2022, the Securities and Exchange Commission (SEC or Commission) voted 3-1, with Commissioner Peirce, the lone remaining Republican appointee opposed, to propose new rules under the Investment Advisers Act of 1940 (Advisers Act) and the Investment Company Act of 1940 (Investment Company Act) related to cybersecurity risk management, reporting of breach events, and recordkeeping for registered investment advisers and investment funds.1 If…

In Data Privacy

SEC Signals Heightened Scrutiny of Cybersecurity Practices

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On January 7, 2020, the U.S. Securities and Exchange Commission’s (SEC) Office of Compliance Inspections and Examinations (OCIE) announced its 2020 Examination Priorities that included cybersecurity practices. Soon after the publication of the OCIE Examination Priorities, on January 27, 2020, OCIE followed-up with a report entitled Cybersecurity and Resiliency Observations These two OCIE releases, along with prior SEC alerts and actions, provide strong indications that the SEC, in 2020, will be ramping up its focus…