SEC's Identity Theft Rules Will Drive Up Data Security Costs

Law360, New York (April 23, 2013, 8:43 PM EDT) -- Investment advisers, broker-dealers and other entities regulated by the U.S. Securities and Exchange Commission are scrambling to enact programs to detect red flags for identity theft under new agency rules, a major undertaking that attorneys say will require costly and ever-evolving assessments of data security risks.

In accordance with their expanded purview under the Dodd-Frank Act, the SEC and the U.S. Commodity Futures Trading Commission on April 10 released final rules that require certain entities regulated by the two agencies — including investment advisers, mutual funds...
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