SEC Amendments Increase Safeguards - And Liability

Law360, New York (April 2, 2008, 12:00 AM EDT) -- In light of growing concerns over identity theft, data breaches and the hacking of online brokerage accounts, the U.S. Securities and Exchange Commission (“SEC”) has recently proposed new amendments to Regulation S-P – the SEC’s existing privacy rules mandated under the Gramm-Leach-Bliley Act.

The SEC’s unanimous approval of these proposed rules signals the commission’s desire to more closely align its privacy guidelines with those of the Federal Trade Commission (“FTC”) and the Federal Banking Agencies, which adopted data breach notice rules in 2005.

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