NYDFS Pitches Plan To Streamline Supervisory Info Sharing

Law360 (November 14, 2019, 8:41 PM EST) -- The head of New York State’s top financial regulator revealed on Thursday new processes that would allow regulated entities to share “confidential supervisory information” with certain advisers, including legal counsel, without prior approval from the agency.

Announced by the New York State Department of Financial Services superintendent Linda Lacewell, the proposed measures would allow companies under the agency’s purview to “streamline” the disclosure process of confidential supervisory information to independent auditors and legal counsel with certain assurances that the information won’t be made public or shared with employees who are not in the “need to know” category.

“With this action, DFS...

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