SEC approves final Privacy Act rules

Securities Privacy, Cyber Risk & Data Security Agency Rule-Making & Guidance SEC

On September 20, the SEC announced the approval of its revised Privacy Act rules, which govern the handling of personal information in the federal government. Among other things, the final rule will update, clarify, and streamline the SEC’s Privacy Act Regulations by (i) clarifying the purpose and scope of the regulations; (ii) updating definitions to plainly describe regulation processes; (iii) allowing for electronic methods to verify requesters identities and submit Privacy Act requests; and (iv) providing for a shorter response time to Privacy Act requests. The final rule will also update fee provisions and eliminate unnecessary provisions. The SEC last updated its Privacy Act rules in 2011, and due to the extent of the provisions, the final rule will replace the commission’s current Privacy Act regulations entirely.

The revised rule will take effect 30 days after publication in the Federal Register.