Privacy and the safeguarding of customer information continues to be an important compliance topic from the SEC’s perspective, including its examination staff. The SEC’s Office of Compliance Inspections and Examinations (OCIE) recently released a Risk Alert highlighting common examination deficiencies from registered advisers and broker-dealers related to Regulation S-P, a rule requiring that such registrants provide privacy notices to clients and implement customer information safeguarding policies. A closer look at this Risk Alert along with some key takeaways for advisers and broker-dealers to consider can be found in the following Mayer Brown Legal Update.
Legal Update on OCIE Risk Alert for Investment Adviser and Broker-Dealer Compliance Issues Related to Regulation S-P (authored by Peter McCamman, Matthew Bisanz, Jeffrey Taft and Adam Kanter):
If you have any questions about the issues raised in this Legal Update or would like assistance with SEC regulatory matters related to privacy, safeguarding or otherwise, please contact any of the aforementioned Legal Update authors or any member of our Investment Management or Financial Services Regulatory & Enforcement practice groups.