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Revised privacy act regulations approved by SEC

On Behalf of | Sep 26, 2023 | Securities and Compliance

The Securities and Exchange Commission announced that it has approved a rule to revise the Commission’s regulations under the Privacy Act.

The Privacy Act is the principal law that governs the handling of personal information in the federal government.

The current rules provide procedures for making Privacy Act requests, including requests for access to and amendment of records pertaining to the individual making the request. The final rule approved by the commission will clarify, update, and streamline the language of several provisions of those procedures.

The rule also revises procedural and fee provisions and eliminates unnecessary provisions, the SEC said.  It will clarify the process for how people can access information about themselves.

“I was pleased to support this adoption because it will update the Commission’s rules with respect to this important law,” said SEC Chair Gary Gensler. “These amendments will provide more clarity on how the public can access their records maintained by the Commission and request amendments.”

Under the final rule approved by the SEC, electronic methods can now be used to verify one’s identity and submit Privacy Act requests.  The updates will codify the current practices for processing requests from the public under the Act.

The commission’s current Privacy Act regulations will be completely replaced by the final rule adopted last week.  It will take effect 30 days after being published in the Federal Register.  The SEC’s Privacy Act rules were last updated in 2011.

The attorneys at Lewitas Hyman were formerly senior attorneys in the SEC’s Division of Enforcement. We have also represented clients in regulatory matters while working at Morgan Stanley and in private practice at some of the world’s largest law firms. Therefore, we understand the complexities that come with being the subject of a regulatory inquiry, and we have the experience to guide and advise you through any type of regulatory investigation. If you are the subject of a regulatory proceeding, contact Lewitas Hyman at (888) 655-6002 or through our online contact form for a free consultation.