SEC Approves Revised Privacy Act Rule

Following a corresponding consultation in February this year (EventID 19805), the U.S. Securities and Exchange Commission has now published its final amendments to the SEC’s so-called „Privacy Act Rule“ (17 CFR Part 200 – Subpart H) which stipulates requirements as to the access to and the provision and request of information that is held by the SEC about an individual. The final modifications will come into force 30 days following the publication in the Federal Register.
In the final rule, the Commission describes the feedback it has received to the consultation (16 responses) and its way forward in the matter.
To recall, the SEC sought to update this rule so as to align it with current practices and to clarify its procedures in this context. Due to the scope of the revisions, the SEC proposed to entirely replace Subpart H of above noted CFR Part. The proposed changes involved revisions to definitions, the simplification of the process for „submitting and receiving responses to Privacy Act inquiries, requests, and administrative appeals“, a simplification of the process for identity verification, and several others (please see above noted Event for more detail).
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Following the review of the responses received to this consultation, the SEC has decided to proceed as proposed without any changes to the draft version.