SEC Proposes Revision to Privacy Act Rule

The U.S. Securities and Exchange Commission, SEC, has published a press statement to announce an upcoming consultation on proposed revisions 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 rule also sets out requirements as to the SEC’s treatment of request for information correction and the processing of such requests.
Specifically, the Commission seeks 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 would thereby entirely replace Subpart H of above noted CFR Part.
Some of the proposed changes are briefly noted below:
– revision of several definitions set out in 17 CFR 200, §200.302;
– simplification of the process for „submitting and receiving responses to Privacy Act inquiries, requests, and administrative appeals“;
– simplification of the process to verify the identity of a person requesting information by allowing electronic verification via mail, an online form, and other means;
– reduction of the permitted response time by the Commission to a request; or
– update to the Commission’s contact data.
The SEC would also remove some outdated provisions and provisions that are no longer needed.