Who does Regulation SP apply to?

July 24, 2020 Off By idswater

Who does Regulation SP apply to?

Investment Companies: Regulation S-P applies to investment companies whether or not such investment companies are registered with the SEC. Registered Investment Advisers: Regulation S-P applies to SEC registered investment advisers.

Who is subject to Regulation SP?

[1] Reg S-P applies to all broker-dealers, investment advisers, and investment companies operating within U.S. securities markets, regardless of whether they have satisfied their registration obligation.

What is SEC Regulation SP?

Under the SEC’s Regulation S-P, firms are required to have policies and procedures addressing the protection of customer information and records. The rule also requires firms to provide initial and annual privacy notices to customers describing information sharing policies and informing customers of their rights.

Which of the following regulations requires member firms to adopt written policies and procedures that address administrative technical and physical safeguards for the protection of customer records and information?

Written Policies and Procedures to Safeguard Customer Information: Reg S-P’s Safeguard Rule requires firms to adopt written policies and procedures that address administrative, technical and physical safeguards for the protection of customer records and information (17 CFR 248.30(a)).

What is Reg Sci?

Regulation Systems Compliance and Integrity (Regulation SCI) is a set of rules created by the United States Securities and Exchange Commission to monitor the security and capabilities of U.S. securities markets’ technological infrastructure.

Does Glba apply to broker-dealers?

§ 248.1 et seq.), adopted by the SEC pursuant to the Gramm-Leach-Bliley Act (the “GLBA”), implements the GLBA’s requirements with respect to privacy of consumer personal information for registered investment advisers, investment companies, and broker-dealers (each, a “financial institution”).

Which are three key rules of the GLBA?

The Act consists of three sections: The Financial Privacy Rule, which regulates the collection and disclosure of private financial information; the Safeguards Rule, which stipulates that financial institutions must implement security programs to protect such information; and the Pretexting provisions, which prohibit …

What is the GLBA Privacy Rule?

The Gramm-Leach-Bliley Act (GLB Act or GLBA) is also known as the Financial Modernization Act of 1999. It is a United States federal law that requires financial institutions to explain how they share and protect their customers’ private information.

What is the broker protocol agreement?

At its core, the Broker Protocol is an agreement among participants in the securities industry that governs the use of client data when advisors move between firms that are signatories to the Broker Protocol.

What does Reg SHO stand for?

An SEC regulation, adopted in 2005, restricting naked short selling. Naked short selling involves selling shares one has neither borrowed nor made arrangements to borrow. The regulation requires these brokers and short sale buyers to abide by a “locate” requirement and a “close-out” requirement.

What is Regulation ATS?

Alternative trading system (ATS) is a US and Canadian regulatory term for a non-exchange trading venue that matches buyers and sellers to find counterparties for transactions. An ATS must be approved by the United States Securities and Exchange Commission (SEC) and is an alternative to a traditional stock exchange.

How do I comply with GLBA?

To be GLBA compliant, financial institutions must communicate to their customers how they share the customers’ sensitive data, inform customers of their right to opt-out if they prefer that their personal data not be shared with third parties, and apply specific protections to customers’ private data in accordance with …

What do you need to know about Regulation S-P?

Regulation S-P. Requires registered broker-dealers, investment companies, and investment advisers to “adopt written policies and procedures that address administrative, technical, and physical safeguards for the protection of customer records and information.”.

What are the Securities and Exchange Commission privacy rules?

SUMMARY: The Securities and Exchange Commission is adopting Regulation S-P, privacy rules promulgated under section 504 of the Gramm-Leach-Bliley Act.

Who is excluded from the final rule S-P?

Consistent with this reading of the statute, the final rule excludes the provision of insurance by a broker-dealer, fund, or registered adviser from the scope of Regulation S-P.

Where did the broker protocol agreement come from?

Origins Of The Broker Protocol Agreement. The “Broker Protocol” is an agreement originally signed in August of 2004 between major wirehouses Smith Barney (now Morgan Stanley), Merrill Lynch, and UBS, regarding what client information registered representatives could take with them when changing broker-dealers.

When does Regulation S-P apply to investment companies?

Ł Investment Companies: Regulation S-P applies to investment companies whether or not such investment companies are registered with the SEC. Ł Registered Investment Advisers: Regulation S-P applies to SEC registered investment advisers.

Who is not a consumer under Regulation S-P?

A: No. Regulation S-P requires an investment adviser to provide certain privacy notices to its customers and consumers. 13 Under the regulation, a “consumer” or a “customer” must be an individual. 14 Therefore a client that is not an individual, such as a pension plan, is neither a consumer nor a customer of the adviser. 15

What does SEC say about customer information protection?

Under the SEC’s Regulation S-P, firms are required to have policies and procedures addressing the protection of customer information and records.

What are the rules for Regulation S-P 2?

The staff of the Division of Investment Management has prepared the following responses to questions about Regulation S-P, which implements the privacy provisions in Title V of the Gramm-Leach-Bliley Act (“GLBA”). 1 The adopting release for Regulation S-P 2 can be found at: www.sec.gov/rules/final/34-42974.htm.