Securities Law Prof Blog

Editor: Eric C. Chaffee
Univ. of Toledo College of Law

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Wednesday, April 10, 2013

SEC Adopts Identity Theft Rules

The SEC adopted rules requiring broker-dealers, mutual funds, investment advisers, and certain other entities regulated by the agency to adopt programs to detect red flags and prevent identity theft.  The agency adopted the rules jointly with the CFTC.

The final rules require certain entities regulated by the SEC such as broker-dealers, mutual funds, and investment advisers to adopt an identity theft program.  The program should include policies and procedures designed to:

  • Identify relevant types of identity theft red flags.
  • Detect the occurrence of those red flags.
  • Respond appropriately to the detected red flags. 
  • Periodically update the identity theft program.

The final rules will become effective 30 days after publication in the Federal Register, and the compliance date will be six months after the effective date.

http://lawprofessors.typepad.com/securities/2013/04/sec-adopts-identity-theft-rules.html

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