Today, the Securities and Exchange Commission (SEC) made a proposal for a rule that would modify the regulations that the Commission has established in accordance with the Privacy Act. The Privacy Act is the primary piece of legislation that directs how the federal government is to handle individuals’ private information.
SEC’s Privacy Act Rule Revolutionized
The currently in effect regulations outline the processes that must be followed in order to make requests under the Privacy Act. These requests may concern access to or modifications to records that pertain to the individual making the request. The language of a number of procedural provisions will be updated, clarified, and simplified as a result of the revisions.
SEC Chair Gary Gensler said, “I am pleased to support this proposal because, if adopted, it would broadly update our Privacy Act rules to account for modern technology and provide the public with greater transparency into the Commission’s use of this data.” “I am pleased to support this proposal because it would provide the public with greater transparency into the Commission’s use of this data,” Gensler said.
These amendments would provide more clarity on how the public can access their records that are maintained by the Commission and how they can request amendments to those records. I am looking forward to hearing what people have to say about the proposal.
The rules governing the Privacy Act were last revised by the Commission in 2011. The current procedures for handling requests made by members of the public in accordance with the Privacy Act would be formalized as a result of the proposed changes.
This would make the process by which individuals can access information pertaining to themselves that is held by the Commission more transparent. The proposed rule would, because of the scope of the revisions, replace the Commission’s existing Privacy Act regulations in their entirety.
In the event that the proposed rule is put into effect, procedural and fee provisions, in addition to provisions that are no longer necessary, will be revised. In addition, the proposed rule would make it possible to use electronic means of establishing one’s identity and submitting requests under the Privacy Act.
The proposing release has been posted on SEC.gov, and it is going to be posted in the Federal Register as well. The time frame for receiving comments from the general public has been extended to either April 17, 2023, or for a period of thirty days after the proposing release has been published in the Federal Register, whichever comes first.
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