Regulatory and Legislative

SEC Proposes Additional Requirements to Protect Consumer Financial Information

The Securities and Exchange Commission has proposed additional requirements for broker-dealers, investment companies, registered investment advisers and transfer agents (“covered institutions”) aimed at further protecting the privacy of consumer financial information. According to a fact sheet, the proposed rule would require covered institutions to

  • Adopt written policies and procedures for an incident response program to address unauthorized access to customer information,
  • Adopt written policies and procedures for timely notification to affected individuals in the event customer information is compromised, and
  • Broaden scope of information covered by the regulations’ requirements.

Comments can be submitted within 60 days of publication of the proposal in the Federal Register.

Regulatory and Legislative

IRS Announces Deadline Relief for Texas

IRS Announces Deadline Relief for Texas

The IRS has announced the postponement of certain tax-related deadlines for victims of Texas severe storms, straight-line winds, tornadoes, and flooding.