On February 14th, the SEC proposed a rule that would modify its regulations under the Privacy Act of 1974, the primary law that regulates how personal information is handled within the federal government. The existing rules include procedures for making Privacy Act requests, such as requests for the accessing and amending of records related to the individual making the request. The proposed rule is intended to clarify, modernize and enhance the language of a number of procedural provisions.
The SEC’s Privacy Act rules were most recently modified in 2011. Should the rule proposal be adopted, the revisions would:
- classify current practices for processing requests made by the public under the Privacy Act
- provide greater clarity regarding the SEC’s process for how individuals can access information pertaining specifically to themselves
- revise completely the SEC’s current Privacy Act regulations because of the scope of the updates
- update procedural and fee provisions and remove unnecessary provisions
- allow for electronic means to verify identity and submit Privacy Act requests
- update Privacy Act rules to acknowledge modern technology
- provide the public with greater transparency regarding the SEC’s use of data
The public may submit comments on or before 30 days after the proposal’s publication in the Federal Register or April 17, 2023, whichever is later. For more information, including instruction on how to provide feedback, see the SEC’s Privacy Act Regulations proposed rule on the sec.gov.
Sources:
SEC Proposes Revision to Privacy Act Rule (sec.gov)
Proposed Rule (sec.gov)
