SEC Approves New Rules to Revise Privacy Act Regulations

The Securities and Exchange Commission (SEC) has approved a new rule to revise its regulations under the Privacy Act, which is the main law governing the handling of personal information in the federal government. The new rule clarifies, updates, and streamlines the SEC's policies on how it handles individuals' data. It also revises fee structures and eliminates unnecessary rules while allowing for electronic methods to verify users' identities and submit requests under the Privacy Act. Furthermore, the new rule codifies current practices related to processing such requests, providing greater clarity regarding the procedure for individuals to access their records maintained by the Commission and potentially make corrections if necessary. The rule will be published in the Federal Register and become effective in 30 days.