SEC Proposes Updates to Privacy Act Rules to Provide Clarity and Transparency

The Securities and Exchange Commission has proposed a rule to revise their regulations under the Privacy Act. The revisions would clarify, update, and streamline certain procedural provisions, such as procedures for making Privacy Act requests, including request for access to and amendment of records pertaining to the individual making the request. The proposed rule would codify current practices for processing these types of requests, providing greater transparency into the Commission’s use of the data. Additionally, the proposed rule would revise procedural and fee provisions and allow for electronic methods to verify one’s identity and submit Privacy Act requests. If adopted, the proposed rule would replace the Commission’s current Privacy Act regulations in their entirety. This proposed rule is open for public comment and will be available on SEC.gov.