On February 14, the Securities Exchange Commission published a Proposed rule to revise the Commission's regulations under the Privacy Act of 1974, the principal law governing the handling of personal information in the federal government by, amongst others, enabling individuals a right of access and amendment to their records.
The Proposed rule, if adopted, would:
Clarify the purpose and scope of the regulations
Update definitions for greater clarity regarding SEC’s processes to access data
Simplify the processes for submitting and receiving responses to Privacy Act inquiries, requests,and administrative appeals
Introduce an electronic identity verification process to allow for electronic verification via facsimile, email or an online SEC form
Provide for a shorter SEC response time to Privacy Act inquiries as to whether a specific system of records contains a record pertaining to the requester
Update the list of SEC systems of records subject to certain exemption provisions
Update the SEC contact information
Revise the fee provisions to reflect existing practice
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.