The Securities and Exchange Commission (SEC) has announced a forthcoming series of three compliance outreach events, designed to provide guidance on the 2024 amendments to Regulation S-P. These sessions are intended to help firms navigate the updated requirements for safeguarding consumer data. The first of these events, a webinar specifically for large firms, is scheduled for September 25th, from 1 p.m. to 2 p.m. ET. Details regarding the subsequent two events, catering to transfer agents and smaller firms, will be released at a later date.
Each Regulation S-P compliance outreach event will be meticulously tailored to its specific registrant type, with scheduling aligned to their respective compliance deadlines as stipulated in the rule amendments. Staff members from the Divisions of Examinations, Investment Management, and Trading and Markets are slated to lead these discussions, covering new compliance obligations, offering insights into what to anticipate during an examination, and addressing any outstanding compliance questions.
Keith Cassidy, Acting Director for the Division of Examinations, highlighted the dual benefits of these updates, stating, “These enhancements to further safeguard consumers’ personal information will benefit both investors and firms.” He also acknowledged potential hurdles, adding, “however, we recognize implementation may create challenges associated with compliance.” Cassidy underscored the Division of Examinations' objective: “The SEC’s Division of Examinations wants to help firms clearly understand the requirements of implementing the updated Regulation S-P obligations so we can reach the mutually beneficial goal of improving the safeguards that protect investors’ personal information.”
While advance registration is not mandatory, it is highly encouraged. Participants also have the option to submit questions prior to the events.
A direct link to watch the September 25th event will be made available on www.sec.gov on the day of the webinar. Further comprehensive details for all Regulation S-P compliance outreach events, including agendas and speaker lists, will be posted on the dedicated Reg S-P Compliance Outreach webpage.