The SEC Data Protection Act requires the Securities and Exchange Commission to create new policies and procedures to protect sensitive business information that investment advisers submit to the agency. Under the bill, the SEC must establish these safeguards within one year and ensure they address when the agency requests proprietary data, limit who can access it, and prevent unlawful disclosure or misuse. The legislation applies to all investment advisers regulated under the Investment Advisers Act of 1940 and aims to give these financial firms stronger protections for their confidential business information while maintaining the SEC's regulatory authority. No new federal funding is authorized by the bill, as it primarily requires the SEC to implement internal policy changes using existing resources.
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