Statement Summary
The Securities and Exchange Commission (SEC) will host three compliance outreach events to discuss amendments to Regulation S-P, effective in 2024. The first event, a webinar for large firms, is scheduled for September 25 from 1 p.m. to 2 p.m. ET. Future sessions for transfer agents and small firms will be announced later. These events will provide tailored information about new compliance obligations, expectations during examinations, and an opportunity for firms to ask questions.
Acting Director Keith Cassidy emphasized the importance of these updates for safeguarding consumer information while acknowledging potential compliance challenges. Advance registration is recommended, and details will be available on the SEC website.
Original Statement
The Securities and Exchange Commission today announced it will hold a series of three compliance outreach events regarding the 2024 adoption of amendments to Regulation S-P. The first event, for large firms, is a webinar scheduled for Sept. 25 from 1 p.m. to 2 p.m. ET. The other two events, for transfer agents and small firms, will be announced at a later date.
The Regulation S-P compliance outreach events will be tailored for each registrant type and scheduled according to their corresponding compliance deadline published in the Regulation S-P rule amendments. Staff from the Divisions of Examinations, Investment Management, and Trading and Markets will cover the new Regulation S-P compliance obligations, discuss what to expect when interacting with an exam team during an examination, and answer any remaining compliance questions.
“These enhancements to further safeguard consumer’s personal information will benefit both investors and firms; however, we recognize implementation may create challenges associated with compliance,” said Keith Cassidy, Acting Director for the Division of Examinations. “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 not required, advance registration is preferred. Questions may also be submitted in advance. A link to watch the event will be available on Sept. 25 on www.sec.gov. Additional information about each Regulation S-P compliance outreach event, including the agenda and speakers, will be posted on the Reg S-P Compliance Outreach webpage.
