Sec Cryptocurrency SEC Approves Revised Privacy Act Rule

The Securities and Exchange Commission today approved a rule to revise the Commission’s regulations under the Privacy Act, which is the principal law governing the handling of personal information in the federal government. The final rule clarifies, updates, and streamlines the Commission’s Privacy Act regulations. In addition, the final rule revises procedural and fee provisions and eliminates unnecessary provisions. The final rule also allows for electronic methods to verify one’s identity and submit Privacy Act requests.

“I was pleased to support this adoption because it will update the Commission’s rules with respect to this important law,” said SEC Chair Gary Gensler. “These amendments will provide more clarity on how the public can access their records maintained by the Commission and request amendments.”

The Commission last updated its Privacy Act rules in 2011. The revisions approved today will codify current practices for processing requests made by the public under the Privacy Act. This provides greater clarity regarding the Commission’s process for how individuals can access information pertaining to themselves.

Due to the scope of the revisions, the final rule replaces the Commission’s current Privacy Act regulations in their entirety.

The final rule is published on SEC.gov and will be published in the Federal Register. The final rule becomes effective 30 days after publication in the Federal Register.