05.17.22
Broker-Dealers Likely to Get Their Own Cyber Rules: SEC Chair
by: James Rogers
The U.S. Securities and Exchange Commission (SEC) is developing a proposal for rules that would protect broker-dealers from cyber disruptors, said SEC Chair Gary Gensler. In February, the SEC voted to propose amendments to certain rules that regulate investment advisor and fund disclosures. Those revisions would mandate advisors and funds to deploy written cybersecurity policies and procedures for addressing cybersecurity risks that could harm advisory clients and fund investors; disclose significant cyber incidents affecting the advisor or its fund or private fund clients to the SEC on a new confidential form; publicly report cyber risks and incidents occurring in the last two fiscal years in brochures and registration statements; and adhere to new recordkeeping requirements to improve the availability of cybersecurity-related information and help enable the SEC's inspection and enforcement capabilities.
Read the full article on Financial Advisor IQ