04.11.22

Trade Associations Raise Concerns About SEC’s Cybersecurity Proposal

by: Mark Schoeff, Jr.

Trade associations in the investment advice sector are voicing concerns about the reporting mandates of a proposed U.S. Securities and Exchange Commission (SEC) cybersecurity rule for registered investment advisors and companies. The SEC would for the first time require that advisors adopt written policies and procedures that address risks related to cyberattacks. Comment letters were due to the SEC on Monday. The cybersecurity proposal is one four SEC proposals that has a comment deadline falling this week, including one on money market fund reform. SEC Chair Gary Gensler has been under pressure to allow more time for public input as the agency works through an expansive rulemaking agenda. Last week, 25 financial industry trade associations asked Gensler to allow longer comment periods.

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