The SEC has voted to approve a rule that entirely revises and replaces its current regulations under the Privacy Act of 1974, the primary law that oversees how personal information is treated within the federal government. Proposed in February 2023, the rule was designed to clarify, modernize and simplify the language of a number of procedural provisions. The current rules include procedures for making Privacy Act requests, including those for the accessing and amending of records related to the individual making the request.
The new the revisions would:
- classify current practices for processing requests made by the public under the Privacy Act
- provide greater clarity regarding the SEC’s process for how individuals can access information pertaining specifically to themselves
- revise completely the SEC’s current Privacy Act regulations because of the scope of the updates
- update procedural and fee provisions and remove unnecessary provisions
- allow for electronic means to verify identity and submit Privacy Act requests
- update Privacy Act rules to acknowledge modern technology
- provide the public with greater transparency regarding the SEC’s use of data
The final rule becomes effective 30 days after publication in the Federal Register. For further details on the new amendments, see the SEC’s Privacy Act Regulations final rule.
Source:
SEC Approves Revised Privacy Act Rule (sec.gov)
