SEC Adopts Amendments to Regulation S-P
- Resources
- News & Regulatory Updates
This Regulatory Update provides an essential overview of the SEC’s 2024 amendments to Regulation S-P, which significantly update privacy and data breach rules for broker-dealers, investment advisers (RIAs), investment companies, transfer agents, and funding portals. The new rules are designed to modernize consumer data protections in response to evolving cybersecurity threats, digital data practices, and heightened expectations for incident response and notification.
Key Takeaways
- Compliance Deadlines: Larger entities (e.g., large RIAs and brokers) must comply by December 3, 2025, and smaller entities by June 3, 2026.
- Operational and Enforcement Implications: The amendments set a federal minimum standard for data breach notification, increase compliance costs, and raise enforcement risks for noncompliance—making immediate review and upgrade of policies, vendor management, and staff training critical.
These updates ensure investor protection, clarify federal standards, and demand transparency and robust risk management from every regulated firm.
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