🛡️SEC Regulation S-ID
Agency Information Collection Activities; Submission for OMB Review; Comment Request; Extension: Regulation S-ID
Summary
The Securities and Exchange Commission (SEC) has issued a notice regarding Regulation S-ID, which mandates SEC-regulated entities to implement identity theft prevention programs. The regulation focuses on protecting investors from identity theft risks and details the associated information collection requirements, including policies, training, and reporting obligations for financial institutions and creditors.
Agencies
- Securities and Exchange Commission
Business Impact
$$$ - High
The content outlines the requirements of Regulation S-ID, mandating SEC-regulated businesses to establish identity theft prevention programs, which imposes significant financial and operational burdens. Compliance entails initial and ongoing costs that could affect budgeting and resource allocation for business owners and executives.