🏦SEC Regulation S-ID
Proposed Collection; Comment Request; Extension: Regulation S-ID
Summary
The Securities and Exchange Commission proposes an extension of Regulation S-ID, focusing on information collection requirements to combat identity theft. The regulation mandates SEC-regulated entities to implement identity theft prevention programs, which includes developing policies, staff training, and regular assessments, leading to substantial compliance costs for covered institutions.
Agencies
- Securities and Exchange Commission
Business Impact
$$$ - High
The document outlines the new information collection requirements under Regulation S-ID that SEC-regulated entities, particularly financial institutions and creditors, must follow to mitigate identity theft risks. This imposes compliance costs estimated at over $90 million annually. Business owners should be aware of the financial and operational implications of meeting these regulatory obligations.