Regulation S-P; SEC’s New Requirement for Privacy Policies and Procedures – Deadline July 1, 2001. One June 22, 2000 the Securities and Exchange Commission (the "SEC") adopted Regulation S-P [17C.F.R.§§248.1-248.30] ("Reg. S-P") as mandated by the Gramm-Leach-Bliley Act (also known as the Financial Services Modernization Act). Reg S-P was adopted substantially as proposed. The rules became effective November 13, 2000, and compliance by all financial services firms is mandatory by July 1, 2001. Reg. S-P requires all registered brokers, dealers, investment advisers and investment companies to "adopt policies and procedures that address administrative, technical, and physical safeguards for the protection of consumer records and information." [§248.30] Reg. S-P requires the regulated firms to provide initial and annual notices to customers concerning its privacy policies and procedures. It also requires "opt out" notices if the firm elects to disclose non-public personal information. For more information regarding Regulation S-P, please review our October Newsletter in the Library Section of this web site. MGL’s staff is available to assist your firm with the development of your privacy policies and procedures, for more information regarding these services, please contact Michael R. Schaps, Vice President Broker/Dealer Registration at 281-367-0380.

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