Open comment period for SEC’s proposed cyber security requirements deadline

      The Securities and Exchange Commission (SEC) is seeking public comment on proposed cyber security requirements for investment advisers and broker-dealers. The comment period ends today, May 22, 2023.

      The proposed requirements would cover a wide range of entities, including registered investment companies, business development companies, clearing agencies, major security-based swap participants, the Municipal Securities Rulemaking Board, national securities associations, national securities exchanges, security-based swap data repositories, security-based swap dealers, and transfer agents.

      The proposed requirements would establish a framework for entities to manage cyber security risks, including:

      • identifying and assessing cybersecurity risks
      • developing and implementing a plan for responding to cyber security incidents
      • reporting cyber security incidents to the SEC.

      The SEC is seeking comments on all aspects of the proposed requirements, including the scope of the requirements, the specific safeguards that should be implemented, and the reporting requirements.

      If you have any questions about the proposed requirements, please contact Waystone.

      Waystone is a leading provider of cyber security consulting and compliance services to the financial services industry. We have a deep understanding of the SEC’s cyber security requirements and can help you assess your current cyber security posture and develop a plan to comply with the proposed requirements.

      To learn more about how Waystone can help you comply with the SEC’s cyber security requirements, please contact us today.

      Contact Us

      Previous post Next post

      More like this

      The California Privacy Rights Act – what it means for consumers and businesses

      The California Privacy Rights Act (CPRA) is a privacy law that was passed in California in November 2020 and came…
      Read more

      SEC Commissioner Lizárraga’s speech at the Digital Directors Network 2023 conference

      Recently, Commissioner Lizárraga spoke at the Digital Directors Network 2023 conference. We can gain valuable insights from the speeches that…
      Read more

      Guidance on ChatGPT (or other AI language models) For Regulated Firms

      Over the last few months many clients have been asking for guidance as it relates to ChatGPT and other natural…
      Read more

      The SEC's cyber security rules are coming in April 2023

      By now everyone should understand the SEC is proposing rule 206(4)-9 under the Advisers Act and 38a-2 under the Investment…
      Read more

      FINRA highlights cyber security as one of the top risks facing the financial industry

      FINRA recently released their “2023 Risk Profile” report, highlighting cyber security as one of the major threats confronting the financial…
      Read more

      Upcoming cyber regulations - what can you do to prepare?

      On 4 January 2023, the current administration released its Fall 2022 regulatory agenda. In this document they outlined the upcoming…
      Read more