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.

      Framework for managing cyber security risks

      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.

      How Waystone Compliance Solutions can help

      Waystone Compliance Solutions is a leading provider of US 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 we can help you comply with the SEC’s cyber security requirements, please contact us today.

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