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USA: SEC proposes rule on access requests under the Privacy Act

The Securities and Exchange Commission ('SEC') announced, on 14 February 2023, that it had proposed a rule that would revise the SEC's regulations under the Privacy Act of 1974. In particular, the SEC explained that current rules provide procedures for submitting requests under the Privacy Act, including requests for access to and the amendment of records pertaining to the individual making the request, and that the revisions will clarify, update, and streamline the language of several procedural provisions. Moreover, the SEC detailed that the proposed revisions would codify current practices for processing requests made by the public under the Privacy Act, providing greater clarity regarding the SEC's process for how individuals can access information pertaining to themselves, revising procedural and fee provisions, as well as eliminating unnecessary provisions. In addition, the SEC highlighted that the proposed rule would also allow for electronic methods to verify one's identity and to submit Privacy Act requests.

Lastly, the SEC detailed that the proposed rule will be published in the Federal Register, and that the public comment period will remain open until 17 April 2023, or until 30 days following publication of the proposed release in the Federal Register, whichever is later.

Comments may be submitted via [email protected] or via SEC's internet comment form

You can read the press release here and the proposed rule here