The Federal Trade Commission issued notices on March 5 seeking public comment on proposed amendments to the regulations implementing the Gramm-Leach-Bliley Act, commonly known as the Safeguards Rule and Privacy Rule. Once the notices are published in the Federal Register comments must be received within 60 days. The proposed changes to the Safeguards Rule add a number of more detailed security requirements, whereas the proposed changes to the Privacy Rule are more focused on technical changes to align the Rule with changes in law over the past decade.
The FTC today announced a request for public comment on the Standards for Safeguarding Consumer Information Rule. The FTC promulgated the Safeguards Rule in 2002, implementing Title V of the Gramm-Leach-Bliley Act , which required federal agencies to establish standards for the administrative, technical, and physical safeguards employed by financial institutions for certain information. In addition to general requests for comment, the FTC requested that five specific issues be addressed, which we have outlined below. Comments are due by November 7, 2016.
The Commodity Futures Trading Commission has issued guidance for CFTC-regulated financial institutions on compliance with the security safeguards provisions of Title V of the Gramm-Leach-Bliley Act. In a Staff Advisory, the CFTC recommends that futures commission merchants, commodity trading advisors, commodity pool operators, introducing brokers, retail foreign exchange dealers, swap dealers, and major swap participants implement certain best practices to meet their obligations under GLBA, as well as the CFTC’s GLBA regulations at 17 C.F.R. Part 160, to adopt policies and procedures that address administrative, technical and physical safeguards for the protection of customer records and information.