In place since 2005, the SEC Regulation S-P requires registered broker-dealers, investment companies, and investment advisers to "adopt written policies and procedures that address administrative, technical, and physical safeguards for the protection of customer records and information." The amended rule implements the provision in section 216 of the Fair and Accurate Credit Transactions Act of 2003 requiring proper disposal of consumer report information and records. Section 216 directs the Commission and other federal agencies to adopt regulations requiring that any person who maintains or possesses consumer report information or any compilation of consumer report information derived from a consumer report for a business purpose must properly dispose of the information. The amendments also require the policies and procedures adopted under the safeguard rule to be in writing.

See:

• Release 34-42974, Privacy of Consumer Financial Information (Regulation S-P), Section III, Subpart E - Safeguard Procedures, (June 22, 2000).

• Release 34-50781, Disposal of Consumer Report Information, Section II, B. Rule 30(a): Procedures to Safeguard Customer Records and Information (Dec. 2, 2004).

The relevant text of Regulation S-P is available at:

• 17 C.F.R. 248.30.