Request to Extend Comment Period on Proposed Enhancements to Regulation S-P and New Rule 10 Proposal
Summary
SIFMA provided comments to the U.S. Securities and Exchange Commission (SEC) requesting to extend the comment period for the proposed enhancements to Regulation S-P and the new Rule 10 proposal to address cybersecurity risks to the U.S. securities markets.
Excerpt
March 31, 2023
By Electronic Submission
Vanessa Countryman Secretary
U.S. Securities and Exchange Commission
100 F Street, NE
Washington, DC 20549
Re: File No. S7-05-23; Release Nos. 34-97141; IA-6262; IC-34854; File No. S7-05-23; Regulation S-P: Privacy of Consumer Financial Information and Safeguarding Customer Information
File No. S7-06-23; Release No. 34-97142; Cybersecurity Risk Management Rule for Broker-Dealers, 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
Dear Ms. Countryman:
The Securities Industry and Financial Markets Association (“SIFMA”) hereby requests that the Securities and Exchange Commission (the “Commission”) extend the comment period for the two above-referenced rule proposals (collectively, the “Proposals”): the proposed enhancements to Regulation S-P (“Regulation S-P Proposal”)1 and the new Rule 10 proposal to address cybersecurity risks to the U.S. securities markets (“Exchange Act Cybersecurity Proposal”).2 The Proposals were both introduced on March 15, 2023, along with the proposal to extend the reach of Regulation Systems Compliance and Integrity (“Regulation SCI Proposal”),3 and less than a week after the Commission reopened the comment period for the previously proposed rules for Cybersecurity Risk Management for Investment Advisors, Registered Investment Companies, and Business Development Companies.4
1 Regulation S-P: Privacy of Consumer Financial Information and Safeguarding Customer Information, Release No. 34-97141, IA-6262, IC-34854 (proposed Mar. 15, 2023).
2 Cybersecurity Risk Management Rule for Broker-Dealers, 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, Release No. 34-97142 (proposed Mar. 15, 2023).
3 Regulation Systems Compliance and Integrity, Release No. 34-97143 (proposed Mar. 15, 2023).
4 Reopening of Comment Period for “Cybersecurity Risk Management for Investment Advisers, Registered Investment Companies, and Business Development Companies,” Release Nos. 33-11167, 34-97144, IA-6263, IC-34855 (proposed Mar. 15, 2023).