While the GLBA Privacy Rule places its focus primarily on notice and disclosure, the GLBA Safeguards Rule focuses instead on how NPI is protected. It mandates that financial institutions develop an information security plan in writing that describes all of the procedures and processes seeking to protect client NPI.
In the first part of our series, we covered the basics of GLBA Compliance. In this article, we turn our focus to the GLBA Privacy Rule.
Financial institutions often share their customers’ and consumers' financial information with business partners and affiliates. In order to protect citizens’ privacy and decrease the likelihood of identity theft, in 1999 the United States Congress passed the Gramm-Leach-Bliley Act (GLBA), also known as the Financial Services Modernization Act.
Starting from March 1, 2022, the new Supplemental Liquidity Schedule (SLS), proposed in April 2021 by the Financial Industry Regulatory Authority (FINRA), has become effective following approval by the Securities and Exchange Commission (SEC).
In a move that only confirms the ongoing regulatory focus on best execution, the Financial Industry Regulatory Authority (FINRA) recently announced that it fined Deutsche Bank Securities, Inc. (Deutsche Bank) $2 million for failing to comply with its obligation to seek “best execution” for its customers’ orders, according to a press release on March 8.
