The SEC is proposing to revise its current regulations under the Privacy Act – which is the principal law that’s governing the handling of personal information in the federal government. The SEC believes that new changes will clarify, update, and streamline the language of several procedural provisions.

“I am pleased to support this proposal because, if adopted, it would broadly update our Privacy Act rules to account for modern technology, as well as provide the public with greater transparency into the Commission’s use of this data,” said SEC Chair Gary Gensler.

“These amendments would provide more clarity on how the public can access their records maintained by the Commission and request amendments.”

Public requests

The last update that the SEC made to its Privacy Act rules was in 2011. The new changes would codify current practices for processing public requests. It would also provide more clarity regarding the Commission’s process for how individuals can access information about themselves.

Because of the extent of the revisions, the proposed rule, once approved, would replace the Commission’s current Privacy Act regulations in total.

If the changes get the green light, procedural and fee provisions would be revised and some unnecessary provisions eliminated. It would also be possible to verify one’s identity by way of electronic methods, and also to submit electronic Privacy Act requests.

Read the proposed changes in full here. Comments can be submitted until April 17, 2023, or until 30 days following publication of the proposals in the Federal Register, whichever is later.