United States of America: Announced SEC proposal with new requirements to address cybersecurity risks to the securities markets

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Description

Announced SEC proposal with new requirements to address cybersecurity risks to the securities markets

On 15 March 2023, the US Securities and Exchange Commission (SEC) proposed new requirements for several market entities to address their cybersecurity risks. In particular, the market entities would include 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. The SEC proposal would require market entities to implement policies and procedures that are reasonably designed to address their cybersecurity risks and review the design and effectiveness of their cybersecurity policies and procedures. The proposal also includes new notification requirements that would improve the Commission's ability to obtain information about significant cybersecurity incidents and would improve transparency about the cybersecurity risks that can cause adverse impacts on the securities markets.

Original source

Scope

Policy Area
Data governance
Policy Instrument
Cybersecurity regulation
Regulated Economic Activity
other service provider
Implementation Level
national
Government Branch
executive
Government Body
other regulatory body

Complete timeline of this policy change

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2023-03-15
under deliberation

On 15 March 2023, the US Securities and Exchange Commission (SEC) proposed new requirements for sev…

2023-04-05
in consultation

On 5 April 2023, the US Securities and Exchange Commission (SEC) opened a consultation until 5 June…

2023-06-05
processing consultation

On 5 June 2023, the US Securities and Exchange Commission (SEC) closed its consultation on its new …