SEC Data Protection Act

Bill: 116-hr-7564
Sponsor: full_name: Rep. Scott, David [D-GA-13]
Introduced: 2020-07-09
Policy area: Finance and Financial Sector
Subjects: Administrative remedies

Computer security and identity theft

Computers and information technology

Government information and archives

Securities and Exchange Commission (SEC)
Latest action: action_date: 2020-07-09
text: Referred to the House Committee on Financial Services.

Summaries:
action_date: 2020-07-09
action_desc: Introduced in House
text: <p><b>SEC Data Protection Act </b></p> <p>This bill directs the Securities and Exchange Commission (SEC) to adopt regulations to protect from unlawful use or disclosure sensitive nonpublic proprietary information the SEC receives from investment advisers. </p>

tv_txt: I 116th CONGRESS 2d Session H. R. 7564 IN THE HOUSE OF REPRESENTATIVES July 9, 2020 Mr. David Scott of Georgia (for himself and Mr. Loudermilk ) introduced the following bill; which was referred to the Committee on Financial Services A BILL To amend the Investment Advisers Act of 1940 to require the Securities and Exchange Commission to adopt data protection policies for information the Commission receives from investment advisers, and for other purposes.

1. Short title This Act may be cited as the SEC Data Protection Act . 2. Procedure for data protection Section 204 of the Investment Advisers Act of 1940 ( 15 U.S.C. 80b–4 ) is amended— (1) by redesignating the second subsection (d) (relating to records of persons with custody or use) as subsection (e); and (2) by adding at the end the following: (f) Data protection policies Not later than 1 year after the date of enactment of this subsection, the Commission shall adopt, after notice and comment, policies and procedures reasonably designed to protect sensitive, nonpublic proprietary information, as determined by the Commission, that the Commission obtains or receives from an investment adviser subject to this section, from unlawful use or disclosure. Such policies and procedures shall— (1) address circumstances when the Commission requests such proprietary information; (2) safeguard the information, taking into consideration the level of sensitivity of the information; (3) limit access to the information to appropriate staff, as determined by the Commission; and (4) protect the information from unlawful use or disclosure. .