Protecting Investors’ Personally Identifiable Information Act

Bill 118 hr 4551, also known as the Protecting Investors’ Personally Identifiable Information Act, aims to enhance the protection of investors' personal information. The bill requires the Securities and Exchange Commission (SEC) to establish standards for broker-dealers and investment advisers to safeguard the personally identifiable information of their clients.

Under this legislation, broker-dealers and investment advisers are required to implement policies and procedures to protect sensitive information such as social security numbers, account numbers, and other personal data from unauthorized access or disclosure. The bill also mandates that these financial institutions notify their clients in the event of a data breach that compromises their personal information.

Additionally, the bill requires the SEC to conduct regular examinations of broker-dealers and investment advisers to ensure compliance with the new standards for protecting investors' personally identifiable information. The SEC is also tasked with providing guidance and assistance to these financial institutions to help them meet the requirements of the legislation. Overall, the Protecting Investors’ Personally Identifiable Information Act aims to strengthen the security measures in place to safeguard investors' personal information and reduce the risk of identity theft and fraud. By establishing clear standards and oversight mechanisms, the bill seeks to enhance consumer confidence in the financial industry and protect the privacy of investors.