SEC and CFTC Jointly Adopt Rules Requiring Certain Investment Advisers and Other Regulated Entities to Establish Programs to Combat Identity Theft
On April 10, 2013, the Securities and Exchange Commission (the “SEC”) and the Commodity Futures Trading Commission (the “CFTC”) jointly adopted rules and guidelines that require certain entities they regulate to establish programs to combat identity theft (the “Rules”). The SEC’s Rules apply to any SEC-registered investment adviser, investment company or broker-dealer that meets the definition of a “financial institution” or “creditor” under the Fair Credit Reporting Act and the CFTC’s Rules apply to commodity pool operators, commodity trading advisors and futures commodity merchants, among other entities it regulates, all to the extent such an entity “offers or maintains one or more covered accounts.”