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May 09, 2013

SEC and CFTC Take Over Responsibility for “Red Flags” Identity Theft Rules and Provide Clarifications

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Effective May 20, 2013, the US Securities and Exchange Commission and the US Commodity Futures Trading Commission will take on joint responsibility for administering and enforcing identity theft “red flags” rules that closely mirror other federal agencies’ rules with which certain entities that the SEC and CFTC regulate have had to comply since at least December 31, 2010. The red flags rules now adopted by the SEC and CFTC (the “Rules”), like those of the other agencies, require certain financial institutions to adopt programs with detailed policies and procedures designed to detect, prevent, and mitigate identity theft. Despite the lack of substantive change, the Rules are worth revisiting for some firms, as the SEC and CFTC have provided clarifications that their adopting release says “may lead some entities that had not previously complied with the [other federal agencies’] rules to determine that they fall within the scope of” the newly adopted Rules.

View full memo, "SEC and CFTC Take Over Responsibility for “Red Flags” Identity Theft Rules and Provide Clarifications"

Authors and Contributors

Nathan Greene

Partner

Investment Funds

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+1 212 848 4668

New York

Azam Aziz

Partner

Derivatives & Structured Products

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+1 212 848 8154

New York

Lorna Xin Chen

Partner

Investment Funds

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+852 2978 8001

Hong Kong

John (Sean) Finley

Partner

Investment Funds

+1 212 848 4346

+1 212 848 4346

New York

Laura Friedrich

Partner

Investment Funds

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+1 212 848 7411

New York

Etienne Gelencsér

Partner

Project Development & Finance

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+81 3 5251 0209

Tokyo

Geoffrey Goldman

Partner

Derivatives & Structured Products

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+1 212 848 4867

New York

Donna Parisi

Partner

Derivatives & Structured Products

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+1 212 848 7367

New York

Barnabas Reynolds

Partner

Financial Institutions Advisory & Financial Regulatory

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+44 20 7655 5528

London

Bradley K. Sabel

Of Counsel

Financial Institutions Advisory & Financial Regulatory

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+1 212 848 8410

New York

Russell Sacks

Partner

Financial Institutions Advisory & Financial Regulatory

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+1 212 848 7585

New York

Paul Schreiber

Of Counsel

Investment Funds

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+1 212 848 8920

New York

Charles Gittleman

Of Counsel

Financial Institutions Advisory & Financial Regulatory

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+1 212 848 7317

New York

John Adams

Partner

Investment Funds

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+44 20 7655 5740

London