SEC Plans Cyber Rule for BDs
The proposal will be similar to one issued in February for RIAs, Chairman Gary Gensler says.
The Securities and Exchange Commission is working on a proposal to require broker-dealers to adopt written policies and procedures that address cybersecurity risks, which is “very similar” to the proposal the agency issued in early February for investment advisors, SEC Chairman Gary Gensler said Monday.
“I’ve asked staff to consider what might be appropriate on the broker-dealer side, little bit different law, little bit different circumstance,” Gensler said during the Financial Industry Regulatory Authority’s annual conference in Washington.
Gensler added that the agency has “learned” from the comment period the agency held for the investment advisor proposal, which ended April 11.
“Cyber risk is very much a part of our economy today, and it’s not going to go away,” Gensler said during a question-and-answer session with FINRA CEO Robert Cook.
Pictured: SEC Chairman Gary Gensler. (Photo: Melissa Lyttle/Bloomberg)
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