On April 10, 2013, the SEC voted to adopt rules requiring investment advisers to adopt programs to detect red flags and prevent identity theft.
The SEC recommends the program include policies and procedures designed to identify relevant types of identity theft red flags; detect the occurrence of those red flags; respond appropriately to the detected red flags; and periodically update the identity theft protection program. The rule also requires staff training on the subject.
SEC regulated investment advisers with “covered accounts” are required to establish an Identity Theft Prevention Program (“ITPP”) that is designed to detect, prevent and mitigate identity theft. The ITPP must be reasonably and appropriately designed for the size and nature of a particular firm. The Identity Theft Red Flags Rules are effective May 20, 2013, and firms must be in compliance with the regulations by November 20, 2013.
Ascendant has developed a model ITPP that is available for $239. Please fill out the form below to purchase your copy.
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