|
Financial Privacy
The Gramm-Leach-Bliley Act
(GLB Act) imposes restrictions on the ability of financial institutions
to disclose non-public personal information about consumers to
nonaffiliated third parties. It also requires financial institutions to
provide privacy notices to consumers. Entities subject to the
CFTC’s jurisdiction became subject to the privacy provisions of the
GLB Act when Congress enacted the Commodity Futures
Modernization Act of 2000.
The CFTC
adopted rules implementing the privacy provisions of the GLB Act on
April 27, 2001. Futures commission merchants, commodity trading
advisors, commodity pool operators and introducing brokers must come into
compliance with those rules by March 31, 2002. CFTC staff has issued interpretive guidance
to assist firms in complying with the privacy rules. Consumer education
materials are also available to assist individuals in understanding
their rights to financial privacy.
Seven other Federal
agencies have also adopted privacy rules implementing the GLB Act.
The compliance date for the rules adopted by those agencies was July 1,
2001.
The CFTC and the other GLB agencies co-hosted a public workshop to
discuss strategies for providing effective financial privacy notices. The
workshop was held on Tuesday, December 4, 2001 in Washington, D.C.
Links to:
|
