[Congressional Bills 116th Congress]
[From the U.S. Government Publishing Office]
[H.R. 7564 Introduced in House (IH)]

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116th CONGRESS
  2d Session
                                H. R. 7564

To amend the Investment Advisers Act of 1940 to require the Securities 
     and Exchange Commission to adopt data protection policies for 
 information the Commission receives from investment advisers, and for 
                            other purposes.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                              July 9, 2020

Mr. David Scott of Georgia (for himself and Mr. Loudermilk) introduced 
 the following bill; which was referred to the Committee on Financial 
                                Services

_______________________________________________________________________

                                 A BILL


 
To amend the Investment Advisers Act of 1940 to require the Securities 
     and Exchange Commission to adopt data protection policies for 
 information the Commission receives from investment advisers, and for 
                            other purposes.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``SEC Data Protection Act''.

SEC. 2. PROCEDURE FOR DATA PROTECTION.

    Section 204 of the Investment Advisers Act of 1940 (15 U.S.C. 80b-
4) is amended--
            (1) by redesignating the second subsection (d) (relating to 
        records of persons with custody or use) as subsection (e); and
            (2) by adding at the end the following:
    ``(f) Data Protection Policies.--Not later than 1 year after the 
date of enactment of this subsection, the Commission shall adopt, after 
notice and comment, policies and procedures reasonably designed to 
protect sensitive, nonpublic proprietary information, as determined by 
the Commission, that the Commission obtains or receives from an 
investment adviser subject to this section, from unlawful use or 
disclosure. Such policies and procedures shall--
            ``(1) address circumstances when the Commission requests 
        such proprietary information;
            ``(2) safeguard the information, taking into consideration 
        the level of sensitivity of the information;
            ``(3) limit access to the information to appropriate staff, 
        as determined by the Commission; and
            ``(4) protect the information from unlawful use or 
        disclosure.''.
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