Annual Privacy Requirement Ends – If…

Last week, the President signed into the highway bill. Buried in the new law is a provision amending the requirement that investment advisers and other financial institutions send out annual privacy notice to customers.

The new law, which takes effect immediately, allows a firm not to send out the annual privacy notices if it hasn’t “changed its policies and practices with regard to disclosing nonpublic personal information from the policies and practices that were disclosed in the most recent disclosure sent to consumers.”

This is also great news for all of us who have are mailboxes clogged with these notices each year.

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