Rick Borden Discusses the SEC's New Financial Cybersecurity Rules
Last month, the U.S. Securities and Exchange Commission (SEC) gave the go-ahead for the National Securities Clearing Corporation (NSCC) to enact a cybersecurity requirement for its 3,000 members. The NSCC provides clearing, settlement risk management, central counter-party services and a guarantee of completion for most broker-to-broker trades involving equities, corporate and municipal debt, exchange-traded funds and unit investment trusts.
Rick Borden, Chief Privacy Officer, discussed with Law.com the signiﬁcance of the NSCC and its designation as a “systemically important ﬁnancial market utility.
“Once again there’s some ﬁnancial institutions that are members that are already heavily regulated and have most of this in place," he said, adding, "And there are others that don’t and this will be somewhat newer. Every time there is regulation, it increases the burdens.”
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