As anticipated, on February 14, 2023, the SEC proposed revisions to the Privacy Act, governing the handling of personal information in the federal government. The proposed revisions would codify current practices for processing requests for information made by the public under the Privacy Act and would result in an entire re-write of the current rules.
The Privacy Act is the principal law governing the handling of personal information in the federal government regulating the collection, maintenance, use, and dissemination of information about individuals that is maintained in systems of records by federal agencies. The Privacy Act also allows individuals to access information about them and a method to correct inaccurate records.
The SEC is proposing a complete rewrite of the Privacy Act to: (i) add a provision setting forth the process by which individuals may be provided with an accounting of disclosures made by the SEC; (ii) add a provision to codify the existing practice of providing