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Regulation S-P Implicates Third-Party Service Agreements

• Tags:
• party,
• third party,
• regulation,
• gramm leach bliley

Overview In response to last year's Gramm-Leach-Bliley financial services legislation (the "Act"), the SEC on June 22 adopted Regulation S-P (the "Regulation"), which establishes rules to prevent disclosure of non-public personal information to nonaffiliated third parties. The rules apply to all broker-dealers, funds, and SEC-registered investment advisers ("Institution"). Among other important issues concerning notice and "opt out" provisions not addressed in this letter, the Regulation provides that agreements between an Institution and a third-party service provider (including joint marketers) must include a clause under which the third party agrees to comply with the privacy obligations set forth in the Act.

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