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I
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 informa-
tion 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 re-
ceives from investment advisers, and for other purposes.
Be it enacted by the Senate and House of Representa-
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tives of the United States of America in Congress assembled,
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SECTION 1. SHORT TITLE.
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This Act may be cited as the ‘‘SEC Data Protection
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Act’’.
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SEC. 2. PROCEDURE FOR DATA PROTECTION.
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Section 204 of the Investment Advisers Act of 1940
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(15 U.S.C. 80b–4) is amended—
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•HR 7564 IH
(1) by redesignating the second subsection (d)
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(relating to records of persons with custody or use)
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as subsection (e); and
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(2) by adding at the end the following:
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‘‘(f) DATA PROTECTION POLICIES.—Not later than
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1 year after the date of enactment of this subsection, the
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Commission shall adopt, after notice and comment, poli-
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cies and procedures reasonably designed to protect sen-
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sitive, nonpublic proprietary information, as determined
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by the Commission, that the Commission obtains or re-
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ceives from an investment adviser subject to this section,
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from unlawful use or disclosure. Such policies and proce-
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dures shall—
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‘‘(1) address circumstances when the Commis-
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sion requests such proprietary information;
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‘‘(2) safeguard the information, taking into con-
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sideration the level of sensitivity of the information;
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‘‘(3) limit access to the information to appro-
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priate staff, as determined by the Commission; and
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‘‘(4) protect the information from unlawful use
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or disclosure.’’.
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