Privacy Notice… No Changes? No Need to Send!
Recently, the President signed into law the “highway bill.” Within it, “Title LXXV – Eliminate Privacy Notice Confusion” states:
“SEC. 75001. EXCEPTION TO ANNUAL PRIVACY NOTICE REQUIREMENT UNDER THE GRAMM-LEACH-BLILEY ACT.
Section 503 of the Gramm-Leach-Bliley Act (15 U.S.C. 6803) [was] amended by adding at the end of the following:
‘(f) EXCEPTION TO ANNUAL NOTICE REQUIREMENT. – A financial institution that –
(1) provides nonpublic personal information only in accordance with the provisions of subsection (b)(2) or (e) of section 502 or regulations prescribed under section 504(b), and
(2) has not 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 in accordance with this section,
shall not be required to provide an annual disclosure under this section until such time as the financial institution fails to comply with any criteria described in paragraph (1) or (2).'”
The new law took effect immediately, so unless you have a change to your Privacy Notice, you no longer need to provide it annually, just initially!
**Deadline Alert*** Form ADV Due Early This Year!
2016 is a leap year!
The extra day in February means that you must file by March 30th—not March 31st — in order to meet the requirement for the Annual Updating Amendment which is due within 90 days of fiscal year end (if your fiscal year ends on December 31).