Public fallout from the data breaches that have affected Citigroup and other large enterprises has reached the political push back stage. Sen. Patrick Leahyhas introduced the Personal Data Privacy and Security Act of 2011, which would bring federal criminal charges against enterprises that don't disclose breaches to individuals in a timely manner via mail, telephone or e-mail. Media notices would be required for breaches involving 5,000 or more people. And the FBI and Secret Service would need to be notified if the breach affects 10,000 or more people, compromises databases containing the information of 1,000,000 or more people, or impacts federal databases or law enforcement. In the House, Rep. Mary Bono Mack has introduced a similar bill requiring disclosures to victims within 48 hours of a data breach.
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The U.S. House bill aimed at protecting investors 65 or older or those who have a mental or physical impairment from fraud, has bipartisan support.
June 26 -
Subscribers can stay up to date on key industry issues while earning one hour of continuing education credit toward maintaining professional certification.
June 26 -
Financial therapy helps people analyze thoughts, feelings and limiting beliefs surrounding money. Therapists shared what they want advisors to know about approaching client relationships.
June 26 -
Although low-cost ETFs remain the most common component of model portfolios built by BlackRock and other third parties, private credit, equity and other alternatives are gaining ground.
June 26 -
Whether advisors choose individual stocks or not, the SEC's proposal to allow semiannual reporting rather than quarterly could impact clients' portfolios.
June 26 -
The deal between Edward Jones and Quicken is expected to appeal to next-generation clients as they begin accumulating wealth.
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