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By: Alexander Koskey, Michael McLaughlin, and Matthew White from U.S. law firm Baker Donelson LLP

The Securities and Exchange Commission (SEC) continued its focus on cybersecurity regulations this month by announcing three new proposed rules and re-opening the comment period on an additional proposed rule from last year.

Each of the proposed rules focuses on entities in the financial sector, including broker-dealers, investment advisers, investment companies, and other entities regulated by the SEC. The proposed rules would, among other things, require regulated entities to formally adopt policies and procedures for responding to cyber incidents, expand the scope of information subject to the rules to include information received from third-party financial institutions, and implement new requirements for reporting cyber incidents to both customers and regulators.

These proposed rules would impose significant new requirements on regulated entities. To prepare entities in the financial sector for these new requirements, this alert summarizes each of the proposals and provides best practices for designing your cybersecurity incident response plan.

Regulation S-P Amendments - The SEC's proposed amendments to Regulation S-P would require the following of broker-dealers, registered investment advisers, and investment companies.

• Create an Incident Response Program: Entities would be required to adopt written policies and procedures that addre......................

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