What is considered non public information under the Gramm Leach Bliley Act?

The Privacy Rule protects a consumer’s “nonpublic personal information” (NPI). NPI is any “personally identifiable financial information” that a financial institution collects about an individual in connection with providing a financial product or service, unless that information is otherwise “publicly available.”

What is GLBA privacy rule?

The GLBA requires that financial institutions act to ensure the confidentiality and security of customers’ “nonpublic personal information,” or NPI. The Safeguards Rule states that financial institutions must create a written information security plan describing the program to protect their customers’ information.

What is required in a GLBA privacy notice?

The GLBA privacy rules, as enforced by the various regulators, generally require: Clear and conspicuous notice of the financial institution’s information-sharing policies and practices, including what information it collects and with whom it shares the information.

When can a consumer opt out of information-sharing?

Consumers must be given the right to “opt out” of, or prevent, a financial institution from disclosing nonpublic personal information about them to a nonaffiliated third party, unless an exception to that right applies. The exceptions are detailed in Sections 13, 14, and 15 of the regulations and described below.

When can you disclose information that is material non public information?

The regulation provides that when an issuer, or person acting on its behalf, discloses material nonpublic information to certain enumerated persons (in general, securities market professionals and holders of the issuer’s securities who may well trade on the basis of the information), it must make public disclosure of …

Which information set would not be considered nonpublic personal information NPI?

Nonpublic personal information does not include publicly available information that the financial institution has a reasonable basis to believe is lawfully made available to the general public from (1) federal, state, or local government records, (2) widely distributed media, or (3) disclosures to the general public …

What is considered non public information?

Material nonpublic information refers to corporate news or information that has not yet been made public and which could also have an impact on its share price. Legally, it does not matter how material nonpublic information is obtained, or whether the person who acts on it is employed by the company or not.

Who does Gramm Leach Bliley apply to?

The Gramm-Leach-Bliley Act requires financial institutions – companies that offer consumers financial products or services like loans, financial or investment advice, or insurance – to explain their information-sharing practices to their customers and to safeguard sensitive data.

What information must be included in the privacy notice?

The first thing to include in your privacy notice is the name, address, email address and telephone number of your organisation. If you’ve appointed a DPO (data protection officer) or EU representative, you should also include their contact details.

When a consumer opts out of disclosures to non affiliated third parties her direction to opt out is effective until?

(1) A consumer’s direction to opt out under this section is effective until the consumer revokes it in writing or, if the consumer agrees, electronically.

Are non-public information and confidential information the same?

For all purposes of this Agreement, the term “Confidential Information” shall collectively refer to all non-public information or material disclosed or provided by one party to the other, either orally or in writing, or obtained by the recipient party from a third party or any other source, concerning any aspect of the …