Financial Agencies Release Safe Harbor Form

WASHINGTON (CN) - Financial institutions regulated under the Gramm-Leach-Bliley Act will issue new privacy statements to their account holders detailing the privacy policies of the institution and the rights of account holders under those policies.

Financial institutions are to provide initial and annual privacy notices to their customers for as long as the relationship continues, according to Subtitle A of Title V of the act. The notice must accurately reflect the institution's information collection and disclosure practices.

Federal agencies responsible for implementing the act, including the Treasury Department, the Federal Trade Commission and the Securities and Exchange Commission, have adopted a model privacy form that financial institutions may rely on as a safe harbor to provide disclosures under the privacy rules.

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