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Financial Industry Asks To Opt Out of FTC Rules

PRIVACY LAW—U.S.

February 16, 2011

With the Federal Trade Commission's (FTC) deadline for public comment on its recent privacy rules recommendations just two days away, industry and individuals are weighing in on all sides of the issue. The Securities Industry and Financial Markets Association (SIFMA), which represents large banks and investment firms, has asked "to not be regulated by any FTC privacy rules at all," paidContent reports, citing sector-specific privacy regulations that already apply. SIFMA wrote, "financial services firms appreciate more than almost any sector of the economy the importance of maintaining the confidentiality of customer information." The FTC, meanwhile, has suggested that certain types of information--including financial, health and geolocation data--require "special protection."
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