:The top U.S. markets regulator on Wednesday proposed a suite of new policies designed to harden the financial system against hacking, data theft and systems failure.With some dissents from Republican members, the Securities and Exchange Commission's (SEC) five members voted at a public meeting to propose rul
:The top U.S. markets regulator on Wednesday proposed a suite of new policies designed to harden the financial system against hacking, data theft and systems failure.
SEC Chairman Gary Gensler also opened the meeting with a nod to unfolding market turmoil, making veiled reference to the failure of U.S. lender Silicon Valley Bank and fears for the viability of Credit Suisse by restating his agency's pledge to support market resiliency. The proposed regulations, which are now subject to a public comment period prior to any vote on their adoption, add to measures introduced since last year to counter what officials say are mounting dangers to public companies and investors. They are likely to fuel criticism that under Gensler the SEC has embarked on an excessively ambitious rulemaking agenda that is testing the limits of its capacity.
Broker-dealers, securities exchanges and others would also be required to maintain cybersecurity risk policies and notify the SEC"immediately" of"significant" incidents. Gensler, in prepared remarks, called the proposal"the first explicitly to address cybersecurity practices for the majority of these market entities."
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