NEWPORT BEACH, Calif. — The Securities and Exchange Commissionhas proposed a change to Regulation S-P: Privacy of ConsumerFinancial Information and Safeguarding Personal Information, whichcould impact credit union investment programs, according to theNational Association of Credit Union Service Organizations.

SEC's proposed amendments would set forth more specificrequirements for safeguarding information and responding toinformation security breaches.

Guy Messick, NACUSO general counsel, said page 40 of theproposal describes the protocol when a registered representativeleaves one brokerage firm for another. The representative isreferred the bulk of their business by the bank and credit unionand such information is often treated as trade secrets with therepresentative acknowledging that the representative does not ownthe book of business, he said.