Question

All of the following are provisions of Regulation S-P except

A)the firm must give the customer the opportunity to opt out semiannually.
B)the firm must give the customer the opportunity to opt out at the opening of the account.
C)the firm has an obligation to protect the privacy of customer information.
D)the firm must initially when opening the account and annually thereafter provide the customer with a privacy notice.

Answer 1

All of the options given are provisions of Regulation S-P except for the opportunity to opt out semiannually.

Step-by-step explanation:

All of the following are provisions of Regulation S-P except:

1. The firm must give the customer the opportunity to opt out semiannually.
2. The firm must give the customer the opportunity to opt out at the opening of the account.
3. The firm has an obligation to protect the privacy of customer information.
4. The firm must initially when opening the account and annually thereafter provide the customer with a privacy notice.

Regulation S-P, also known as the Safeguards Rule, is a regulation that requires financial institutions to protect the privacy and security of customer information. It mandates that firms must provide privacy notices to customers, but it does not specify the frequency of these notices. Therefore, option A, which states that the firm must give the customer the opportunity to opt out semiannually, is not a provision of Regulation S-P.