The Delaware Personal Data Privacy Act, which gives consumers the right to know who is collecting their data and to opt out of targeted ads, was passed in the last days of the legislative session.
House Bill 154, sponsored by Rep. Krista Griffith (D-Fairfax), was amended to exclude registered securities brokers and dealers, as well as financial institutions that fall under the Gramm-Leach-Bliley Act. The bill as amended passed the State Senate 15-5 on June 29, and the amended bill passed the House of Representatives the following day.
Griffith told Delaware Business Times that the amendment, which was proposed by Sen. Bryan Townsend (D-Newark/Bear), was friendly and a compromise to get it over the finish line.
“Banks and financial firms are subject to the [Gramm-Leach-Bliley Act] guidelines, so there wasn’t so much heartburn in that. And shortly after the bill passed the House, FINRA reached out to us to ask to be included in the exemptions,” Griffith said.
FINRA —the Financial Industry Regulatory Authority — is a private company that acts as an independent regulator over brokerage firms and exchange markets. With the goal to ensure the United State securities operate fairly, it oversees around 3,5000 securities brokerage firms and 624,670 registered securities representatives. Under the amendment passed, registered national securities associations would also be exempt.
Source : Delaware Business