Financial Privacy Acts

GLB

The Gramm Leach Bliley Act is a financial privacy act. It demands that each financial institution has an affirmative and continuing obligation to respect its customers’ privacy. It also must protect customers’ serciruly and assure the confidentiality of those customers’ nonpublic personal information.

SOX

Sarbanes Oxley is a financial privacy act designed to oversee the financial reporting landscape for finance professionals. SOX’s purpose is to review legislative audit requirements as well as to protect investors by improving the accuracy and reliability of corporate disclosures. Establishing a public company accounting oversight board, auditor independence, corporate responsibility and enhanced financial disclosure are all covered under SOX. The act also tightens accountability standards for directors and officers, auditors, securities analysts and legal counsel.