Colorado is the latest state to propose new rules regarding cybersecurity for broker-dealers and investment advisers. David Stauss, head of Ballard Spahr’s cybersecurity practice group in Denver, explained to Legaltech News that the proposals appear to be directed at “ensuring that each entity has baseline data security procedures in place that are commensurate with its size.”
The new proposed Colorado rules would add Rule 51-4.8, “Broker-Dealer Cybersecurity,” and Rule 51-4.14(IA), “Investment Adviser Cybersecurity,” to the Colorado Division of Securities Rules found within the Code of Colorado Regulations. The new rules, according to the Colorado Division of Securities, would “clarify what a broker-dealer and investment adviser must do in order to protect information stored electronically.” (The Division of Securities notice is available on Google Drive via Patterson Belknap Webb & Tyler.)
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