Rules for
Privacy of Consumer Financial Information
Regulation S-P
Rule 18 -- Effective Date; Transition Rule
Effective date. This part is effective November
13, 2000. In order to provide sufficient time for you to establish policies
and systems to comply with the requirements of this part, the compliance date
for this part is July 1, 2001.
Notice requirement for consumers who are
your customers on the compliance date. By July 1, 2001, you must have
provided an initial notice, as required by Rule 4,
to consumers who are your customers on July 1, 2001.
Example. You provide an initial notice
to consumers who are your customers on July 1, 2001, if, by that date,
you have established a system for providing an initial notice to all new
customers and have mailed the initial notice to all your existing customers.
Two-year grandfathering of service agreements.
Until July 1, 2002, a contract that you have entered into with a nonaffiliated
third party to perform services for you or functions on your behalf satisfies
the provisions of Rule 13(a)(2), even if the contract
does not include a requirement that the third party maintain the confidentiality
of nonpublic personal information, as long as you entered into the agreement
on or before July 1, 2000.
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