"Public" vs. "Nonpublic" Personal Information about Customers:
Generally, OPM considers information provided to it by a customer or potential customer in the normal course of OPM offering a product or service to be “nonpublic personal information.” Identifying whether information is “public” or “nonpublic” is important with regard to OPM’s obligations if OPM shares information with nonaffiliated third parties. Public information is information that OPM reasonably believes may be obtained from three sources:
● Federal state or local government records
● Widely distributed media
● Disclosures to the general public required under federal, state, or local law
Nonpublic personal information also includes any list, description, or other grouping of customers (and publicly available information about them) derived from financial information that is not publicly available.
Sharing Nonpublic Financial Information:
Regulation S-AM (“Reg S-AM”) prohibits a registered broker-dealer from using information about an individual consumer that has been obtained from an affiliated entity for marketing purposes unless the information sharing practices have been disclosed and the consumer has not opted out.