SEC Regulation S-P (“Privacy of Consumer Financial Information”) applies only to a new relationship established for individuals (Institutional Accounts are not affected). The regulation also differentiates between “customers” (individuals with which OPM has an established relationship) and “consumers” (where no pre-established relationship exists). For purposes of this section, OPM considers any individual (and the legal representative acting on their behalf) from whom information is obtained to obtain services or products from OPM to be a “customer.” OPM has adopted a Privacy policy that it provides to customers when a new relationship is established. The Privacy policy explains OPM’s procedures for safeguarding customer information and records and what information, if any, the Company makes available to outside parties. The Privacy policy applies to all individual customers of OPM, whether US or foreign residents.
"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:
In the normal course of business, OPM will not share customer nonpublic financial information with service providers such as service bureaus. Agreements with such third parties include assurances regarding the protection of customer records and information. Information sharing with affiliated companies may also occur and this practice, if applicable, is disclosed in OPM’s Privacy policy. OPM does not share customer nonpublic financial information with non-affiliated companies or nonexempt service providers. The Company provides initial Privacy Notices and revised Privacy Notices to all Customers and investors that are individuals.
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.
