Can I prioritize privacy compliance to gain a competitive advantage, reduce the possibility of regulatory issues, and help secure valuable partnerships in Wisconsin? What are the requirements?

Prioritizing Privacy Compliance in Wisconsin

Yes, prioritizing privacy compliance can provide a competitive advantage, reduce the possibility of regulatory issues, and help secure valuable partnerships in Wisconsin.

Requirements for Privacy Compliance

The Wisconsin Administrative Code provides requirements for privacy compliance for licensees. Licensees must provide an initial privacy notice to consumers that accurately reflects its privacy policies and practices regarding nonpublic personal financial information ^[1.1]. The notice must be provided to customers when the licensee establishes a customer relationship, and to consumers before the licensee discloses any nonpublic personal financial information about the consumer to any nonaffiliated third party ^[1.1].

Licensees must also provide an annual privacy notice to customers that accurately reflects its privacy policies and practices with regard to nonpublic personal financial information ^[1.2]. The annual notice must be provided not less than annually during the continuation of the customer relationship ^[1.2].

The initial, annual, and revised privacy notices that a licensee provides must include specific information, such as the categories of nonpublic personal financial information that the licensee collects and discloses, the categories of affiliates and nonaffiliated third parties to which the licensee discloses nonpublic personal financial information, and an explanation of the consumer’s right to opt out of the disclosure of nonpublic personal financial information to nonaffiliated third parties ^[1.3].

Licensees must also describe their policies and practices with respect to protecting the confidentiality and security of nonpublic personal financial information ^[1.3].

Conclusion

Prioritizing privacy compliance can provide a competitive advantage, reduce the possibility of regulatory issues, and help secure valuable partnerships in Wisconsin. Licensees must provide an initial privacy notice to consumers, an annual privacy notice to customers, and include specific information in their initial, annual, and revised privacy notices. They must also describe their policies and practices with respect to protecting the confidentiality and security of nonpublic personal financial information.

Source(s):

• [1.1] Initial privacy notice to consumers required.
• [1.2] Annual privacy notice to customers required.
• [1.3] Information to be included in privacy notices.

Jurisdiction

Wisconsin

• Privacy