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Finra Series-63 Exam - Topic 2 Question 2 Discussion

Actual exam question for Finra's Series-63 exam
Question #: 2
Topic #: 2
[All Series-63 Questions]

Which of the following laws deals with identity theft protection?

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Suggested Answer: D

Regulation S-P was enacted by the SEC to deal with identity theft. The law requires financial institutions to provide their clients with a statement of its privacy policies and practices and prohibits the disclosure of nonpublic personal information about even a prospective client to a nonaffiliated third party unless certain conditions are met, including giving the client or prospective client the right to opt out of the disclosure.


by Pedro at Mar 04, 2025, 02:05 PM

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Layla
4 months ago
Not sure about that, I always thought BSA was more relevant.
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Florencia
4 months ago
Totally agree, Regulation S-P is key for protecting identities!
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Roxane
4 months ago
Wait, ERISA? Really? That doesn’t sound right.
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Glenna
5 months ago
I thought the USA Patriot Act had something to do with that too?
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Isaac
5 months ago
Regulation S-P is the one for identity theft protection.
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Florinda
5 months ago
I feel like ERISA is more about employee benefits, so I doubt that's the answer here.
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Melda
5 months ago
I’m a bit confused; I thought the Bank Secrecy Act had something to do with financial crimes, but does it cover identity theft too?
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Tawanna
5 months ago
I remember practicing a question about Regulation S-P and its focus on privacy, so that could be the right answer.
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Kaycee
5 months ago
I think the USA Patriot Act might be related to identity theft, but I'm not entirely sure how it connects.
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Annmarie
5 months ago
I feel confident that the answer is Regulation S-P. That law specifically addresses identity theft protection and data privacy requirements for financial firms.
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Leontine
5 months ago
Okay, let me think this through. The Bank Secrecy Act is about reporting financial transactions, so that doesn't seem right. ERISA is about employee benefits, so that's not it either. I'm going to go with Regulation S-P.
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Gail
5 months ago
Hmm, I'm a bit unsure on this one. I know the USA Patriot Act has some provisions related to identity theft, but I'm not sure if that's the best answer here.
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Kristeen
6 months ago
I'm pretty sure the answer is Regulation S-P, since that deals with privacy and data protection for financial institutions.
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