FINRA Rules Regarding Personal Data
FINRA or Financial Industry Regulation Authority is a private corporation that manages, regulates, enforces, arbitrates operations handled through the New York Stock Exchange. They are a self-regulatory agency. It is a non-government agency that works closely with and regulates transaction processes for member brokerage firms and exchange markets.
Real Estate and Redaction Rules
What is redaction, and why does it matter in real estate? Redaction is the term that describes the removal of some content from records, media, video, or other data to protect privacy. In many transactions, especially financial ones, both the buyer and seller give a great deal of information to the transaction, including personally identifiable information (PII). Regardless of the type of transaction, PII is defined as “any information that can be used to distinguish or trace an individual’s identity, such as name, social security number, date, and place of birth, mother’s maiden name, or biometric records; and any other information that is linked or linkable to an individual, such as medical, educational, financial, and employment information.”
Federal Court Redaction Rules
Federal regulations require that filings made with federal courts in the US be redacted for privacy. Redaction is a method of removing sensitive data from documents that protect individuals’ privacy or safety before the papers are made available for public viewing. While the US has not made a comprehensive privacy regulation that is all-encompassing such as the General Data Protection Regulation available to protect citizens, it does have several rules or laws that apply in specific contexts.