TAILIEUCHUNG - The Gramm-Leach-Bliley Act Privacy of Consumer Financial Information

Currently, more than 120 nations and reporting jurisdictions permit or require IFRS for domestic listed companies. The European Union (EU) requires companies incorporated in its member states whose securities are listed on an EU-regulated stock exchange to prepare their consolidated financial statements in accordance with IFRS. 1 Australia, New Zealand and Israel have essentially adopted IFRS as their national standards. 2 Brazil started using IFRS in 2010. Canada adopted IFRS, in full, on Jan. 1, 2011. Mexico will require adoption of IFRS for all listed entities starting in 2012. Japan is working to achieve convergence of IFRS and began permitting certain. | Federal Trade Commission Bureau of Consumer Protection division of Financial Practices The Gramm-Leach-Bliley Act Privacy of Consumer Financial Information Subtitle A of Title V of the Gramm-Leach-Bliley Act GLB Act has privacy provisions relating to consumers financial information. Under these provisions financial institutions have restrictions on when they may disclose a consumer s personal financial information to nonaffiliated third parties. Financial institutions are required to provide notices to their customers about their information-collection and information-sharing practices. Consumers may decide to opt out if they do not want their information shared with nonaffiliated third parties. The GLB Act provides specific exceptions under which a financial institution may share customer information with a third party and the consumer may not opt out. All financial institutions are required to provide consumers with a notice and opt-out opportunity before they may disclose information to nonaffiliated third parties outside of what is permitted under the exceptions. Subtitle A of Title V of the GLB Act and the Federal Trade Commission regulation can be found on the Gramm-Leach-Bliley Act web page which can be reached directly from the FTC home page at I. Important Dates and Citations about the Gramm-Leach-Bliley Act Statute Public Law 106-102 15 . 6801 et seq. enacted November 12 1999 Regulations 16 . 313 65 Fed. Reg. 33646 May 24 2000 effective date November 13 2000 compliance date July 1 2001 Other Agencies Rules Federal Reserve Board 12 . 216 OTS 12 . 573 OCC 12 . 40 FDIC 12 . 332 NCUA 12 . 716 SEC 17 . 248 CFTC 17 . 160 The views expressed in this presentation are not the official views of the Federal Trade Commission or of any individual Commissioner. June 18 2001. -2- II. Overview A. Key Definitions Financial Institution Consumers and Customers Nonpublic Personal Information B. Notices C. Exceptions D.

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