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SEC and CFTC Adopt Identity Theft Red Flag Rules

On April 10, 2013, the Securities and Exchange Commission (the “SEC”) and the Commodity Futures Trading Commission (the “CFTC” and together with the SEC, the “Commissions”) jointly adopted rules and guidelines that require certain entities subject to their enforcement authorities to develop compliance programs to protect investors from identity theft (the “Red Flag Rules”). These new rules implement certain requirements of the Dodd-Frank Wall Street Reform and Protection Act and are similar to existing identity theft rules enforced by the Federal Trade Commission and federal banking regulators.

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