Code of Federal Regulations Title 17. Commodity and Securities Exchanges § 17.248.5 Annual privacy notice to customers required

(a)(1) General rule. You must provide a clear and conspicuous notice to customers that accurately reflects your privacy policies and practices not less than annually during the continuation of the customer relationship. Annually means at least once in any period of 12 consecutive months during which that relationship exists. You may define the 12–consecutive–month period, but you must apply it to the customer on a consistent basis.

(2) Example. You provide a notice annually if you define the 12–consecutive–month period as a calendar year and provide the annual notice to the customer once in each calendar year following the calendar year in which you provided the initial notice. For example, if a customer opens an account on any day of year 1, you must provide an annual notice to that customer by December 31 of year 2.

(b)(1) Termination of customer relationship. You are not required to provide an annual notice to a former customer.

(2) Examples. Your customer becomes a former customer when: