[Code of Federal Regulations]
[Title 17, Volume 3]
[Revised as of April 1, 2004]
From the U.S. Government Printing Office via GPO Access
[CITE: 17CFR248.18]

[Page 572]
 
              TITLE 17--COMMODITY AND SECURITIES EXCHANGES
 
       CHAPTER II--SECURITIES AND EXCHANGE COMMISSION (CONTINUED)
 
PART 248_REGULATION S	P: PRIVACY OF CONSUMER FINANCIAL INFORMATION--Table of Contents
 
            Subpart D_Relation to Other Laws; Effective Date
 
Sec. 248.18  Effective date; transition rule.

    (a) Effective date. This part is effective November 13, 2000. In 
order to provide sufficient time for you to establish policies and 
systems to comply with the requirements of this part, the compliance 
date for this part is July 1, 2001.
    (b)(1) Notice requirement for consumers who are your customers on 
the compliance date. By July 1, 2001, you must have provided an initial 
notice, as required by Sec. 248.4, to consumers who are your customers 
on July 1, 2001.
    (2) Example. You provide an initial notice to consumers who are your 
customers on July 1, 2001, if, by that date, you have established a 
system for providing an initial notice to all new customers and have 
mailed the initial notice to all your existing customers.
    (c) Two-year grandfathering of service agreements. Until July 1, 
2002, a contract that you have entered into with a nonaffiliated third 
party to perform services for you or functions on your behalf satisfies 
the provisions of Sec. 248.13(a)(2), even if the contract does not 
include a requirement that the third party maintain the confidentiality 
of nonpublic personal information, as long as you entered into the 
agreement on or before July 1, 2000.