Series 66 Quiz
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LAWS, REGULATIONS, AND GUIDELINES
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An investment adviser registered with the SEC stores client records with a third-party cloud vendor. On March 3, the vendor detects that an intruder accessed a file containing client names, addresses, and tax identification numbers, and it notifies the adviser on March 4. The adviser's Form ADV Part 2A brochure states that the firm will notify clients of a suspected data breach within 45 days. The adviser's internal review, completed on March 28, confirms that the data were accessed; the adviser does not determine that the information has not been and is not reasonably likely to be used in a way that would cause substantial harm or inconvenience. The adviser mails notices to all affected clients on April 12.
Which statement is correct regarding the adviser's notification obligation under federal privacy and cybersecurity rules?
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