Under Regulation S-P (SEC privacy rule), broker-dealers must provide customers with a privacy notice that explains:

Why A — How the firm collects, uses, and shares customers' personal financial information

Regulation S-P requires broker-dealers and investment advisers to provide customers with a clear privacy notice describing what personal information is collected, how it is used, and with whom it is shared. Customers must be given the opportunity to opt out of having their information shared with non-affiliated third parties. The initial notice must be provided when the customer relationship is established, and annual notices are provided thereafter.