CFR > Title 17 - Commodity and Securities Exchanges > CHAPTER I—COMMODITY FUTURES TRADING COMMISSION > PART 160—PRIVACY OF CONSUMER FINANCIAL INFORMATION > SUBPART A—Privacy and Opt Out Notices (§160.4 to §160.9) > 160.5—Annual privacy notice to customers required.

160.5—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 life 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 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:
(i) The individual's commodity interest account is closed;
(ii) The individual's advisory contract or subscription is terminated or expires; or
(iii) The individual has redeemed all of his or her units in your pool.
(c) Delivery of notice. When you are required by this section to deliver an annual privacy notice, you must deliver it in the manner provided by § 160.9.