Regulatory update: enforcement of the Federal Trade Commission's Red Flags Rule.

• Position: Update - American Institute of Certified Public Accountants - Brief article

Enforcement of the Federal Trade Commission's (FTC's) Red Flags Rule, which would impose requirements related to identity theft, continues to be postponed indefinitely. Last year, the AICPA filed suit seeking to prevent application of the rule to CPAs and accounting firms because they are already subject to rigorous confidentiality and privacy requirements under existing laws, to the profession's own rules of professional conduct, and to various state regulations. The American Bar Association (ABA) already has won a case seeking an enforcement bar for attorneys, but the FTC subsequently appealed. The court hearing that case has now decided that the FTC must delay...