The Vermont Department of Financial Regulation (DFR) has issued Securities Bulletin S-2025-02, effective December 5, 2025. This bulletin provides specific guidance to investment advisers and broker-dealers regarding the requirements for protecting client financial information within Vermont. It supplements existing regulations by clarifying expectations for data security measures that firms must adopt and maintain.

Investment advisers and broker-dealers operating in Vermont must review this bulletin and ensure their internal policies and procedures align with the outlined requirements for client financial information protection. While the bulletin itself is guidance, non-compliance with underlying regulations or failure to implement reasonable security measures could lead to enforcement actions by the DFR. Firms should assess their current data protection practices against the bulletin's recommendations and make necessary adjustments before the effective date.