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Daily Dashboard | US SEC fines Facebook $100M over misuse of user data Related reading: A view from Brussels: EDPS sends signal on data transfers 

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In addition to the $5 billion fine Facebook must pay to the U.S. Federal Trade Commission, it will also have to pay $100 million to the Securities and Exchange Commission for making misleading disclosures regarding the risk of misuse of user data, according to an SEC news release. The SEC announced charges alleging “Facebook discovered the misuse of its users’ information in 2015, but did not correct its existing disclosure for more than two years” and took the step of presenting the situation as hypothetical. The SEC also claims Facebook did not have specific policies or procedures to assess the results of their investigations. Meanwhile, Facebook has nominated Vice President of Marketing on Partnerships Michel Protti to serve as chief privacy officer to oversee its privacy program following the FTC settlement. 
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