Colorado: Revised CPA rules filed with Secretary of State

The revised draft Colorado Privacy Act ('CPA') Rules were filed, on 23 February 2023, with the Secretary of State, after their release by the Colorado Attorney General ('AG') on 27 January 2023. In particular, the latest revision affects several elements of the draft CPA Rules, including:

adding revised definitions, including for 'bona fide loyalty program partner' and 'commercial product and service'; providing new examples for loyalty programs; disclosure and purpose specification changes, as now the revised draft CPA Rules require notification only for material change in the privacy notice, without the 15 days notice; changes on consent, as now, when a consumer has not interacted with a controller that has obtained consent from a consumer in the prior 24 months, the controller must refresh consent in order to continue processing sensitive data or to process personal data for a secondary use; culled minimum content requirements for data protection assessments; amending provisions on consumer rights, including on the right to opt out and right to access; and technical specifications for the Universal Opt-Out Mechanism. Colorado: AG publishes updated draft CPA rules The Colorado Attorney General ('AG') published, on 27 January 2023, an updated version of its draft rules implementing the Colorado Privacy Act ('CPA') with redline changes based on feedback received through public input between 10 October 2022 and 18 January 2023. In particular, the latest revision affects several elements of the draft rules implementing the CPA.

You can read the revised draft CPA Rules: https://www.coloradosos.gov/CCR/eDocketDetails.do?trackingNum=2022-00603

What is the CPA as revised in Colorado and filed with the Secretary of State The "Revised CPA rules" draft in Colorado refers to proposed changes to the Certified Public Accountant regulations in Colorado. These changes could include updates to certification requirements, continuing education requirements, ethical standards, competency requirements, and professional conduct.

The "Colorado Code Regulations eDocket" is an electronic docket system used by the Colorado Secretary of State's office to manage the rulemaking process for state agencies. This system allows interested parties to view and comment on proposed rule changes, including the proposed Revised CPA rules.

The use of an eDocket system streamlines the rulemaking process and increases transparency, as interested parties can access and participate in the rulemaking process from anywhere with internet access. This system allows for a more open and democratic process in developing regulations and rules that affect the public and various industries.

Overall, the combination of the Revised CPA rules and the Colorado Code Regulations eDocket represents an effort to modernize and improve the regulation of the accounting profession in Colorado while also promoting transparency and public participation in the rulemaking process.

What is the Certified Public Accountant CPA The Certified Public Accountant (CPA) is a professional qualification for those who wish to work as public accountants in the United States. To obtain the CPA designation, an individual must meet the education, experience, and professional competence requirements established by the state in which they wish to practice as a CPA.

CPAs are authorized to perform a wide range of accounting services, including audit, compilation, and tax return preparation for individuals, businesses, and non-profit organizations. In addition, CPAs may provide business consulting services, such as tax planning and business valuation.

The CPA designation is highly respected in the accounting profession and can be a significant advantage for those seeking employment in accounting, finance, or business consulting. Moreover, CPAs are required to follow rigorous ethical and professional conduct standards, which ensures the integrity and transparency of the accounting profession.