; (2) by amending subsection (a) to read as follows: (a) Acts prohibited It is unlawful for a covered entity that has actual or constructive knowledge that such covered entity is processing covered information about a young consumer or child to process such information in a manner that violates the regulations prescribed under subsection (b). ; (3) by amending subsection (b) to read as follows: (b) In general Not later than 1 year after the date of enactment of the Protecting the Information of our Vulnerable Children and Youth Act , the Commission shall, under section 553 of title 5, United States Code, revise regulations issued under this Act prior to such date of enactment and issue additional regulations as necessary that implement the requirements and prohibitions set forth in paragraphs (1) through (7). The Commission shall have the authority to revise such regulations every 7 years or as it determines necessary due to changes in or emerging technology. (1) Transparency Such regulations shall require a covered entity to develop and make publicly available at all times and in a machine-readable format, a privacy policy, in a manner that is clear, easily understood, and written in plain and concise language, that includes— (A) the categories of covered information that the covered entity processes about young consumers and children; (B) how and under what circumstances covered information is collected directly from a young consumer or child; (C) the categories and the sources of any covered information processed by a covered entity that is not collected directly from a young consumer or child; (D) a description of the purposes for which the covered entity processes covered information, including— (i) a description of whether and how the covered entity customizes products or services, or adjusts the prices of products or services for young consumers or children or based in any part on processing of covered information