TS 22.011 defines a new service to provide Restricted Local Operator Services (RLOS) for unauthenticated UEs. The present document is a study of the security aspects of this service. This study will examine potential security and privacy threat scenarios enabled by PARLOS, evaluate whether solutions must be found for these and, if required, identify security solutions and approaches which can mitigate the identified security and privacy threat scenarios while meeting the US regulatory obligations spelled out in the referenced regulations. This study will make recommendations on the solutions considered. This study will consider user notification regarding security and privacy risks when using PARLOS. This study will consider the applicability of external security and privacy standards (e.g. Payment Card Industry Data Security Standard) to PARLOS.