Bill > S2230

This bill prohibits the Securities and Exchange Commission (SEC) from requiring the collection of personally identifiable information (PII) under the Consolidated Audit Trail (CAT) reporting requirements, except when the SEC makes a specific request for such information during an investigation of a securities law violation or enforcement action. The bill defines PII as information that can be used to identify an individual, such as their name, address, or Social Security number, but excludes certain CAT-related identifiers. If the SEC does request PII, the national securities exchanges, associations, or their members must provide the information within 24 hours, unless granted a reasonable extension, and the SEC must destroy the PII within one day after the conclusion of the investigation or matter.