Bill > S658

This bill, called the "Protecting Investors' Personally Identifiable Information Act", aims to restrict the Securities and Exchange Commission (SEC) from collecting personally identifiable information (PII) through the Consolidated Audit Trail (CAT) reporting requirements. The bill defines PII as information that can identify an individual, such as name, address, Social Security number, email, or IP address. Under this legislation, the SEC cannot require national securities exchanges, associations, or their members to provide PII for CAT reporting, except in specific investigative circumstances. If the SEC needs PII, it must formally request it in connection with investigating a potential violation of federal securities laws or for an enforcement action. When such information is requested, the securities entity must provide it within 24 hours, and the SEC must destroy the PII within one day after concluding the investigation. The bill seeks to protect individual privacy while maintaining the SEC's ability to investigate potential securities law violations by limiting and strictly controlling the collection of personal information.

Housing and Urban Affairs

https://www.congress.gov/bill/119th-congress/senate-bill/658/all-info