Protecting Investor Data: Limiting SEC Collection of Personal Information.
This bill enhances privacy for individual stock market investors. It prohibits the Securities and Exchange Commission (SEC) from routinely collecting and storing sensitive personally identifiable information (PII, like SSN or address) as part of the consolidated audit trail (CAT) system. This data can only be requested by the SEC for specific, targeted investigations into securities law violations.
Key points
Increased Privacy Protection: Exchanges and brokers are generally prohibited from providing your personally identifiable information (PII) to the SEC for routine market monitoring.
Data Access Limited to Investigations: The SEC can only request your PII if it is related to a specific investigation or enforcement action regarding a violation of federal securities laws.
Mandatory Data Destruction: Any PII provided to the SEC for an investigation must be destroyed by the Commission within one day after the conclusion of that matter, minimizing data breach risk.
Status:
Expired
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