This bill prohibits the Securities and Exchange Commission (SEC) from requiring stock exchanges, securities associations, and their members to routinely collect and report personal information about investors—such as names, addresses, Social Security numbers, and email addresses—as part of the consolidated audit trail, which tracks market transactions. The main exception allows the SEC to request this personal information only when conducting investigations into violations of federal securities laws or taking enforcement actions, and companies must provide it within 24 hours or a reasonable extension. The SEC must destroy any personal information it receives within one day after completing the investigation. The bill affects securities exchanges, brokers, and the SEC's ability to monitor market trading activities and maintain records for regulatory oversight.
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