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Senate Bill 2230
118th Congress(2023-2024)
Protecting Investors’ Personally Identifiable Information Act
Introduced
Introduced
Introduced in Senate on Jul 11, 2023
Overview
Text
Introduced in Senate 
Jul 11, 2023
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Introduced in Senate(Jul 11, 2023)
Jul 11, 2023
About Linkage
Multiple bills can contain the same text. This could be an identical bill in the opposite chamber or a smaller bill with a section embedded in a larger bill.
Bill Sponsor regularly scans bill texts to find sections that are contained in other bill texts. When a matching section is found, the bills containing that section can be viewed by clicking "View Bills" within the bill text section.
Bill Sponsor is currently only finding exact word-for-word section matches. In a future release, partial matches will be included.
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S. 2230 (Introduced-in-Senate)


118th CONGRESS
1st Session
S. 2230


To prohibit the Securities and Exchange Commission from requiring that personally identifiable information be collected under consolidated audit trail reporting requirements, and for other purposes.

IN THE SENATE OF THE UNITED STATES

July 11, 2023

Mr. Kennedy (for himself, Mr. Boozman, Mr. Moran, Mr. Cotton, Mr. Daines, Mrs. Britt, Mr. Rounds, and Mr. Tuberville) introduced the following bill; which was read twice and referred to the Committee on Banking, Housing, and Urban Affairs

A BILL

To prohibit the Securities and Exchange Commission from requiring that personally identifiable information be collected under consolidated audit trail reporting requirements, and for other purposes.

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,

SECTION 1. Short title.

This Act may be cited as the “Protecting Investors’ Personally Identifiable Information Act”.

SEC. 2. Personally identifiable information excluded from consolidated audit trail reporting requirements.

(a) Definitions.—In this section:

(1) COMMISSION.—The term “Commission” means the Securities and Exchange Commission.

(2) PERSONALLY IDENTIFIABLE INFORMATION.—The term “personally identifiable information”—

(A) means information that can be used to distinguish or trace the identity of an individual, either alone or when combined with other personal or identifying information that is linked or linkable to that individual, including the name, address, date or year of birth, Social Security number, telephone number, email address, or IP-address of the individual; and

(B) does not include a CAT-Order-ID or CAT-Reporter-ID, as those terms are defined in section 242.613(j) of title 17, Code of Federal Regulations, or any successor regulation.

(b) Prohibition.—Except as provided in subsection (c), the Commission may not require a national securities exchange, a national securities association, or a member of such an exchange or association to provide personally identifiable information with respect to a market participant to meet the requirements relating to an order or a reportable event under section 242.613(c)(7) of title 17, Code of Federal Regulations, or any successor regulation.

(c) Exception.—The Commission may only require a national securities exchange, a national securities association, or a member of such an exchange or association to provide personally identifiable information with respect to a market participant, as described in subsection (b), if—

(1) the Commission makes a request for that information; and

(2) the information is related to an investigation of—

(A) a violation of the Federal securities laws or a regulation issued under the Federal securities laws; or

(B) an enforcement action with respect to a violation described in subparagraph (A).

(d) Request for extension.—At the request of the Commission under subsection (c), a national securities exchange, a national securities association, or a member of such an exchange or association shall provide the personally identifiable information subject to that request not later than 24 hours after receiving that request, unless, at the request of that national securities exchange, national securities association, or member, the Commission provides a reasonable extension.

(e) Destruction of personally identifiable information.—In the case of personally identifiable information provided to the Commission under subsection (c), the Commission shall destroy that information not later than 1 day after the conclusion of the investigation or other matter for which that information was required.