The bill, known as the "Protecting Investors’ Personally Identifiable Information Act," prohibits the Securities and Exchange Commission from requiring the disclosure of personally identifiable information (such as names, addresses, Social Security numbers, etc.) of market participants for consolidated audit trail reporting. This protects investors' privacy by excluding specific personal details from being reported under the requirements of section 242.613(c)(7) of the federal regulations.
Protecting Investors' Personally Identifiable Information Act
This bill limits certain disclosures of personally identifiable information belonging to a participant in the securities market for purposes of tracking market activity.
Specifically, the bill prohibits the Securities and Exchange Commission (SEC) from requiring a national securities exchange, a national securities association, or a member of such an exchange or association to provide such information to satisfy the reporting requirements of the Consolidated Audit Trail (data used by regulators to track market activity).