Bill Details
S.658 - 119th Congress
Status
Latest action
2025-02-20 - Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Introduced Date
2025-02-20
Policy Area
Finance and Financial Sector
Committees
View committees (1)
Sponsors
Cosponsors
6
0
0
AI Summary This summary was generated by AI from the bill text. AI can get information wrong.
This bill would stop the Securities and Exchange Commission from routinely collecting personal information, such as names, addresses, Social Security numbers, phone numbers, email addresses, or IP addresses, through its market tracking system. In general, the SEC could not require exchanges or their members to include this kind of private information in normal reporting. The SEC could still ask for it in limited cases when it is needed for an investigation or enforcement action involving possible securities law violations, and it would have to delete that information soon after the matter is finished.
- The bill defines personal information broadly, covering details that can identify a person, either by themselves or when combined with other data.
- The SEC could request this information only when it is tied to an investigation or enforcement action involving federal securities laws.
- If the SEC makes a request, the information would need to be provided within 24 hours, unless the SEC grants a reasonable extension.
- The SEC would have to destroy any such personal information no later than one day after the investigation or other matter ends.
Official Summaries
No summaries available
Current Full Text
[Congressional Bills 119th Congress]
[From the U.S. Government Publishing Office]
[S. 658 Introduced in Senate (IS)]
<DOC>
119th CONGRESS
1st Session
S. 658
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
February 20, 2025
Mr. Kennedy (for himself, Mr. Ricketts, Mr. Daines, Mr. Boozman, Mrs.
Britt, Mr. Moran, Mr. Cotton, and Mr. Lee) 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'' 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.
(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.
<all>