The bill would generally bar the Securities and Exchange Commission (SEC) from requiring securities exchanges, associations, and their members to provide market participants’ personally identifiable information for consolidated audit trail reporting. The SEC could request that information for an investigation or enforcement action involving a possible violation of federal securities laws. The information would be due within 24 hours unless the SEC grants a reasonable extension, and the SEC would have to destroy it no later than one day after the matter ends.
The bill would limit when the SEC can require investor identifying details through this reporting system. It would still allow the SEC to request those details for certain investigations and enforcement actions.
The bill does not specify costs or funding.
No publicly available information.
No publicly available information.