119-s658

[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.
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