Us Congress 2025-2026 Regular Session

Us Congress Senate Bill SB658 Compare Versions

Only one version of the bill is available at this time.

Old	New	Differences
1	1	II
2	2	119THCONGRESS
3	3	1
4	4	STSESSION S. 658
5	5	To prohibit the Securities and Exchange Commission from requiring that
6	6	personally identifiable information be collected under consolidated audit
7	7	trail reporting requirements, and for other purposes.
8	8	IN THE SENATE OF THE UNITED STATES
9	9	FEBRUARY20, 2025
10	10	Mr. K
11	11	ENNEDY(for himself, Mr. RICKETTS, Mr. DAINES, Mr. BOOZMAN, Mrs.
12	12	B
13	13	RITT, Mr. MORAN, Mr. COTTON, and Mr. LEE) introduced the following
14	14	bill; which was read twice and referred to the Committee on Banking,
15	15	Housing, and Urban Affairs
16	16	A BILL
17	17	To prohibit the Securities and Exchange Commission from
18	18	requiring that personally identifiable information be col-
19	19	lected under consolidated audit trail reporting require-
20	20	ments, and for other purposes.
21	21	Be it enacted by the Senate and House of Representa-1
22	22	tives of the United States of America in Congress assembled, 2
23	23	SECTION 1. SHORT TITLE. 3
24	24	This Act may be cited as the ‘‘Protecting Investors’ 4
25	25	Personally Identifiable Information Act’’. 5
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28	28	•S 658 IS
29	29	SEC. 2. PERSONALLY IDENTIFIABLE INFORMATION EX-1
30	30	CLUDED FROM CONSOLIDATED AUDIT TRAIL 2
31	31	REPORTING REQUIREMENTS. 3
32	32	(a) D
33	33	EFINITIONS.—In this section: 4
34	34	(1) C
35	35	OMMISSION.—The term ‘‘Commission’’ 5
36	36	means the Securities and Exchange Commission. 6
37	37	(2) P
38	38	ERSONALLY IDENTIFIABLE INFORMA -7
39	39	TION.—The term ‘‘personally identifiable informa-8
40	40	tion’’ means information that can be used to distin-9
41	41	guish or trace the identity of an individual, either 10
42	42	alone or when combined with other personal or iden-11
43	43	tifying information that is linked or linkable to that 12
44	44	individual, including the name, address, date or year 13
45	45	of birth, Social Security number, telephone number, 14
46	46	email address, or IP-address of the individual. 15
47	47	(b) P
48	48	ROHIBITION.—Except as provided in subsection 16
49	49	(c), the Commission may not require a national securities 17
50	50	exchange, a national securities association, or a member 18
51	51	of such an exchange or association to provide personally 19
52	52	identifiable information with respect to a market partici-20
53	53	pant to meet the requirements relating to an order or a 21
54	54	reportable event under section 242.613(c)(7) of title 17, 22
55	55	Code of Federal Regulations, or any successor regulation. 23
56	56	(c) E
57	57	XCEPTION.—The Commission may only require 24
58	58	a national securities exchange, a national securities asso-25
59	59	ciation, or a member of such an exchange or association 26
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62	62	•S 658 IS
63	63	to provide personally identifiable information with respect 1
64	64	to a market participant, as described in subsection (b), 2
65	65	if— 3
66	66	(1) the Commission makes a request for that 4
67	67	information; and 5
68	68	(2) the information is related to an investiga-6
69	69	tion of— 7
70	70	(A) a violation of the Federal securities 8
71	71	laws or a regulation issued under the Federal 9
72	72	securities laws; or 10
73	73	(B) an enforcement action with respect to 11
74	74	a violation described in subparagraph (A). 12
75	75	(d) R
76	76	EQUEST FOREXTENSION.—At the request of 13
77	77	the Commission under subsection (c), a national securities 14
78	78	exchange, a national securities association, or a member 15
79	79	of such an exchange or association shall provide the per-16
80	80	sonally identifiable information subject to that request not 17
81	81	later than 24 hours after receiving that request, unless, 18
82	82	at the request of that national securities exchange, na-19
83	83	tional securities association, or member, the Commission 20
84	84	provides a reasonable extension. 21
85	85	(e) D
86	86	ESTRUCTION OF PERSONALLYIDENTIFIABLE 22
87	87	I
88	88	NFORMATION.—In the case of personally identifiable in-23
89	89	formation provided to the Commission under subsection 24
90	90	(c), the Commission shall destroy that information not 25
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93	93	•S 658 IS
94	94	later than 1 day after the conclusion of the investigation 1
95	95	or other matter for which that information was required. 2
96	96	Æ
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