II
119THCONGRESS
1
STSESSION 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
FEBRUARY20, 2025
Mr. K
ENNEDY(for himself, Mr. RICKETTS, Mr. DAINES, Mr. BOOZMAN, Mrs.
B
RITT, 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 col-
lected under consolidated audit trail reporting require-
ments, and for other purposes.
Be it enacted by the Senate and House of Representa-1
tives of the United States of America in Congress assembled, 2
SECTION 1. SHORT TITLE. 3
This Act may be cited as the ‘‘Protecting Investors’ 4
Personally Identifiable Information Act’’. 5
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SEC. 2. PERSONALLY IDENTIFIABLE INFORMATION EX-1
CLUDED FROM CONSOLIDATED AUDIT TRAIL 2
REPORTING REQUIREMENTS. 3
(a) D
EFINITIONS.—In this section: 4
(1) C
OMMISSION.—The term ‘‘Commission’’ 5
means the Securities and Exchange Commission. 6
(2) P
ERSONALLY IDENTIFIABLE INFORMA -7
TION.—The term ‘‘personally identifiable informa-8
tion’’ means information that can be used to distin-9
guish or trace the identity of an individual, either 10
alone or when combined with other personal or iden-11
tifying information that is linked or linkable to that 12
individual, including the name, address, date or year 13
of birth, Social Security number, telephone number, 14
email address, or IP-address of the individual. 15
(b) P
ROHIBITION.—Except as provided in subsection 16
(c), the Commission may not require a national securities 17
exchange, a national securities association, or a member 18
of such an exchange or association to provide personally 19
identifiable information with respect to a market partici-20
pant to meet the requirements relating to an order or a 21
reportable event under section 242.613(c)(7) of title 17, 22
Code of Federal Regulations, or any successor regulation. 23
(c) E
XCEPTION.—The Commission may only require 24
a national securities exchange, a national securities asso-25
ciation, or a member of such an exchange or association 26
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to provide personally identifiable information with respect 1
to a market participant, as described in subsection (b), 2
if— 3
(1) the Commission makes a request for that 4
information; and 5
(2) the information is related to an investiga-6
tion of— 7
(A) a violation of the Federal securities 8
laws or a regulation issued under the Federal 9
securities laws; or 10
(B) an enforcement action with respect to 11
a violation described in subparagraph (A). 12
(d) R
EQUEST FOREXTENSION.—At the request of 13
the Commission under subsection (c), a national securities 14
exchange, a national securities association, or a member 15
of such an exchange or association shall provide the per-16
sonally identifiable information subject to that request not 17
later than 24 hours after receiving that request, unless, 18
at the request of that national securities exchange, na-19
tional securities association, or member, the Commission 20
provides a reasonable extension. 21
(e) D
ESTRUCTION OF PERSONALLYIDENTIFIABLE 22
I
NFORMATION.—In the case of personally identifiable in-23
formation provided to the Commission under subsection 24
(c), the Commission shall destroy that information not 25
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later than 1 day after the conclusion of the investigation 1
or other matter for which that information was required. 2
Æ
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