06.13.24

23 State Officials Ask Congress To Stop SEC Trade-Tracking Program

by: Tracey Longo

Twenty-three state financial officers are asking U.S. House Speaker Mike Johnson to take up a bill that would prohibit the U.S. Securities and Exchange Commission (SEC) from tracking private investment transactions and investor information on every securities trade that is made nationwide. The measure would prohibit the SEC from requiring personally identifiable information to be collected under the SEC's Consolidated Audit Trail (CAT) program, the final phase of which was implemented May 31. Specifically, the bill prohibits the SEC from requiring any national securities exchange association or any of its member firms from providing a market participant's personally identifiable information to the SEC CAT system. Instead, the SEC would be tasked with obtaining personally identifiable information on a case-by-case basis.

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