Regulatory Outlook | 03.24.21
Lawmakers Float Bill to Ban SEC Gathering of Audit Trail Data
A group of House Republicans have introduced a bill to prohibit the SEC from requiring personally identifiable information be collected under the reporting requirements for its consolidated audit trail. The bill would "require the SEC to obtain investors' sensitive information from their stockbroker if the SEC needs that information instead of automatically storing every investor's sensitive personal data in the database," said Rep. Barry Loudermilk (R-GA), the bill's sponsor. "That would protect investors' privacy and significantly reduce cyberrisk, while still ensuring that the SEC can access the information it needs."
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