News | 10.07.19

SEC Commissioner Criticizes Audit Trail Project

by: Brian Croce

SEC Commissioner Hester M. Peirce is "disturbed" by the amount of data that will soon be collected by the SEC's consolidated audit trail (CAT), she said at a conference Friday. "It took me a little while for me to get to the point of seeing how really intense a project this is and how the liberty consequences of this project are really pretty severe," Peirce said during a panel discussion. Peirce said her thoughts on the CAT project have been "crystalizing" more recently and collecting data on every trade is giving her pause. "These are people who have been accused of no wrongdoing, there's no evidence that they've done anything wrong, and we, the government and a bunch of the self-regulatory organizations, are going to be watching everything they do," she said. "I think that's crazy."

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