04.21.21
Senate GOP Bill Seeks to Ban Collection of Personal Audit Trail Data
by: Brian Croce
Senate Republicans introduced a bill that would prohibit the SEC from requiring personally identifiable information be collected under the reporting requirements for its consolidated audit trail. The measure would allow the SEC to obtain personally identifiable information related to investors only by requesting it on a case-by-case basis. Companies and investors trading on the U.S. stock exchanges would need to fulfill the SEC's request for the information within 24 hours, though smaller brokers may request additional time, according to a release Monday from Sen. John Kennedy (R-LA), the bill's sponsor. The bill was initially introduced in the House last month by Rep. Barry Loudermilk (R-GA).
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