S. 658

119 S658 IS: Protecting Investors’ Personally Identifiable Information Act
 U.S. Senate
 2025-02-20
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 EN
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 II  119th CONGRESS  1st Session  S. 658  IN THE SENATE OF THE UNITED STATES   February 20, 2025   Mr. Kennedy  (for himself,  Mr. Ricketts ,  Mr. Daines ,  Mr. Boozman ,  Mrs. Britt ,  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 collected under consolidated audit trail reporting requirements, and for other purposes.
1.
Short title
This Act may be cited as the   Protecting Investors’ Personally Identifiable Information Act  .
2.
Personally identifiable information excluded from consolidated audit trail reporting requirements
(a)
Definitions
In this section:
(1)
Commission
The term  Commission  means the Securities and Exchange Commission.
(2)
Personally identifiable information
The term  personally identifiable information  means information that can be used to distinguish or trace the identity of an individual, either alone or when combined with other personal or identifying information that is linked or linkable to that individual, including the name, address, date or year of birth, Social Security number, telephone number, email address, or IP-address of the individual.
(b)
Prohibition
Except as provided in subsection (c), the Commission may not require a national securities exchange, a national securities association, or a member of such an exchange or association to provide personally identifiable information with respect to a market participant to meet the requirements relating to an order or a reportable event under section 242.613(c)(7) of title 17, Code of Federal Regulations, or any successor regulation.
(c)
Exception
The Commission may only require a national securities exchange, a national securities association, or a member of such an exchange or association to provide personally identifiable information with respect to a market participant, as described in subsection (b), if—
(1)
the Commission makes a request for that information; and
(2)
the information is related to an investigation of—
(A)
a violation of the Federal securities laws or a regulation issued under the Federal securities laws; or
(B)
an enforcement action with respect to a violation described in subparagraph (A).
(d)
Request for extension
At the request of the Commission under subsection (c), a national securities exchange, a national securities association, or a member of such an exchange or association shall provide the personally identifiable information subject to that request not later than 24 hours after receiving that request, unless, at the request of that national securities exchange, national securities association, or member, the Commission provides a reasonable extension.
(e)
Destruction of personally identifiable information
In the case of personally identifiable information provided to the Commission under subsection (c), the Commission shall destroy that information not later than 1 day after the conclusion of the investigation or other matter for which that information was required.