[Congressional Bills 117th Congress]
[From the U.S. Government Publishing Office]
[H.R. 2039 Introduced in House (IH)]

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117th CONGRESS
  1st Session
                                H. R. 2039

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.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             March 18, 2021

Mr. Loudermilk (for himself, Mr. Huizenga, Mr. Hill, Mr. Davidson, and 
  Mr. Budd) introduced the following bill; which was referred to the 
                    Committee on Financial Services

_______________________________________________________________________

                                 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.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Protecting Investors' Personally 
Identifiable Information Act''.

SEC. 2. PERSONALLY IDENTIFIABLE INFORMATION EXCLUDED FROM CONSOLIDATED 
              AUDIT TRAIL REPORTING REQUIREMENTS.

    (a) In General.--Except as provided in subsection (b), the 
Securities and Exchange 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 successor 
regulations).
    (b) Exception.--The Securities and Exchange 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 if the Commission makes a request for such information.
    (c) Request for Extension.--At the request of the Securities and 
Exchange Commission under subsection (b), 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 such request not later than 24 hours after 
receiving such request, unless, at the request of such national 
securities exchange, a national securities association, or a member of 
such an exchange or association, the Securities and Exchange Commission 
provides a reasonable extension.
    (d) Destruction of Personally Identifiable Information.--In the 
case of personally identifiable information provided to the Securities 
and Exchange Commission under subsection (b), the Securities and 
Exchange Commission shall destroy such information not later than 1 day 
after the investigation or other matter for which such information was 
required is concluded.
    (e) Definition of Personally Identifiable Information.--In this 
section, the term ``personally identifiable information''--
            (1) means information that can be used to distinguish or 
        trace an individual's identity, either alone or when combined 
        with other personal or identifying information that is linked 
        or linkable to a specific individual, including an individual's 
        name, address, date or year of birth, Social Security number, 
        telephone number, and email address; and
            (2) does not include a CAT-Order-ID or CAT-Reporter-ID, as 
        such terms are defined in section 242.613(j) of title 17, Code 
        of Federal Regulations (or successor regulations).
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