Protecting Investors’ Personally Identifiable Information Act

I 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 Com- mittee on Financial Services A BILL To prohibit the Securities and Exchange Commission from requiring that personally identifiable information be col- lected under consolidated audit trail reporting require- ments, and for other purposes. Be it enacted by the Senate and House of Representa- 1 tives of the United States of America in Congress assembled, 2 SECTION 1. SHORT TITLE. 3 This Act may be cited as the ‘‘Protecting Investors’ 4 Personally Identifiable Information Act’’. 5 VerDate Sep 11 2014 06:22 May 18, 2021 Jkt 019200 PO 00000 Frm 00001 Fmt 6652 Sfmt 6201 E:\BILLS\H2039.IH H2039 kjohnson on DSK79L0C42PROD with BILLS 2 •HR 2039 IH SEC. 2. PERSONALLY IDENTIFIABLE INFORMATION EX- 1 CLUDED FROM CONSOLIDATED AUDIT TRAIL 2 REPORTING REQUIREMENTS. 3 (a) IN GENERAL.—Except as provided in subsection 4 (b), the Securities and Exchange Commission may not re- 5 quire a national securities exchange, a national securities 6 association, or a member of such an exchange or associa- 7 tion to provide personally identifiable information with re- 8 spect to a market participant to meet the requirements 9 relating to an order or a reportable event under section 10 242.613(c)(7) of title 17, Code of Federal Regulations (or 11 successor regulations). 12 (b) EXCEPTION.—The Securities and Exchange Com- 13 mission may only require a national securities exchange, 14 a national securities association, or a member of such an 15 exchange or association to provide personally identifiable 16 information with respect to a market participant if the 17 Commission makes a request for such information. 18 (c) REQUEST FOR EXTENSION.—At the request of 19 the Securities and Exchange Commission under subsection 20 (b), a national securities exchange, a national securities 21 association, or a member of such an exchange or associa- 22 tion shall provide the personally identifiable information 23 subject to such request not later than 24 hours after re- 24 ceiving such request, unless, at the request of such na- 25 tional securities exchange, a national securities associa- 26 VerDate Sep 11 2014 06:22 May 18, 2021 Jkt 019200 PO 00000 Frm 00002 Fmt 6652 Sfmt 6201 E:\BILLS\H2039.IH H2039 kjohnson on DSK79L0C42PROD with BILLS 3 •HR 2039 IH tion, or a member of such an exchange or association, the 1 Securities and Exchange Commission provides a reason- 2 able extension. 3 (d) DESTRUCTION OF PERSONALLY IDENTIFIABLE 4 INFORMATION.—In the case of personally identifiable in- 5 formation provided to the Securities and Exchange Com- 6 mission under subsection (b), the Securities and Exchange 7 Commission shall destroy such information not later than 8 1 day after the investigation or other matter for which 9 such information was required is concluded. 10 (e) DEFINITION OF PERSONALLY IDENTIFIABLE IN- 11 FORMATION.—In this section, the term ‘‘personally identi- 12 fiable information’’— 13 (1) means information that can be used to dis- 14 tinguish or trace an individual’s identity, either 15 alone or when combined with other personal or iden- 16 tifying information that is linked or linkable to a 17 specific individual, including an individual’s name, 18 address, date or year of birth, Social Security num- 19 ber, telephone number, and email address; and 20 (2) does not include a CAT-Order-ID or CAT- 21 Reporter-ID, as such terms are defined in section 22 242.613(j) of title 17, Code of Federal Regulations 23 (or successor regulations). 24 Æ VerDate Sep 11 2014 06:22 May 18, 2021 Jkt 019200 PO 00000 Frm 00003 Fmt 6652 Sfmt 6301 E:\BILLS\H2039.IH H2039 kjohnson on DSK79L0C42PROD with BILLS