Protecting Investors’ Personally Identifiable Information Act

II 117TH CONGRESS 1ST SESSION S. 1209 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 SENATE OF THE UNITED STATES APRIL 19, 2021 Mr. KENNEDY (for himself, Ms. LUMMIS, Mr. ROUNDS, Mr. MORAN, Mr. DAINES, Mr. CRAMER, and Mr. BOOZMAN) introduced the following bill; which was read twice and referred to the Committee on Banking, Hous- ing, and Urban Affairs 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 03:42 May 13, 2021 Jkt 019200 PO 00000 Frm 00001 Fmt 6652 Sfmt 6201 E:\BILLS\S1209.IS S1209 kjohnson on DSK79L0C42PROD with BILLS 2 •S 1209 IS SEC. 2. PERSONALLY IDENTIFIABLE INFORMATION EX- 1 CLUDED FROM CONSOLIDATED AUDIT TRAIL 2 REPORTING REQUIREMENTS. 3 (a) DEFINITIONS.—In this section— 4 (1) the term ‘‘Commission’’ means the Securi- 5 ties and Exchange Commission; and 6 (2) the term ‘‘personally identifiable informa- 7 tion’’— 8 (A) means information that can be used to 9 distinguish or trace the identity of an indi- 10 vidual, either alone or when combined with 11 other personal or identifying information that is 12 linked or linkable to the individual; 13 (B) includes the name, address, date or 14 year of birth, Social Security number, telephone 15 number, and email address of an individual; 16 and 17 (C) does not include a CAT-Order-ID or 18 CAT-Reporter-ID, as those terms are defined in 19 section 242.613(j) of title 17, Code of Federal 20 Regulations, or any successor regulation. 21 (b) PROHIBITION.—Except as provided in subsection 22 (c), the Commission may not require a national securities 23 exchange, a national securities association, or a member 24 of such an exchange or association to provide personally 25 identifiable information with respect to a market partici- 26 VerDate Sep 11 2014 03:42 May 13, 2021 Jkt 019200 PO 00000 Frm 00002 Fmt 6652 Sfmt 6201 E:\BILLS\S1209.IS S1209 kjohnson on DSK79L0C42PROD with BILLS 3 •S 1209 IS pant to meet the requirements relating to an order or a 1 reportable event under section 242.613(c)(7) of title 17, 2 Code of Federal Regulations, or any successor regulation. 3 (c) EXCEPTION.—The Commission may only require 4 a national securities exchange, a national securities asso- 5 ciation, or a member of such an exchange or association 6 to provide personally identifiable information with respect 7 to a market participant if the Commission makes a re- 8 quest for such information. 9 (d) REQUEST FOR EXTENSION.—If the Commission 10 makes a request under subsection (c), a national securities 11 exchange, a national securities association, or a member 12 of such an exchange or association shall provide the per- 13 sonally identifiable information that is the subject of the 14 request not later than 24 hours after receiving the request, 15 unless, at the request of the national securities exchange, 16 national securities association, or member of such an ex- 17 change or association, the Commission provides a reason- 18 able extension. 19 (e) DESTRUCTION OF PERSONALLY IDENTIFIABLE 20 INFORMATION.—In the case of personally identifiable in- 21 formation provided to the Commission under a request 22 made by the Commission under subsection (c), the Com- 23 mission shall destroy that personally identifiable informa- 24 tion not later than 1 day after the date on which the inves- 25 VerDate Sep 11 2014 03:42 May 13, 2021 Jkt 019200 PO 00000 Frm 00003 Fmt 6652 Sfmt 6201 E:\BILLS\S1209.IS S1209 kjohnson on DSK79L0C42PROD with BILLS 4 •S 1209 IS tigation or other matter for which that personally identifi- 1 able information is required concludes. 2 Æ VerDate Sep 11 2014 03:42 May 13, 2021 Jkt 019200 PO 00000 Frm 00004 Fmt 6652 Sfmt 6301 E:\BILLS\S1209.IS S1209 kjohnson on DSK79L0C42PROD with BILLS