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 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. 

1 Be it enacted by the Senate and House of Representa2 tives of the United States of America in Congress assembled, 

3 SECTION 1. SHORT TITLE. 

4 This Act may be cited as the ‘‘Protecting Investors’ 

5 Personally Identifiable Information Act’’. 


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1 SEC. 2. PERSONALLY IDENTIFIABLE INFORMATION EX2 CLUDED FROM CONSOLIDATED AUDIT TRAIL 

3 REPORTING REQUIREMENTS. 

4 (a) IN GENERAL.—Except as provided in subsection 

5 (b), the Securities and Exchange Commission may not re6 quire a national securities exchange, a national securities 

7 association, or a member of such an exchange or associa8 tion to provide personally identifiable information with re9 spect to a market participant to meet the requirements 

10 relating to an order or a reportable event under section 

11 242.613(c)(7) of title 17, Code of Federal Regulations (or 

12 successor regulations). 

13 (b) EXCEPTION.—The Securities and Exchange Com14 mission may only require a national securities exchange, 

15 a national securities association, or a member of such an 

16 exchange or association to provide personally identifiable 

17 information with respect to a market participant if the 

18 Commission makes a request for such information. 

19 (c) REQUEST FOR EXTENSION.—At the request of 

20 the Securities and Exchange Commission under subsection 

21 (b), a national securities exchange, a national securities 

22 association, or a member of such an exchange or associa23 tion shall provide the personally identifiable information 

24 subject to such request not later than 24 hours after re25 ceiving such request, unless, at the request of such na26 tional securities exchange, a national securities associaVerDate Sep 11 2014 06:22 May 18, 2021 Jkt 019200 PO 00000 Frm 00002 Fmt 6652 Sfmt 6201 E:\BILLS\H2039.IH H2039

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1 tion, or a member of such an exchange or association, the 

2 Securities and Exchange Commission provides a reason3 able extension. 

4 (d) DESTRUCTION OF PERSONALLY IDENTIFIABLE

5 INFORMATION.—In the case of personally identifiable in6 formation provided to the Securities and Exchange Com7 mission under subsection (b), the Securities and Exchange 

8 Commission shall destroy such information not later than 

9 1 day after the investigation or other matter for which 

10 such information was required is concluded. 

11 (e) DEFINITION OF PERSONALLY IDENTIFIABLE IN12 FORMATION.—In this section, the term ‘‘personally identi13 fiable information’’— 

14 (1) means information that can be used to dis15 tinguish or trace an individual’s identity, either 

16 alone or when combined with other personal or iden17 tifying information that is linked or linkable to a 

18 specific individual, including an individual’s name, 

19 address, date or year of birth, Social Security num20 ber, telephone number, and email address; and 

21 (2) does not include a CAT-Order-ID or CAT22 Reporter-ID, as such terms are defined in section 

23 242.613(j) of title 17, Code of Federal Regulations 

24 (or successor regulations). 

Æ 


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