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-
tives 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’’. 
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SEC. 2. PERSONALLY IDENTIFIABLE INFORMATION EX-
CLUDED FROM CONSOLIDATED AUDIT TRAIL 
REPORTING REQUIREMENTS. 
(a) IN GENERAL.—Except as provided in subsection 
(b), the Securities and Exchange Commission may not re-
quire a national securities exchange, a national securities 
association, or a member of such an exchange or associa-
tion to provide personally identifiable information with re-
spect 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 Com-
mission 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 associa-
tion shall provide the personally identifiable information 
subject to such request not later than 24 hours after re-
ceiving such request, unless, at the request of such na-
tional securities exchange, a national securities associa-
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tion, or a member of such an exchange or association, the 
Securities and Exchange Commission provides a reason-
able extension. 
(d) DESTRUCTION OF PERSONALLY IDENTIFIABLE 
INFORMATION.—In the case of personally identifiable in-
formation provided to the Securities and Exchange Com-
mission 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 IN-
FORMATION.—In this section, the term ‘‘personally identi-
fiable information’’— 
(1) means information that can be used to dis-
tinguish or trace an individual’s identity, either 
alone or when combined with other personal or iden-
tifying information that is linked or linkable to a 
specific individual, including an individual’s name, 
address, date or year of birth, Social Security num-
ber, 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). 
Æ 
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