Bill 119 s 658, also known as the "Consolidated Audit Trail Reporting Exemption Act," aims to prevent the Securities and Exchange Commission (SEC) from mandating the collection of personally identifiable information (PII) under consolidated audit trail reporting requirements. The bill seeks to protect the privacy and security of individuals by prohibiting the SEC from requiring the submission of sensitive personal information as part of the audit trail reporting process. The bill is designed to address concerns about the potential misuse or unauthorized access to PII that could be collected and stored as part of the consolidated audit trail. By exempting PII from the reporting requirements, the legislation aims to safeguard the confidentiality and privacy of individuals whose information may be included in the audit trail data. In addition to prohibiting the collection of PII, the bill also includes provisions for other purposes related to the consolidated audit trail reporting requirements. These additional measures are intended to ensure that the audit trail system remains effective and efficient in tracking and monitoring securities transactions without compromising the privacy rights of individuals. Overall, Bill 119 s 658 seeks to strike a balance between the need for comprehensive audit trail reporting and the protection of personal privacy. By exempting PII from the reporting requirements, the legislation aims to uphold the principles of data security and privacy while still allowing for effective oversight of securities transactions by the SEC.
Bill 119 s 658, also known as the "Consolidated Audit Trail Reporting Exemption Act," aims to prevent the Securities and Exchange Commission (SEC) from mandating the collection of personally identifiable information (PII) und...