This bill would bar the Securities and Exchange Commission from requiring national securities exchanges, securities associations, or their members to submit personally identifiable information to satisfy consolidated audit trail reporting rules. It applies to information tied to a market participant under 17 CFR 242.613(c)(7) or any successor rule. The bill defines personally identifiable information broadly to include items like a person’s name, address, date of birth, Social Security number, phone number, email, and IP address. In practice, it would mainly affect broker-dealers, exchanges, and investors whose trading data could otherwise be linked to their identity.
What This Bill Does
- Bars the SEC from requiring personally identifiable information in CAT reporting under 17 CFR 242.613(c)(7).
- Applies to national securities exchanges, securities associations, and their members.
- Defines PII to include name, address, date or year of birth, Social Security number, phone number, email, and IP address.
- Does not end the consolidated audit trail; it limits what identity data can be required for it.
Who This Bill Affects
For a typical investor, the bill would limit how much personally identifiable information can be required in consolidated audit trail reporting tied to their trades. That could reduce privacy risk by keeping items like name, address, Social Security number, email, and IP address out of SEC-required CAT submissions, but it could also make market oversight somewhat less detailed for regulators and compliance systems. The main effect is on brokerage and exchange reporting practices rather than on the amount of trading an individual can do.
See how this bill affects you — sign in for a personalized analysisWho Supports & Opposes This
- Retail investors and privacy-minded market participants They may argue that trading records should not require broad collection of sensitive identifiers when the core purpose is market surveillance, not identity tracking. Limiting PII could reduce the damage from data breaches and the risk of unnecessary government retention of personal data.
- Broker-dealers and compliance technology vendors They may favor a clearer rule that removes pressure to transmit sensitive identifiers into CAT systems. That could simplify data handling, reduce cybersecurity exposure, and lower compliance concerns around storing or sharing personal information.
- Civil liberties and data privacy advocates They may see the bill as a targeted safeguard against over-collection by a federal regulator. In their view, regulatory goals can often be met with less personally identifying data or with identity matching done separately from audit-trail reporting.
- Federal market regulators and enforcement-oriented analysts They may argue that identifying traders and linking activity across venues is essential for detecting manipulation, spoofing, insider trading, and other misconduct. Removing PII from the audit trail could make investigations slower or less precise.
- Large exchanges and surveillance operators They may worry that the change could complicate consolidated reporting standards and require separate systems to reconcile identities with order data. That can create operational complexity and reduce the usefulness of a unified audit trail.
- Investor-protection advocates They may contend that stronger privacy protections are important, but not at the expense of market transparency and effective oversight. If regulators cannot reliably connect activity to actors, some harmful conduct may be harder to stop or prove.
Key Implications
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““The Securities and Exchange Commission may not require... personally identifiable information””
This is the bill’s core restriction. It prevents the SEC from compelling covered market entities to send identity data as part of the consolidated audit trail reporting requirement.
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““with respect to a market participant””
The limitation is tied to trading participants, meaning the bill targets market-record reporting rather than general public data collection. Investors who trade through covered markets are the people most directly affected.
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““including an individual’s name, address... Social Security number... email, and IP-address””
The definition is broad and sensitive. It would keep a wide range of common identifiers out of the SEC-required CAT submission stream.
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““section 242.613(c)(7) of title 17, Code of Federal Regulations””
The bill is aimed at an existing consolidated audit trail rule, not a new program. That means the practical change would be to how current securities reporting is configured and enforced.
Official Source & Bill Facts
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- Bill
- HR 1483
- Congress
- 119th Congress
- Official title
- Protecting Investors’ Personally Identifiable Information Act
- Policy area
- Economy & Finance
- Latest action
- Ordered to be Reported (Amended) by the Yeas and Nays: 27 - 21. (June 30, 2026)
- Last updated
- July 1, 2026
Latest Status
June 30, 2026
Ordered to be Reported (Amended) by the Yeas and Nays: 27 - 21.
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