Financial Regulation News: ASA recommends identity theft prevention action
The American Securities Association (ASA) recently forwarded correspondence to the Securities and Exchange Commission (SEC) urging action to prevent identity theft.
The ASA is seeking the removal of the collection of retail investor personally identifiable information (PII) from the Consolidated Audit Trail (CAT) database to protect Americans from identity theft, hacking, and data manipulation.
“Chairman Clayton has been a champion for Main Street investors throughout his tenure, and he has an opportunity to further cement his investor-first legacy by leading the SEC to remove the collection of retail investor PII from the CAT database,” ASA CEO Chris Iacovella said. “While the current Commission inherited the CAT and its many challenges, they can be the ones to get it up and running and better protect investors without sacrificing the identity and data privacy of the American people.”
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