Politico: Financial firms press SEC to drop personal data collection in market surveillance

The Securities and Exchange Commission should drop a requirement that the agency’s new stock market surveillance tool collect personally identifiable information, a trade group representing regional financial services firms said today.

In a letter to SEC Chairman Jay Clayton, the American Securities Association said the so-called consolidated audit trail should not include such information. The CAT is currently collecting stock trading data from exchanges, and it is scheduled to collect personal information from big brokerage businesses on Nov. 15, 2019.

“We remain concerned that the question of PII collection remains unresolved,” ASA said. “The SEC should take steps to eliminate any PII collection requirements.”

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