ASA Statement on DOJ Charges Against Chinese Hackers

Reiterates call for SEC to protect retail investor data

WASHINGTON – The American Securities Association (ASA) called on the Securities and Exchange Commission (SEC) to protect American retail investor data collected by the Consolidated Audit Trail (CAT) database, following today’s charges from the Department of Justice (DOJ) against Chinese hackers involved in cyberattacks against over 100 victim companies in the U.S. and globally.

“Today’s charges by the DOJ should serve as a wake-up call that the Chinese Communist Party (CCP) is actively engaged in cyberattacks against the United States, our companies, and our government institutions,” said ASA CEO Chris Iacovella. “The SEC’s CAT database is a sitting duck for cybercriminals and it puts America’s retail investors in the direct line of fire from the CCP and our global adversaries. The SEC needs to end the collection of their personal and financial data now.”

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ASA’s regional financial services companies work in communities across the country to create jobs, grow the economy, and increase prosperity for all Americans. The ASA exclusively represents the capital market and private client interests of its members and seeks to promote free market principles making it easier to access financial advice and capital. ASA members help Americans save for retirement, provide Main Street businesses with capital to grow, and advise hardworking Americans how to create and preserve wealth. For the latest updates follow @AmerSecurities and learn more at http://americansecurities.org/.