Sen. John Kennedy, R-La., and lawmakers are creating legislation to stop the Securities and Exchange Commission's efforts to establish an official trail of investors, citing privacy concerns.
Sen. John Kennedy, R-La., is leading a bipartisan team of lawmakers to stop the Securities and Exchange Commission from finishing a database that contains the private information of investors, calling it a violation of the Fourth Amendment. The Consolidated Auto Trail, or CAT, was originally proposed in 2010 to help regulators track order and trading activity throughout U.S. markets on equities and options.
Adopted on Sept. 6, the SEC's funding model for the database is called the Executed Share Model. The model will allocate two-thirds of CAT operating costs on brokers and one-third to exchanges, burdening over 80% of CAT costs to industry member broker-dealers, according to the American Securities Association. When the list is fully operational between 2024 and 2025, companies and investors trading on the U.S.
The SEC will be required to delete any personally identifiable information that it may collect as part of a specific investigation as soon as that issue is resolved — so bureaucrats can’t build a perennial database that exposes investors’ private information," Kennedy added. GENERAL MOTORS REACHES TENTATIVE AGREEMENT WITH CANADIAN UNION, ENDING STRIKE Introduced in the House by Rep. Barry Loudermilk, R-Ga.
The CAT has been expensive, far more costly than anyone imagined it would be," SEC Commissioner Hester Peirce said in a statement last month. "CAT’s considerable costs need to be allocated, and no allocation method is ideal. And regardless of which approach we choose; most costs ultimately will come out of investor pockets.
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