SIFMA Statement on SEC’s Exemption from the Requirement to Report Certain Personally Identifiable Information to the Consolidated Audit Trail

Washington, DC, February 10, 2025 – SIFMA today issued the following statement from president and CEO Kenneth E. Bentsen, Jr. on the exemption from the requirement to report certain personally identifiable information to the Consolidated Audit Trail which was provided today by the Securities and Exchange Commission:

“SIFMA applauds the Securities and Exchange Commission (SEC) for taking this appropriate action to exempt the reporting of American investors’ personally identifiable information (PII) to the Consolidated Audit Trail (CAT).  For a decade, SIFMA has expressed strong concerns on behalf of the industry and investors that the information in the CAT—the largest database of retail and institutional trading ever created—was a ripe target for cyber criminals and collecting PII put investors’ data at risk.  We have repeatedly called on the SEC to prohibit the collection of investors’ personal information and proposed alternatives that address the Commission’s enforcement concerns without the need to collect such data.  This bold decision by the Commission is entirely appropriate and long overdue.”

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SIFMA is the leading trade association for broker-dealers, investment banks and asset managers operating in the U.S. and global capital markets. On behalf of our industry’s one million employees, we advocate on legislation, regulation and business policy affecting retail and institutional investors, equity and fixed income markets and related products and services. We serve as an industry coordinating body to promote fair and orderly markets, informed regulatory compliance, and efficient market operations and resiliency. We also provide a forum for industry policy and professional development.  SIFMA, with offices in New York and Washington, D.C., is the U.S. regional member of the Global Financial Markets Association (GFMA).