From: RegTech Analyst
The Securities and Exchange Commission has announced plans to amend the data security rules surrounding US securities trading.
The changes would apply to the Consolidated Audit Trail, or CAT, which is a way for regulators to track securities deals and the broker-dealers handling them across US markets.
The the proposed amendments to the CAT is said to add more security to avoid sensitive information from falling into the wrong hands.
“Data security is an essential pillar of the CAT,” said Jay Clayton, chairman of the SEC. “The requirements outlined in the proposal, including requiring the removal of sensitive PII, are designed to both significantly reduce the amount of sensitive data collected without affecting the operational effectiveness of the CAT and provide market participants with greater certainty regarding how CAT data will be protected and used. We will continue to evaluate these matters, including to address changes in risks and other matters, as implementation and operation of the CAT continues.”
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