Another Reason…

…to disband altogether the Securities and Exchange Commission and build a new exchange watchdog from the ground up. Now it wants a database of all investor personal information whenever those investors make a move in our stock market.

The Consolidated Audit Trail (CAT) database was originally proposed by the SEC in 2010 to help regulators track order and trading activity throughout US markets for listed equities and options. According to the ASA, the database will list all the financial holdings and personal information of investors, including their name, phone, address, brokerage accounts, birthdate, and Social Security numbers.

Then, a year ago,

the SEC released an order that granted temporary relief from certain requirements of the CAT, delaying its full implementation until 2024. In the interim, the SEC is requesting the information be given voluntarily, with expected forced implementation by next year’s deadline, according to the ASA [American Securities Association].

This is just weasel-working around the SEC’s demand to have all personal information, even though it has no need for those data.

This SEC has shown, once again, that as an institution it cannot be trusted with American investor data.

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