Requirements and prohibitions regarding the Consolidated Audit Trail

(a) Definitions In this section: (1) Commission The term Commission means the Securities and Exchange Commission. (2) Consolidated Audit Trail The term Consolidated Audit Trail means the consolidated audit trail and central repository created, implemented, and maintained pursuant to section 242.613 of title 17, Code of Federal Regulations, as in effect on the day before the date of enactment of this Act. (3) Personally identifiable information The term personally identifiable information — (A) means information that can be used to distinguish or trace the identity of an individual, either alone or when combined with other personal or identifying information that is linked or linkable to a specific individual, including the name, address, date or year of birth, Social Security number, telephone number, email, or IP-address of an individual; and (B) does not include a CAT–Order–ID or CAT–Reporter–ID, as those terms are defined in section 242.613(j) of title 17, Code of Federal Regulations (or any successor regulation). (4) Self-regulatory organization The term self-regulatory organization has the meaning given the term in section 3(a) of the Securities Exchange Act of 1934 (15 U.S.C. 78c(a)). (b) Requirement The Commission shall— (1) not later than 30 days after the date of enactment of this Act, and notwithstanding any other provision of law or regulation, terminate the Consolidated Audit Trail; and (2) not later that 120 days after the date of enactment of this Act, amend any regulation, no action letter, interpretive letter, exemptive letter, legal bulletin, or other guidance of the Commission to conform to the requirements of this section. (c) Prohibitions On and after the date that the Commission carries out the termination required under subsection (b)(1)— (1) neither the Commission nor any self-regulatory organization may administer the Consolidated Audit Trail; and (2) no Federal agency may establish any consolidated audit trail, central repository, or other centralized database that collects personally identifiable information of citizens of the United States, unless a duly enacted law of the United States specifically provides the Federal agency with the authority to take that action. (d) Reimbursement of fees Not later than 1 year after the date of enactment of this Act, Consolidated Audit Trail, LLC and FINRA CAT, LLC shall reimburse all fees collected by those entities before that date to carry out the Consolidated Audit Trail.