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  • Writer's pictureASA Newsroom

ASA Supports Congressional Letter to SEC Outlining CAT Cybersecurity Concerns

WASHINGTON, D.C. – The American Securities Association (ASA) applauded members of the U.S. House Committee on Financial Services, including Representatives Barry Loudermilk (R-GA), Ann Wagner (R-MO), French Hill (R-AR), Frank Lucas (R-OK), Bill Huizenga (R-MI), and Zach Nunn (R-IA) for sending a letter to the U.S. Securities and Exchange Commission (SEC) regarding the Agency’s proposal to enact new mandates related to cybersecurity policies and procedures for broker-dealers and the Consolidated Audit Trail’s (CAT) collection of retail investor personal and financial data. ASA has been at the forefront of advocacy to industry and Members of Congress, including the letter, to remove retail investor personally identifiable information (PII) from the CAT. “To date, the SEC has refused to acknowledge the threat that the CAT currently poses not just to the privacy and security of millions of American investors, but to the confidence that these investors have in our regulators,” wrote the Members of Congress. “This is unacceptable. We call – again – on the SEC to eliminate the CAT collection of any PII.” Earlier this month, ASA sent a comment letter to the SEC outlining numerous concerns associated with the proposal, including the growing threat of cyber-criminal activity within the financial system.


About the American Securities Association

American Securities Association, based in Washington, DC, represents the retail and institutional capital markets interests of regional financial services firms who provide Main Street businesses with access to capital and advise hardworking Americans how to create and preserve wealth. ASA’s mission is to promote trust and confidence among investors, facilitate capital formation, and support efficient and competitively balanced capital markets. This mission advances financial independence, stimulates job creation, and increases prosperity. The ASA has a geographically diverse membership of almost one hundred members that spans the Heartland, Southwest, Southeast, Atlantic, and Pacific Northwest regions of the United States.


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