SEC attorney defends personal information in the Cat
Regulators will need biographical information to get the most out of the Consolidated Audit Trail, advisor said, as broker-dealers and exchanges argue over liability for breaches.
Broker-dealers are terrified that the sensitive data of their customers could end up in the hands of hackers, but an attorney from the US markets regulator said it is necessary to collect this data to give regulators the power to perform detailed analysis on equities and options transactions, and spot financial crime.
Hugh Beck, regulatory reporting advisor to Allison Herren Lee, the acting chair of the Securities and Exchange Commission (SEC), defended the regulator’s requirement that
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