--- title: ASA Sues Over SEC Audit Trail Privacy description: Lawsuit alleges private user IDs should be replaced. image: https://articles.marketsmedia.com/hubfs/Imported_Blog_Media/iStock-876410350-May-12-2022-09-34-44-52-AM.jpg --- ![websites-group](https://articles.marketsmedia.com/hubfs/raw_assets/public/MarketsMedia_August2021/images/new-MMG-01.svg) [![](https://articles.marketsmedia.com/hubfs/raw_assets/public/MarketsMedia_August2021/images/dropdown-new-marketsmedia-logo.svg)](https://www.marketsmedia.com/) [![](https://articles.marketsmedia.com/hubfs/raw_assets/public/MarketsMedia_August2021/images/dropdown-menu-traders-redlogo.svg)](https://www.tradersmagazine.com/) [![](https://articles.marketsmedia.com/hubfs/raw_assets/public/MarketsMedia_August2021/images/dropdown-menu-bestexe-logo.svg)](https://www.bestexecution.net/) [![](https://articles.marketsmedia.com/hubfs/raw_assets/public/MarketsMedia_August2021/images/dropdown-menu-fidesk-logo.svg)](https://www.fixglobal.com/) [![](https://articles.marketsmedia.com/hubfs/raw_assets/public/MarketsMedia_August2021/images/dropdown-fixglobal-new-logo.svg)](https://www.fixglobal.com/) - [*Facebook*](https://www.facebook.com/MarketsMedia/) - [*Twitter*](https://twitter.com/marketsmedia) - [*Linkedin*](https://www.linkedin.com/company/markets-media-llc) - [Newsletter](https://articles.marketsmedia.com/asa-sues-over-sec-audit-trail-privacy#popup-newsletter) #### Want the latest news on securities markets -- FREE? Sign up to receive exclusive articles on topics including: - Equity market structure - Profiles of buy-side investment firms - The evolution of multi-asset-class trading - Regulation and its implications for markets - The search for liquidity in fixed income markets - The convergence of fintech and capital markets Select one or more newsletters you would like to receive: menu [![Markerts media](https://articles.marketsmedia.com/hubfs/raw_assets/public/MarketsMedia_August2021/images/header%20logo.svg "Markerts media")](https://articles.marketsmedia.com/) - [Cat](https://articles.marketsmedia.com/tag/cat) - Cat - ASA Sues Over SEC Audit Trail Privacy Search - [Home](https://articles.marketsmedia.com/) - [Trending](https://articles.marketsmedia.com/tag/trending) - [Featured](https://articles.marketsmedia.com/tag/daily-email-feature) - [Sectors](https://articles.marketsmedia.com/tag/sectors) - [From The Markets](https://articles.marketsmedia.com/tag/from-the-markets) - [AWARDS](https://articles.marketsmedia.com/tag/events) - [Newsletter](https://awards.marketsmedia.com/newsletter-sign-up) - [Newsletter](https://articles.marketsmedia.com/asa-sues-over-sec-audit-trail-privacy#popup-newsletter) Hide search Search - NewsLetter ![](https://articles.marketsmedia.com/hubfs/Imported_Blog_Media/trading-up-occ-iex-select-board-members-citadel-lands-lieblich-573x379-Jul-07-2022-09-34-11-57-AM.jpg) [ON THE MOVE: Citi Hires Artie Ambrose;...](https://articles.marketsmedia.com/on-the-move-citi-hires-artie-ambrose-natalie-a-brown-to-mesirow) ![](https://articles.marketsmedia.com/hubfs/Imported_Blog_Media/Depositphotos_445735906_L.jpg) [Trading Adapts to ESG and Sustainable...](https://articles.marketsmedia.com/trading-adapts-to-esg-and-sustainable-investing) ![](https://articles.marketsmedia.com/hubfs/Imported_Blog_Media/iStock-917493152-Jul-07-2022-09-34-19-09-AM.jpg) [Focus on FX Execution Connectivity](https://articles.marketsmedia.com/focus-on-fx-execution-connectivity) ![](https://articles.marketsmedia.com/hubfs/Imported_Blog_Media/Depositphotos_333839538_L.jpg) [TRACE Turns 20](https://articles.marketsmedia.com/trace-turns-20) 05.20.2020 By John D'Antona Cat # ASA Sues Over SEC Audit Trail Privacy 05.20.2020 By John D'Antona ![ASA Sues Over SEC Audit Trail Privacy](https://articles.marketsmedia.com/hubfs/Imported_Blog_Media/iStock-876410350-May-12-2022-09-34-44-52-AM.jpg) [Share](https://www.facebook.com/share.php?u=https://articles.marketsmedia.com/asa-sues-over-sec-audit-trail-privacy) [Tweet](https://twitter.com/intent/tweet?text=US+ETFs+Have+Record+Net+Inflows&url=https://articles.marketsmedia.com/asa-sues-over-sec-audit-trail-privacy) [Share](https://www.linkedin.com/cws/share?url=https://articles.marketsmedia.com/asa-sues-over-sec-audit-trail-privacy) They say it isn’t official until it's on Facebook. Well, in trading it might be official if you’re being sued about it. Equity market advocacy group The American Securities Association has filed a lawsuit against the Securities and Exchange Commission to halt the collection and warehousing of investor private and personal data via the Consolidated Audit Trail or CAT. [![](https://articles.marketsmedia.com/hs-fs/hubfs/Imported_Blog_Media/Ron-Kruszewski-1-1.jpg?width=228&height=228&name=Ron-Kruszewski-1-1.jpg)](https://articles.marketsmedia.com/hubfs/Imported_Blog_Media/Ron-Kruszewski-1-1.jpg) Ron Kruszewski, ASA The ASA bills itself as a group whose mission it is to promote investor trust and confidence and to help small businesses access the capital markets. In a statement, the ASA said the purpose of the legal challenge was to “protect America’s retail investors from identity theft and safeguard their right to privacy by stopping the collection of any of their personally identifiable information (PII) by the CAT database.” ASA also announced the launch of [**MyDataMyVote.com**](http://r20.rs6.net/tn.jsp?f=0017BuvwrNurJNm0mdPM46WIPcFKx2a8dbN8oM7La-Zs2f1EeYW9qkz7sNvViqLpfeoBAHOYfAhHJ6CaxxrHgM4-hx5HWfwlle9I7BN1HhLeqDCCfpa2wb_LIOv6-17UQfPz9UyMcQJiIlDyom1rFlDZg==&c=PyMAcUKXz0rb4PTzli_O13u1hEZANCDpD9QKBhmctSawC08Z1Zj-Kg==&ch=uHUMs32r5xGqqs8I-ovdRI69ogVn_kP9l6LMgngOBYtxjjYdYk9vvw==), and released a new digital ad campaign, to mobilize all American investors to help stop the collection of their most sensitive personal information. “The ASA supports the implementation of the CAT and believes it will be beneficial to our securities markets,” said ASA Chairman Ron Kruszewski. “However, the ASA firmly believes that the collection of investors’ PII into a centralized database is an unnecessary and substantial risk to the privacy of American investors. There can be no reasonable cost benefit analysis which supports risking investors’ privacy, especially when this data is currently available today on a when-needed basis. This lawsuit is not about market surveillance, but instead about protecting the privacy of American investors.” The ASA remains a supporter of the CAT to surveil the markets but wants the risk of cybertheft eliminated or reduced as much as possible. [![](https://articles.marketsmedia.com/hs-fs/hubfs/Imported_Blog_Media/Jim-Toes-NEW-300x200-3.jpg?width=300&height=200&name=Jim-Toes-NEW-300x200-3.jpg)](https://articles.marketsmedia.com/hubfs/Imported_Blog_Media/Jim-Toes-NEW-May-12-2022-08-13-04-62-AM.jpg) Jim Toes, STA Jim Toes, Chief Executive Officer at the Security Traders Association told Traders Magazine that he felt the SEC appreciates the security concerns associated with collecting investor information on transaction data. "It is important to note that while the SEC is responsible for the CAT specifications, it is FINRA CAT who is actually building the data warehouse," Toes said. FINRA, builder of the audit trail, did not immediately return emails requesting comment for this story. The lawsuit, Case No. 20-1157, filed on May 15 in the District of Columbia Court of Appeals, the ASA requests that users do not have to provide the CAT with either dates of birth, Social Security Numbers or taxpayer ID numbers. It further asks for an alternative approach to identifying people. The ASA suggests that a new alternative identifier – the CCID – be created by the Chief Information Security Officer of the CAT or the CISO from plan participants agree in concert with SIFMA and other security experts. The ASA added in the filing that participants in the CAT NMS Plan feel the cost of coming up with an alternative and eliminating the SSN or Taxpayer ID collection wouldn’t harm the operation of the CAT. [Share](https://www.facebook.com/share.php?u=https://articles.marketsmedia.com/asa-sues-over-sec-audit-trail-privacy) [Tweet](https://twitter.com/intent/tweet?text=US+ETFs+Have+Record+Net+Inflows&url=https://articles.marketsmedia.com/asa-sues-over-sec-audit-trail-privacy) [Share](https://www.linkedin.com/cws/share?url=https://articles.marketsmedia.com/asa-sues-over-sec-audit-trail-privacy) ![email](https://articles.marketsmedia.com/hubfs/Markets%20Media/email.svg) ### NEWSLETTER SIGN UP And receive exclusive articles on securities markets ### Related articles 1. [![](https://articles.marketsmedia.com/hs-fs/hubfs/Imported_Blog_Media/EMCA-WINNERS.jpeg?width=376&height=250&name=EMCA-WINNERS.jpeg)](https://articles.marketsmedia.com/european-markets-choice-awards-2022-the-winners) Latest News ## [European Markets Choice Awards 2022 – The Winners](https://articles.marketsmedia.com/european-markets-choice-awards-2022-the-winners) On 5 June Markets Media held its first in person European Markets Choice Awards event in London. 07.06.2022 By Markets Media 2. [![](https://articles.marketsmedia.com/hs-fs/hubfs/Imported_Blog_Media/trading-up-occ-iex-select-board-members-citadel-lands-lieblich-573x379-Jul-07-2022-09-34-11-57-AM.jpg?width=376&height=250&name=trading-up-occ-iex-select-board-members-citadel-lands-lieblich-573x379-Jul-07-2022-09-34-11-57-AM.jpg)](https://articles.marketsmedia.com/on-the-move-citi-hires-artie-ambrose-natalie-a-brown-to-mesirow) Daily Email Feature ## [ON THE MOVE: Citi Hires Artie Ambrose; Natalie A. Brown to Mesirow](https://articles.marketsmedia.com/on-the-move-citi-hires-artie-ambrose-natalie-a-brown-to-mesirow) The weekly recap of new hires, promotions and job changes in capital markets trading and technology. 07.05.2022 By Anna Lyudvig, Traders Magazine 3. [![](https://articles.marketsmedia.com/hs-fs/hubfs/Imported_Blog_Media/339299_345359258874293_1089957387_o.jpg?width=376&height=250&name=339299_345359258874293_1089957387_o.jpg)](https://articles.marketsmedia.com/summer-trading-2012-10-years-on) Latest News ## [Summer Trading 2012, 10 Years On](https://articles.marketsmedia.com/summer-trading-2012-10-years-on) A look back at a Markets Media event from a decade ago. 07.05.2022 By Traders Magazine [![MarketsMedia](https://articles.marketsmedia.com/hubfs/MarketsMedia.svg "MarketsMedia")](http://marketsmedia.com) - [About us](https://www.marketsmedia.com/about-us) - [Careers](https://www.marketsmediagroup.com/careers) - [Contact](https://www.marketsmediagroup.com/contact) - [Advertise](https://www.marketsmediagroup.com/advertise) - [Newsletter](https://awards.marketsmedia.com/newsletter-sign-up) - [Corporate Site](https://marketsmediagroup.com) - © 2026 Markets Media Holdings LLC - - Terms & Conditions - Privacy Policy {{ standard\_footer\_includes }}