The House Financial Services Committee approved a bill that would codify expiring SEC no-action relief that (i) excludes broker-dealers who are compensated for research services from the definition of "investment adviser" and (ii) allows broker-dealers to continue accepting payments for research reports in order to comply with international regulations, including MiFID and MiFID II.
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Senator John Kennedy (R-LA) introduced the "Protecting Investors' Personally Identifiable Information Act." The legislation would exclude personally identifiable information from Consolidated Audit Trail reporting requirements.
In testimony before the Senate Committee on Banking, Housing and Urban Affairs, SEC Chair Jay Clayton described progress on the agency's FY 2019 initiatives.
The Senate Banking Committee considered data protection and other concerns raised about the consolidated audit trail system.
U.S. Representatives Carolyn B. Maloney (D-NY) and Patrick McHenry (R-NC) introduced a bill that would require all eight U.S. financial regulators to enact a set of data collection and dispersion standards for reported information.