This bill aims to restrict the Securities and Exchange Commission (SEC) from mandating the collection of personally identifiable information (PII) from market participants. Specifically, it prohibits the SEC from requiring national securities exchanges, associations, or their members to provide PII for order or reportable event requirements under the consolidated audit trail (CAT) system, as outlined in 17 CFR 242.613(c)(7). The legislation defines personally identifiable information broadly as data that can distinguish or trace an individual's identity, either alone or when combined with other linked information. This includes, but is not limited to, an individual's name, address, date or year of birth, Social Security number, telephone number, email, and IP address. The bill's objective is to safeguard individual privacy by excluding such sensitive data from being collected as part of the CAT reporting requirements.