The American Securities Association and Citadel Securities have jointly petitioned the U.S. Court of Appeals for the 11th Circuit to review the Securities and Exchange Commission's implementation of the Consolidated Audit Trail, "in response to widespread investor concerns about transparency, governance, costs and data privacy."
The SEC, Citadel Securities and ASA asserted in a joint statement, "has overstepped its statutory authority and failed to address investor and industry concerns, leaving us no choice but to litigate."
"ASA has, for years, been a leading advocate against the CAT and its collection of the personal and financial information of every American investor," the group said.
ASA also applauded the bicameral introduction of the Protecting Investors' Personally Identifiable Information Act, as well as letter to Congress from several state attorneys general urging the protection of investor privacy.
Speaking about the status of the Consolidated Audit Trail's transaction database on Oct. 12, Financial Industry Regulatory Authority CEO Robert Cook said, "Mission accomplished."
