The New Civil Liberties Alliance (NCLA) has initiated a legal challenge against the Securities and Exchange Commission (SEC) concerning the implementation methods of the Consolidated Audit Trail (CAT). This lawsuit ensues as NCLA believes that the SEC has breached SEC Tech Orders and overstepped its legal bounds.
The CAT (Consolidated Audit Trail), described as the largest compulsory collection of financial data in US history, is drawing criticism for its unclear monitoring capabilities. According to NCLA (Natural Coalition of Labor), the SEC lacks the power to demand such extensive information from brokers, exchanges, and trading platforms other than making it permanently accessible to the SEC and private regulators.
The NCLA’s lawsuit claims that the SEC has infringed upon several constitutional rights. Specifically, it argues that the Fourth Amendment, which protects against unreasonable searches and seizures, the Fifth Amendment, ensuring due process, and the First Amendment, providing freedom of association and expression, have been violated by the SEC’s actions.
Furthermore, the SEC is criticized for its failure to comply with the Administrative Procedure Act.
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2024-04-17 06:28