FINRA and Securities Exchanges Participating in CAT Submit Amended Exemption Requests

FINRA and the national securities exchanges (the "Participants") participating in the National Market System Plan Governing the Consolidated Audit Trail ("CAT") amended their previous request to the SEC for exemptive relief from certain reporting requirements. The amended proposal alters the way in which broker-dealers executing a trade would report the identity of the clearing broker and information as to cancelled trades. The Participants argued that their amended proposal would not result in any loss of data.

The Participants also proposed an alternative phased implementation schedule, with full implementation by December 15, 2022.