SEC Extends Approval Deadline on CAT Funding Model Proposal
The SEC extended the period to approve a joint SRO proposal to implement a revised funding model for the consolidated audit trail ("CAT") and establish a fee schedule for Participant CAT fees. The SEC extended the deadline to conclude the proceedings until January 27, 2023.
As previously covered, the proposed amendments would (i) replace the current funding model with the Executed Share Model, which would impose fees on CAT reporters based on the executed equivalent share volume of transactions in eligible securities; and (ii) adopt a fee schedule to establish the CAT fees applicable to participants based on the Executed Share Model.