Federal Register: SEC Adopts Measures to Facilitate Implementation of CAT
The SEC amendments to facilitate the implementation of the Consolidated Audit Trail ("CAT") and impose public transparency and financial accountability requirements were published in the Federal Register. The amendments will go into effect on June 22, 2020.
As previously covered, the amendments will require FINRA and the securities exchanges to publish a comprehensive CAT implementation plan and present quarterly progress reports that must be approved by a supermajority vote of the operating committee of CAT NMS, LLC.
Additionally, the SEC is establishing deadlines for four CAT implementation milestones and requiring a reduction in the fees that may be recovered from broker-dealers if the target deadlines are missed. Under the final amendments, the target deadlines are as follows:
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July 31, 2020: Initial Industry Member Core Equity and Option Reporting;
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December 31, 2020: Full Implementation of Core Equity Reporting Requirements;
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December 31, 2021: Full Availability and Regulatory Utilization of Transactional Database Functionality; and
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December 30, 2022: Full Implementation of CAT NMS Plan Requirements.
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