SIFMA Urges SEC to Slow Down Rulemaking, Prioritize Cybersecurity of the CAT System
In its Pennsylvania + Wall blog, SIFMA called on the SEC to slow down its rulemaking processes and prioritize rule proposals that address the most pressing needs in the market. In particular, SIFMA urged the SEC to focus on finalizing a rule proposal to change the cybersecurity risk management protocols for the Consolidated Audit Trail ("CAT").
In the blog post, SIFMA criticized the SEC for operating at too fast a pace for its rulemaking agenda. To highlight the fast pace of the SEC's agenda, SIFMA noted that the agency issued 16 rule proposals in the first quarter of 2022. SIFMA also noted reports that the SEC may issue upwards of 50 new proposed rules throughout the year.
SIFMA urged the SEC to focus on finalizing the protocols for cybersecurity risk management for CAT (see related coverage), given that the CAT system is expected to be fully functional on July 11, 2022.
Related Articles
-
The SEC proposed amendments to the national market system plan governing the Consolidated Audit Trail that would (i) increase security requirements for the use of collected data and (ii) reduce the scope of sensitive information required to be collected.
