SEC Grants Additional Time to Resolve CAT Compliance Implementation Issues

The SEC issued a third Order providing additional temporary conditional exemptive relief to national securities exchanges from certain requirements of the National Market System ("NMS") Plan governing the Consolidated Audit Trail ("CAT"). The third Order grants additional time to resolve a number of implementation issues, supersedes the two previous Orders and renders moot motions to stay those previous Orders. The relief is conditioned upon the exchanges (i) coming into compliance with the CAT NMS plan by July 31, 2024 or (ii) developing an alternative and more cost-effective solution.