The Securities and Exchange Commission announced on Monday that it may take until November for initial phases of its ambitious, but often delayed Consolidated Audit Trail to begin initial operations.
In 2012, the SEC adopted Rule 613 of Regulation NMS requiring FINRA and the national securities exchanges to work together to develop and submit a plan to create, implement, and maintain a Consolidated Audit Trail (CAT). The CAT is intended to enable regulators to oversee the securities markets on a consolidated basis—and, in so doing, better protect these markets and investors.
