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SEC’s Consolidated Audit Trail faces more delays

Joe Mont | August 28, 2018

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.

Under the plan developed by the self-regulatory organizations (SROs), the first phase of reporting to the CAT—covering SRO reporting—was required to begin on Nov. 15, 2017. On Jan. 17, 2017, the SROs selected Thesys Technologies to build the CAT system. The Plan Processor Agreement was executed on April 6,...

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