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SEC’s consolidated audit trail at risk again, this time by funding

Joe Mont | August 1, 2017

A massive database the Securities and Exchange Commission is developing to improve its supervisory capacity of financial firms is once again in flux.

The latest threat: The firms under scrutiny by the regulator’s data dives are rejecting a plan that makes them responsible for funding it.

Back in 2011, the SEC first planted the seeds for the system. Following a massive “flash crash” in 2010, it adopted Rule 613, a plan to create a consolidated audit trail (CAT) that allows regulators to efficiently and accurately track all trading activity throughout the U.S. markets.

Among other things, the rule required self-regulatory organizations to jointly submit a plan to create, implement, and maintain the system. It also specified the type of data to be collected and when the audit trail data is to be reported to a central repository... To get the full story, subscribe now.