SEC Seeks Public Comment on the Consolidated Audit Trail and Other Audit Trails and Data Sources

“Under my leadership, the Commission has made meaningful progress to reform the CAT and strike a better balance between regulatory use, costs, funding, and security considerations,” said SEC Chairman Paul S. Atkins. “Over the last year, the Commission has issued exemptive relief and approved amendments to the national market system plan governing the CAT that have, among other benefits, reduced the CAT’s projected annual operating costs by over $100 million and permanently eliminated the reporting of personal identifiable information to the CAT.”

“However, we can – and must – do more,” Chairman Atkins continued. “Accordingly, the concept release seeks comment on foundational and existential aspects of the CAT. The Commission is aware of the need to address many aspects of the CAT, and public comment is a crucial piece of the comprehensive review currently under way.”

Jamie Selway, Director of the SEC’s Division of Trading and Markets, said, “The Division is looking forward to engaging with the public with respect to our comprehensive review of the CAT. We anticipate that the concept release issued by the Commission today will provoke meaningful dialogue.”

SEC concept releases are a means for the Commission to obtain public input on policy topics in advance of pursuing any related regulatory action. Concept releases typically outline a topic of interest, identify potential options, and raise specific questions for public commenters to consider. 

In this concept release, the Commission welcomes comment on possible regulatory responses related to topics identified in the release or otherwise proposed by commenters with respect to the CAT, including comments on any costs, burdens, or benefits that may result from such regulatory responses.

The public comment period will remain open for 60 days following publication of the concept release in the Federal Register.