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SIFMA Backs SEC Order to Cut Consolidated Audit Trail Costs
SIFMA Backs SEC Order to Cut Consolidated Audit Trail Costs
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BTCCSquare news:
The Securities Industry and Financial Markets Association (SIFMA) has endorsed a Securities and Exchange Commission (SEC) order aimed at reducing operational costs for the Consolidated Audit Trail (CAT). SIFMA President and CEO Kenneth E. Bentsen Jr. praised the MOVE as a necessary step toward addressing long-standing issues with the CAT, including escalating expenses and lack of transparency.
The SEC's conditional exemptive relief modifies requirements under the CAT NMS Plan, Rule 613 of Regulation NMS, and Rule 17a-1 of the Securities Exchange Act of 1934. Bentsen emphasized that further reforms are needed, particularly in reducing costs, eliminating personally identifiable information (PII), and improving governance.
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