SEC Approves Funding Amendment to National Market System Plan Governing the Consolidated Audit Trail

The Securities and Exchange Commission today approved an amendment to the National Market System Plan governing the Consolidated Audit Trail (CAT) (the “CAT NMS Plan”) to adopt a revised funding model, called the “Executed Share Model,” for the CAT and establish a fee schedule for CAT fees for the self-regulatory organizations that are participants to the CAT NMS Plan in accordance with the Executed Share Model. “Prior to CAT’s creation, regulators lacked a consolidated view of the material information of all orders in NMS securities to trace orders from originations, modifications, cancellations, routings, and executions,” said SEC Chair Gary Gensler.