SEC Issues Order to Reduce Operating Costs of Consolidated Audit Trail

What's Changing?

The National Market System Plan governing the Consolidated Audit Trail (CAT NMS Plan) has been revised to provide temporary relief from specific rules and regulations.

• The exemption applies to Rule 613 of Regulation NMS, which requires certain reporting requirements for brokers and exchanges.
• The SEC's order aims to reduce the financial burden on industry participants during a time of significant market volatility.

Why It Matters

This move by the SEC is crucial in maintaining market stability and ensuring that industry participants can continue to operate efficiently despite the challenges posed by the pandemic and rising costs.

• The revision will likely have a positive impact on the overall functioning of the markets, allowing for smoother trading and reduced operational risks.
• The SEC's decision demonstrates its commitment to adapting regulations to accommodate market conditions and facilitating growth.

Risk Assessment

This action by the SEC may lead to changes in audit requirements for brokers and exchanges, potentially affecting market data and operations. We assess this risk as high due to its potential impact on market dynamics.

Staying Ready

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