SEC Approves Revised Funding Model for Consolidated Audit Trail (CAT)

Today the Securities and Exchange Commission approved an amendment to the CAT NMS Plan (Consolidated Audit Trail) regarding its funding model. Portions of the costs associated with creating, developing and maintaining the CAT will be allocated among the participants and members of a national securities exchange or national securities association according to an Executed Share Model. Participants will then make Section 19(b) filings implementing fees on industry members which will cover the budgeted prospective CAT costs. The amendment became effective upon the Commission's approval and will be published in the Federal Register.