The CAT’s Ninth Life: SEC’s Sweeping Review Could Fundamentally Reshape the Consolidated Audit Trail

On April 16, the Securities and Exchange Commission (SEC) issued a concept release soliciting public comment on a comprehensive review of the Consolidated Audit Trail (CAT) and other audit trails and related data sources used in the regulation of US securities markets (the Concept Release). The Concept Release marks the most significant comprehensive reassessment of the CAT since the national market system plan governing it (the CAT NMS Plan) was approved in 2016, and it puts nearly every... By: Katten Muchin Rosenman LLP