SEC Approves Proposed Amendment Related to National Market System Plan Governing Consolidated Audit Trail

The SEC has released an order approving 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.” The amendment “establishes a framework that plan participants will use to recover the costs to create, develop, and maintain the CAT, including the method for allocating CAT costs among participants and the members of a national securities exchange or a member of a national securities association.”