SEC Approves Amendment to NMS Plan Related to Consolidated Audit Trail

The SEC has released an order approving its December 17, 2025, proposed amendment to the “National Market System [NMS] Plan governing the Consolidated Audit Trail [CAT].” The amendment provides “exemptive relief from certain requirements of Rule 17a-1 under the Securities Exchange Act of 1934 to allow for the implementation of various cost savings measures designed to meaningfully reduce the costs of the CAT while maintaining core regulatory functionality.”

For more information, see the press release on the SEC’s Web site.