The U.S. Securities and Exchange Commission has issued a concept release seeking public input to support a comprehensive review of the Consolidated Audit Trail (CAT) and other audit trails and related data sources used in regulating U.S. securities markets. The review is framed around whether changes to existing rules and governance are needed to reflect current market conditions, demonstrated regulatory needs, civil liberties and privacy concerns, cost-efficient technology solutions, and cybersecurity considerations. The release invites comment on CAT funding and cost management, the CAT’s regulatory purpose, its structure and governance as a national market system plan, and potential changes to CAT design and scope, including reporting, linkage timelines, and data retention. It also addresses the interaction between CAT and other data sources such as the Electronic Blue Sheet system, including potential approaches to obtaining customer and account information following the permanent elimination of personally identifiable information reporting to CAT, and notes cost pressures that have pushed CAT operating budgets well above the Commission’s earlier estimates despite recent actions that reduced projected annual operating costs by over USD 100 million. Comments are due within 60 days after the concept release is published in the Federal Register.
U.S. Securities & Exchange Commission 2026-04-16
U.S. Securities and Exchange Commission seeks comment for comprehensive review of the Consolidated Audit Trail and other audit trails
The U.S. Securities and Exchange Commission has issued a concept release seeking public input on a comprehensive review of the Consolidated Audit Trail and other audit trails and related data sources used in regulating U.S. securities markets. The release focuses on whether changes to rules, funding, governance, design, scope, and data retention are warranted in light of current market conditions, regulatory needs, privacy concerns, cost pressures, technology, and cybersecurity, including how to obtain customer and account information after the elimination of personally identifiable information reporting to the Consolidated Audit Trail.