SEC Issues Another CAT Reprieve as Monday’s Milestone Passes Quietly

While the CAT is now live, few—if any—are reporting. Additionally, there are still concerns among large broker-dealers about the CAT Reporter Agreement.

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For the second time in a little more than a month, the US Securities and Exchange Commission (SEC) has granted the industry a reprieve for reporting into the Consolidated Audit Trail (CAT).

Late Monday, the SEC announced that it had “voted to issue two exemptive orders.” The first establishes a phased CAT reporting timeline for broker-dealers (see New Timeline BOX below). The second order will allow introducing brokers that meet certain requirements to follow the small broker-dealer reporting

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