SIFMA Urges SEC To Take Over $147M CAT System, Cites Industry Funding Burden

According to SIFMA's June 22 letter to the SEC, the securities industry trade group urged the Commission to assume full funding and direct control of the Consolidated Audit Trail, citing a 2026 annual budget of approximately $147 million and arguing that broker-dealers currently bear 80% or more of costs while lacking direct governance voting power. SIFMA proposed eliminating the CAT NMS Plan structure and integrating CAT into the SEC's budget process, positioning it closer to systems like EDGAR that are directly SEC-funded and managed.
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