Securities and Exchange Commission September 2019 – Federal Register Recent Federal Regulation Documents

The Securities and Exchange Commission (``Commission'' or ``SEC'') is proposing amendments to the National Market System Plan Governing the Consolidated Audit Trail (``CAT NMS Plan''). The proposed amendments impose public transparency requirements on the self- regulatory organizations that are participants to the CAT NMS Plan (each, a ``Participant'' and collectively, the ``Participants''). The Participants would be required to file with the Commission and publish a complete implementation plan for the Consolidated Audit Trail (``CAT'') and quarterly progress reports, each of which must be approved by a supermajority vote of the Operating Committee of CAT NMS, LLC. The proposed amendments also establish financial accountability provisions.