3235-AN54 202510 The Regulatory Plan and the Unified Agenda of Federal Regulatory and Deregulatory Actions 3235 Securities and Exchange Commission SEC Evaluating the Consolidated Audit Trail

The Division is considering recommending that the Commission invite public comment to inform a comprehensive rethink of the Consolidated Audit Trail (CAT), including its design and functionality and the scope of collected information, to assess potential modifications to CAT to address ongoing cost and data security concerns while supporting clearly defined regulatory objectives.

]]> Economically Significant Previously Published in The Unified Agenda Prerule Stage Undetermined No Other Not Yet Determined 15 U.S.C. 78b 15 U.S.C. 78c(b) 15 U.S.C. 78e 15 U.S.C. 78f 15 U.S.C. 78k-1 15 U.S.C. 78o 15 U.S.C. 78o-3 15 U.S.C. 78q(a) 15 U.S.C. 78q(b) 15 U.S.C. 78s 15 U.S.C. 78w(a) Yes

This advance notice of proposed rulemaking is necessary to support a comprehensive review of the CAT that will include, but not be limited to, the costs of the CAT and the scope of what is collected and whether any duplicative reporting systems should be retired or otherwise modified. Since the CAT was established, the costs of operating the CAT have regularly increased. Market participants and Congress also have raised concerns regarding the CAT’s cost increases and the risks of storing so much sensitive data together. 

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The Commission will evaluate the anticipated costs and benefits and other economic effects as it develops the proposed rule.

]]> ANPRM 04/20/2026 91 FR 20945 ANPRM Comment Period End 06/22/2026 No None No No No David Hsu Division of Trading and Markets 3235 Securities and Exchange Commission SEC 202 551-5664 hsud@sec.gov 100 F Street NE, Washington DC 20549