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SEC RIN: 3235-AN54 Publication ID: 2026 
Title: Evaluating the Consolidated Audit Trail 
Abstract:

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.

 
Agency: Securities and Exchange Commission(SEC)  Priority: Economically Significant 
RIN Status: Previously published in the Unified Agenda Agenda Stage of Rulemaking: Prerule Stage 
Major: Undetermined  Unfunded Mandates: No 
EO 14192 Designation: Other 
CFR Citation: Not Yet Determined     (To search for a specific CFR, visit the Code of Federal Regulations.)
Legal Authority: 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)   
Legal Deadline:  None

Statement of Need:

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. 

Anticipated Costs and Benefits:

The Commission will evaluate the anticipated costs and benefits and other economic effects as it develops the proposed rule.
Timetable:
Action Date FR Cite
ANPRM  04/20/2026  91 FR 20945   
ANPRM Comment Period End  06/22/2026 
Regulatory Flexibility Analysis Required: No  Government Levels Affected: None 
Federalism: No 
Included in the Regulatory Plan: Yes 
RIN Data Printed in the FR: No 
Agency Contact:
David Hsu
Division of Trading and Markets
Securities and Exchange Commission
100 F Street NE,
Washington, DC 20549
Phone:202 551-5664
Email: hsud@sec.gov