Securities and Exchange Commission
Document Headings Document headings vary by document type but may contain the following: the agency or agencies that issued and signed a document the number of the CFR title and the number of each part the document amends, proposes to amend, or is directly related to the agency docket number / agency internal file number the RIN which identifies each regulatory action listed in the Unified Agenda of Federal Regulatory and Deregulatory Actions See the Document Drafting Handbook for more details. Securities and Exchange Commission [Release No. 34-105003; File No. 4-698] ( printed page 13410) March 16, 2026. I. Introduction On September 5, 2025, the Consolidated Audit Trail, LLC (“CAT LLC”), on behalf of the Participants  [ 1 ] to the National Market System Plan Governing the Consolidated Audit Trail (“CAT NMS Plan” or “Plan”), [ 2 ] filed with the Securities and Exchange Commission (“Commission”), pursuant to Section 11A of the Exchange Act  [ 3 ] and Rule 608 of Regulation National Market System (“Regulation NMS”) thereunder, [ 4 ] a proposed amendment to the CAT NMS Plan (“Initial Proposed Amendment”) to implement a revised funding model (the “Executed Share Model”) for the consolidated audit trail (“CAT”)  [ 5 ] and to establish a fee schedule for Participant CAT fees in accordance with the Executed Share Model. [ 6 ] The Initial Proposed Amendment was published for comment in the Federal Register on September 17, 2025. [ 7 ] On November 21, 2025, the Commission instituted proceedings pursuant to Rule 608(b)(2)(i) of Regulation NMS  [ 8 ] to determine whether to disapprove the Initial Proposed Amendment or to approve the Initial Proposed Amendment with any changes or subject to any conditions the Commission deems necessary or appropriate after considering public comment (“OIP”). [ 9 ] On December 18, 2025, CAT LLC, on behalf of the…
Citation: 91 FR 13410
