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. 34-105107; File No. 4-698] ( printed page 16284) March 27, 2026. I. Introduction On December 17, 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 to implement various cost savings measures (the “Initial Proposed Amendment”) for the consolidated audit trail (“CAT”). [ 5 ] The Initial Proposed Amendment was published for comment in the Federal Register on December 31, 2025. [ 6 ] On February 24, 2026, CAT LLC, on behalf of the Participants of the CAT NMS Plan, filed an amendment to the Initial Proposed Amendment. [ 7 ] This order approves the Proposed Amendment, as modified by the Commission (hereinafter, the “Proposed Amendment” unless otherwise noted). For the reasons discussed below, the Commission finds that the Proposed Amendment, as modified by the Commission, is appropriate in the public interest, for the protection of investors and the maintenance of fair and orderly markets, to remove impediments to, and perfect the mechanism o…
Citation: 91 FR 16284
