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. 34-106237; File No. 4-698] ( printed page 56691) September 1, 2026. On August 11, 2026, Consolidated Audit Trail, LLC (“CAT LLC”), on behalf of the Participants  [ 1 ] in the National Market System Plan Governing the Consolidated Audit Trail (“CAT NMS Plan” or “Plan”), [ 2 ] submitted a letter (the “FAM 4 Exemption Request”)  [ 3 ] requesting that the Securities and Exchange Commission (“Commission” or “SEC”) use its exemptive authority under Section 36 of the Exchange Act  [ 4 ] and/or Rule 608(e) of Regulation NMS thereunder  [ 5 ] in connection with the recovery of certain costs incurred during the fourth and final Financial Accountability Milestone (“FAM 4”) of the Plan. The Commission is publishing this notice to provide interested persons with an opportunity to comment. I. Background On July 18, 2012, the Commission adopted Rule 613 of Regulation NMS. [ 6 ] The goal of Rule 613 was to create a modernized audit trail system—the CAT—that would provide regulators with timely access to a comprehensive set of trading data, thus enabling regulators to more efficiently and effectively analyze and reconstruct market events, monitor market behavior, conduct market analysis to support regulatory decisions, and perform surveillance, investigation, and enforcement activities. On November 15, 2016, the Commission …
Citation: 91 FR 56691
