CAT Goes Live Part 2: What Should My Firm Be Doing?

  As a continuation of last week’s update on CAT activity, we will dive into more detail regarding a few panel comments regarding upcoming milestones found on the compliance timeline.   As we pointed out last week, it has been a remarkable achievement for the industry to have arrived at the compliance implementation for the… READ MORE

CAT Goes Live – Where Are We Now?

Oyster Consulting attended a webinar on June 6, 2020 hosted by SIFMA entitled “CAT Goes Live,” which included industry panelists from the SEC, FINRA CAT LLC, clearing firms and broker-dealers. This diverse panel conducted significant discussions about the impending compliance dates for Phase 2a and 2b for Consolidated Audit Trail (CAT) reporting.  Most industry members… READ MORE

SIFMA and SROs Settle on CAT Reporter Agreement

In a surprising announcement, SIFMA and the Self-Regulatory Organizations (SROs) have reached a settlement on the Consolidated Audit Trail (CAT) Reporter Agreement.  This comes after SIFMA issued a statement last week from Industry Members in support of their accusation of improper SRO action based on Section 19(d) of the Securities Exchange Act of 1934.  Within… READ MORE

CAT Update – SEC Issues Anticipated Extended Exemptive Relief

Just a few weeks ago we announced the SEC’s provision of exemptive relief, which allowed Industry Members to delay their CAT reporting until May 20th.  At that time, CAT participants had also formally requested additional relief.  Well, they got their wish. The SEC has now provided the relief, which is more in line with the… READ MORE

Under Looming CAT Deadlines, Firms Try to Land on Their Feet

Despite the current global health and market difficulties, the Consolidated Audit Trail (CAT) is still a hot topic in the industry.  The SEC has provided Exemptive Relief through a No Action Letter until May 20, 2020, though the participants have requested additional relief.  This has impacted a few of our customers who have reacted to… READ MORE

CAT Implementation Delayed Due to COVID 19

On March 16, 2020 the SEC announced no-action relief to allow Participants to delay the implementation of Consolidated Audit Trail (CAT) until May 20, 2020.  This announcement comes as the industry deals with disruptions as a result of COVID-19, and members have to make difficult prioritization decisions around staff required to implement CAT.  Market volatility… READ MORE

CAT Testing – Don’t Lose Sight of Large Trader ID (LTID) and Phase 2c Deadlines

Many broker-dealers are in the process of preparing for access to the CAT reporting environment.  They are making sure data transmission lines are implemented and functioning correctly, evaluating data requirements and ensuring which data will be produced by which technology provider (where appropriate), and performing linkage testing to clarify ALL of their trade flow to ensure all… READ MORE