Last month FINRA submitted a filing with the SEC outlining their enforcement of CAT regulatory compliance, which included the industry’s goal to retire OATS reporting. This filing provided additional guidance around FINRA’s plan to ensure the CAT data is complete and accurate before OATS reporting can be fully decommissioned. The Filing states the following data… READ MORE
In the past few weeks, the industry has been given additional guidance on how CAT reporting will be monitored by the regulatory body and the SROs. We were introduced to a new acronym, CMRWG, which is the Cross-Market Regulation Working Group. The CMRWG was recently formed to reduce unnecessary duplication in enforcement efforts. SROs have… READ MORE
Eight years after the Security and Exchange Commission (SEC) adopted Rule 613, the Consolidated Audit Trail (CAT) has finally gone live for equity reporting as of Monday, June 22, 2020. Options reporting will also go live on July 20, 2020. One significant change since the initial adoption of Rule 613 is the speed with which… READ MORE
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
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
Phase 2a is a multi-phase Equity reporting timeline for firms that are current OATS reporters. The initial test environment for file submission will open in December 2019 with the production “go-live” scheduled for April 2020. There are a series of ongoing later dates where firms will need to confirm their intra-firm and inter-firm linkage capabilities,… READ MORE
On March 16, 2020 the SEC announced no-action relief to allow Participants to delay 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 must make difficult prioritization decisions around staff required to implement CAT. This is an excellent opportunity… READ MORE
