Decommissioning OATS

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

Regulators Provide CAT Reporting Focus

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

The Consolidated Audit Trail (CAT) is Live

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

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

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

New Podcast: The Consolidated Audit Trail (CAT) – What You Should Be Doing Now

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