UNITED STATES: SEC Proposes Transparency and Financial Accountability Amendments to the CAT NMS Plan

Friday September 13 2019

On 9^th September 2019, the Securities and Exchange Commission (SEC) announced that it has voted to propose amendments to the national market system plan governing the Consolidated Audit Trail (the “CAT NMS Plan”).

Operational Transparency Amendments

• The Participants must file with the Commission, and make publicly available, a detailed implementation plan and ongoing quarterly progress reports.
• Each document must be submitted to the CEO, President, or an equivalently situated senior officer at each Participant and then approved by a supermajority vote of the Operating Committee.
• To the extent that any document is not approved by a unanimous vote of the Operating Committee, each Participant whose Operating Committee member did not vote to approve the document must separately file with the Commission, and make publicly available, a statement identifying itself and explaining why it did not vote to approve the document in question.

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