London, UK – 15th April 2020 – Consolidated Audit Trail LLC (CAT LLC) have announced the Consolidated Audit Trail (CAT) reporting is now live for broker-dealer reporting, as of 13th April 2020. The CAT LLC, formed by FINRA and the U.S. national securities exchanges (together known as the SROs) to implement the requirements of SEC Rule 613 under the Securities Exchange Act of 1934, confirmed it is now able to receive data via their production system from broker-dealers who have been certified for reporting.
Despite issuing a “no-action” relief on 17th March, which stated the SEC will not be enforcing CAT reporting implementation deadlines, firms that have been certified as production-ready can now begin reporting to the production environment. The “no-action” letter applies until 20th May but could be extended, with the SROs requesting for the extension to be made until 2nd June for Phase 1 of broker-dealer reporting and 20th July for Phase 2.
This announcement marks a critical stepping stone for the CAT and a spokesperson for the CAT LLC Operating Committee said,
“Today marks an important milestone as we have opened the system to receive data in the production system from broker-dealers that have been certified for reporting. Although broker-dealers have additional time before they will need to comply with their reporting obligations, we continue to move full-speed ahead, and firms that are ready can begin live reporting.”
The CAT is set to provide and improve transparency and trace-ability in the securities market. Once fully functioning, it will be the world’s largest data repository of information on securities transactions, tracking all orders throughout their life cycle, according to the operating committee for the CAT.
Inforalgo are offering free CAT consultations, if you’d like to talk to regulatory reporting experts today or find out more about it’s dedicated cloud-based FINRA CAT solution, RegFlex, you can do so here.