SIFMA on Delayed Implementation of CAT

“SIFMA believes the SROs were correct to delay the implementation of the Consolidated Audit Trail (CAT) Customer and Account Information System until the fourth quarter of 2022.  This will assist firms in addressing reporting challenges and allow time for other issues to be remediated. When fully implemented, the CAT will be the largest database of retail and institutional trading data ever created.It also will include personal information on every retail brokerage customer in America, as well as identifying information for every pension fund, mutual fund, and other institutional account in America.  The need to get it right is essential.  To that end, we once again call on the Securities and Exchange Commission (SEC) to adopt its August 2020 CAT data security proposal, which is designed to significantly enhance the security of data held within CAT.”Source: SIFMA