SEC Provides Update On CAT Implementation Delays

SEC Division of Trading and Markets (the "Division") Director Brett Redfearn issued an update on implementation of the Consolidated Audit Trail ("CAT"). Mr. Redfearn noted that the national securities exchanges and FINRA (the "SROs") continue to be delayed in implementing CAT, which is intended to create a comprehensive database for trading activity in the U.S. equity and options markets. The SROs submitted a revised CAT implementation plan (the "SRO Master Plan") with new deadlines to the Division on May 25, 2018. The SRO Master Plan proposes that:

• SROs begin reporting required data to the CAT on November 15, 2018 (previously scheduled for November 15, 2017);
• large broker-dealers begin reporting on November 15, 2019 (previously scheduled for November 15, 2018); and