19 Mar 2025
💰CAIS Amendment Reduces Mandatory Reporting for Securities Industry
Joint Industry Plan; Notice of Filing of Amendment to the National Market System Plan Governing the Consolidated Audit Trail Regarding the Proposed Customer and Account Information System Amendment
Summary
The CAIS Amendment proposes significant changes to the National Market System Plan by eliminating the requirement for reporting certain customer information, including names, addresses, and years of birth. This amendment aims to enhance data security while achieving substantial cost savings, estimated at $12 million annually, for participating organizations in the securities industry.
Agencies
- Securities and Exchange Commission
Business Impact
$$$ - High
The proposed CAIS Amendment has significant compliance implications for businesses involved in the securities market, as it mandates reduced reporting of customer information, resulting in an estimated $12 million in annual cost savings. This impacts operational costs and regulatory compliance strategies significantly.