11 Jul 2025
💼Proposed Rule Change for CAT Fee 2025-2 Impacting Industry Members
Self-Regulatory Organizations; MIAX Emerald, LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend the Fee Schedule To Establish Fees for Industry Members Related to Reasonably Budgeted Costs of the National Market System Plan Governing the Consolidated Audit Trail for the Period From July 1, 2025 Through December 31, 2025
Summary
The Securities and Exchange Commission announced the immediate effectiveness of a proposed rule change by MIAX Emerald, which amends the fee schedule to introduce a new fee for industry members related to the National Market System Plan governing the Consolidated Audit Trail. The fee aims to recover budgeted costs for the operation of the consolidated audit trail over a specific period.
Agencies
- Securities and Exchange Commission
Business Impact
$$$ - High
The proposed rule change introduces CAT Fee 2025-2, impacting industry members financially as they will be required to pay a new fee based on their transaction volumes. This directly affects financial planning and operational costs for industry participants.