14 Jul 2025
💰Proposed CAT Fee 2025-2 and Its Business Impact
Self-Regulatory Organizations; Nasdaq BX, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change 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 SEC is announcing a proposed rule change on fees for Industry Members related to the Consolidated Audit Trail (CAT) costs. This includes the introduction of CAT Fee 2025-2, intended to recover a portion of the budgeted costs for the operation and maintenance of the CAT for the latter half of 2025.
Agencies
- Securities and Exchange Commission
Business Impact
$$$ - High
The content details proposed rule changes establishing fees related to the Consolidated Audit Trail (CAT) which Industry Members must comply with, impacting their operational costs and financial planning. The introduction of CAT Fee 2025-2 indicates a direct financial obligation based on transaction volumes for the relevant period.