💰New CAT Fee 2025-2 Regulations Impacting Industry Members
Self-Regulatory Organizations; The Nasdaq Stock Market LLC; 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 Securities and Exchange Commission has published a notice regarding the immediate effectiveness of proposed rule changes to implement Consolidated Audit Trail (CAT) funding fees for industry members. This fee structure is designed to cover the reasonably budgeted costs associated with CAT operations for the upcoming period. The implementation will require industry participants to adjust their financial models accordingly.
Agencies
- Securities and Exchange Commission
Business Impact
$$$ - High
The new CAT Fee 2025-2 implementation has direct financial implications for industry members that will need to comply with the proposed fee changes. These fees are essential to support regulatory obligations under the CAT NMS Plan. As such, businesses will need to prepare for increased operational costs stemming from the new fee structure, which will affect their financial planning and budget allocation.