Federal Register #S7-2026-12

SEC Request for Public Comment on Consolidated Audit Trail and Related Audit Trails

The Securities and Exchange Commission (SEC) is seeking public input on the future of the Consolidated Audit Trail (CAT) and related audit trails for U.S. securities market regulation. - Government Buyer: - U.S. Securities and Exchange Commission (SEC) - OEMs and Vendors: - No specific Original Equipment Manufacturers (OEMs) or vendors are named in this request - Products/Services Requested: - Public comments and feedback on: - Effectiveness, structure, and governance of the Consolidated Audit Trail (CAT) - Funding mechanisms and cost management for CAT - Data collection, privacy, and cybersecurity concerns - Potential regulatory changes and improvements - Consideration of replacing the Electronic Blue Sheet (EBS) system with a request-and-response (R&R) system - Unique or Notable Requirements: - The SEC is not procuring products or services, but is conducting a comprehensive regulatory review - Focus on market oversight, investor protection, and adapting to technological and privacy developments - Input will inform potential updates to rules and regulations governing securities market audit trails

Description

The Securities and Exchange Commission (SEC) is issuing a concept release to solicit public comments on a comprehensive review of the Consolidated Audit Trail (CAT) and other audit trails and related data sources used in regulating U.S. securities markets. The review aims to assess the effectiveness, funding mechanisms, and potential regulatory changes to these audit trails in light of evolving market conditions, privacy concerns, technological advancements, and cybersecurity needs. Comments are requested to help inform potential updates to rules and regulations governing these data sources to enhance market oversight and investor protection.

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