Federal Register #SR-BOX-2026-11

SEC Proposed Rule: CAT Fee 20261 for Industry Members to Fund Consolidated Audit Trail Operations

The Securities and Exchange Commission (SEC) is announcing a proposed rule change by BOX Exchange LLC and NYSE Arca, Inc. to establish fees for industry members to fund the operation and maintenance of the Consolidated Audit Trail (CAT) for most of 2026. - Government Buyer: - Securities and Exchange Commission (SEC), Division of Trading and Markets - OEMs and Vendors: - Amazon Web Services, Inc. (AWS) – cloud hosting - Algoseek, LLC – market data - WilmerHale – legal services - Jenner – legal services - Deloitte – consulting - Anchin – professional and administration services - Grant Thornton – professional and administration services - Products/Services Requested: - Cloud hosting services for CAT (AWS): storage, compute, networking, management tools, DevOps, and multiple environments - Market data services (Algoseek): provision of required market data elements - Legal services (WilmerHale, Jenner): compliance, policy, regulatory guidance, litigation - Consulting services (Deloitte): support for CAT operations and compliance - Professional and administration services (Anchin, Grant Thornton): accounting and administrative support - CAT Fee 20261: $0.000001 per executed equivalent share, invoiced monthly, to recover about two-thirds of CAT's budgeted costs for May–December 2026 - Unique/Notable Requirements: - Fee structure is designed to equitably allocate costs among industry members and participants - CAT Fee 20261 covers technology, legal, consulting, insurance, and administration expenses - The fee will remain in effect until a subsequent CAT Fee is established - Place of Performance/Delivery: - Securities and Exchange Commission Headquarters, 100 F Street NE, Washington, DC 20549-1090

Description

This notice from the Securities and Exchange Commission announces a proposed rule change filed by BOX Exchange LLC to establish fees for industry members related to the reasonably budgeted costs of the Consolidated Audit Trail (CAT) for the period from May 1, 2026, through December 31, 2026. The fees, referred to as CAT Fee 20261, are intended to recover approximately two-thirds of the budgeted CAT costs for 2026 and will be charged per executed equivalent share. The rule change aims to support the operation and maintenance of the CAT as required by the National Market System Plan and SEC regulations.

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