Federal Register #SR-EMERALD-2026-11

SEC Fee Recovery for Historical CAT System Costs

The Securities and Exchange Commission (SEC) is announcing a new fee structure to recover historical costs associated with the Consolidated Audit Trail (CAT) system. - Government Buyer: - Securities and Exchange Commission (SEC) - OEMs and Vendors Referenced: - Amazon Web Services, Inc. (AWS) - Kingland Systems Corporation - Thesys Technologies, LLC - Exegy - Products/Services Requested: - Historical CAT Assessment 1A Fee - $0.000002 per executed equivalent share - Total recovery target: $38,964,855.34 - Charged to CAT Executing Brokers - CAT System Development and Operation - Technology development - Cloud hosting - Legal, consulting, insurance, professional support, and public relations - Unique/Notable Requirements: - Fee is to recover costs incurred prior to January 1, 2022 - Recovery period estimated at 24 months, starting with invoices in June 2026 - Fee remains in effect until full amount is collected - No new products or services are being procured; this is a cost recovery mechanism for prior expenses - Place of Performance/Delivery: - Securities and Exchange Commission (federal office)

Description

The Securities and Exchange Commission (SEC) has filed a proposed rule change by MIAX Emerald, LLC to amend its options exchange fee schedule. The amendment establishes fees for industry members related to certain historical costs of the National Market System Plan governing the Consolidated Audit Trail (CAT). These fees address costs incurred prior to January 1, 2022, which were not previously invoiced. The proposed rule change is effective immediately upon filing.

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