Federal Register #SR-PEARL-2026-19

SEC Notice: MIAX PEARL, LLC Rule Change for Historical CAT Cost Recovery

This SEC notice details MIAX PEARL, LLC's proposed rule change to recover historical costs for the Consolidated Audit Trail (CAT): - Government Buyer: - Securities and Exchange Commission (SEC) - OEMs and Vendors: - Amazon Web Services, Inc. (AWS): Cloud hosting services - Kingland Systems Incorporation: Customer and Account Information System (CAIS) services - Thesys Technologies, LLC: Initial Plan Processor services - Exegy Incorporated: Market data provision - Products/Services Requested: - Secure, resilient cloud hosting for CAT (AWS) - Development and operation of CAIS for CAT (Kingland) - Initial Plan Processor services, including testing, security, and billing (Thesys Technologies) - Market data provision for CAT (Exegy) - Notable Requirements: - Recovery of $38,964,855.34 in historical CAT costs incurred before 2022 - New fee (Historical CAT Assessment 1A) set at $0.000002 per executed equivalent share - Use of AWS for secure, complex cloud infrastructure - Technical specifications and fee schedule available on MIAX PEARL's website and at its principal office

Description

MIAX PEARL, LLC filed a proposed rule change to amend its Equities Fee Schedule to establish fees for Industry Members related to certain historical costs of the National Market System Plan governing the Consolidated Audit Trail (CAT). The fees pertain to costs incurred prior to January 1, 2022, which were not previously invoiced. The fee rate for this assessment will be $0.000002 per executed equivalent share, with the first invoices expected in June 2026. This change aims to recover remaining historical CAT costs through a new fee assessment called Historical CAT Assessment 1A.

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