Federal Register #SR-PEARL-2026-21

SEC Notice: MIAX PEARL Proposed Rule Change for CAT Fee Funding (2026)

This opportunity concerns the SEC's notice of a proposed rule change by MIAX PEARL, LLC to amend its fee schedule for the Consolidated Audit Trail (CAT) costs for industry members. - Government Buyer: - Securities and Exchange Commission (SEC), Division of Trading and Markets - OEMs and Vendors Involved: - Amazon Web Services, Inc. (AWS) – cloud hosting - FINRA CAT, LLC (FCAT) – Plan Processor - 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 operations (AWS) - Plan Processor services for CAT (FCAT) - Market data services (Algoseek) - Legal services (WilmerHale, Jenner) - Consulting (Deloitte) - Professional and administration services (Anchin, Grant Thornton) - Fee-funded services for technology, legal, consulting, insurance, and administration - Unique or Notable Requirements: - Fees are set at $0.000001 per executed equivalent share for CAT Executing Brokers - Fees are designed to recover approximately two-thirds of CAT's budgeted costs for the period - Applies to all industry members of MIAX PEARL, LLC - No specific product purchases; focus is on operational and service costs for CAT - Period of Performance: - May 1, 2026 through December 31, 2026 (eight months) - Places of Performance/Delivery: - Securities and Exchange Commission, 100 F Street NE, Washington, DC 20549-1090 - MIAX Pearl principal office

Description

The Securities and Exchange Commission published a notice regarding a proposed rule change by MIAX PEARL, LLC. The rule change amends the MIAX Pearl Equities Fee Schedule to establish fees for industry members related to reasonably budgeted costs of the Consolidated Audit Trail (CAT) for the period from May 1, 2026, through December 31, 2026. These fees are payable to Consolidated Audit Trail, LLC and are intended to recover approximately two-thirds of the reasonably budgeted CAT costs for 2026. The filing is effective immediately upon notice of filing.

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