Federal Register #SR-FINRA-2026-010

SEC Notice: FINRA Rule Change Establishes CAT Funding Fees for Industry Members

This opportunity concerns the SEC's announcement of a FINRA rule change to establish new funding fees for the Consolidated Audit Trail (CAT) for industry members. - Government Buyer: - Securities and Exchange Commission (SEC) - Financial Industry Regulatory Authority (FINRA) - OEMs and Vendors: - Amazon Web Services, Inc. (AWS) (cloud hosting) - Algoseek, LLC (market data) - Deloitte (consulting) - WilmerHale (legal services) - Jenner (legal services) - Anchin and Grant Thornton (professional and administration services) - Products/Services Requested: - CAT Fee 20261: $0.000001 per executed equivalent share, payable to CAT LLC - Cloud hosting services for CAT (AWS) - Market data services (Algoseek) - Consulting services (Deloitte) - Legal services (WilmerHale, Jenner) - Professional and administration services (Anchin, Grant Thornton) - Notable Requirements: - Fees are designed to recover approximately two-thirds of CAT's budgeted costs for 2026 (about $15.15 million) - Applies to industry members acting as CAT Executing Brokers - Covers technology, cloud hosting, operating fees, legal, consulting, and administrative services - Monthly invoicing for fees, with period of performance from May 1, 2026 through December 31, 2026 - Place of Performance: - Securities and Exchange Commission (SEC), United States

Description

The Financial Industry Regulatory Authority (FINRA) has filed a proposed rule change with the Securities and Exchange Commission (SEC) to amend FINRA Rule 6897. The amendment establishes fees for industry members related to reasonably budgeted Consolidated Audit Trail (CAT) costs under the National Market System Plan for the period from May 1, 2026, through December 31, 2026. These fees, payable to Consolidated Audit Trail, LLC, are intended to recover approximately two-thirds of the reasonably budgeted CAT costs for 2026. The fee rate is set at $0.000001 per executed equivalent share, with invoices beginning in June 2026 based on May 2026 transactions.

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