Federal Register #SR-LTSE-2026-14

SEC Proposed Rule: Industry Member Fees for Historical CAT System Costs

The Securities and Exchange Commission (SEC) is announcing a proposed rule change from Long-Term Stock Exchange, Inc. (LTSE) to establish fees for industry members to recover historical costs associated with the Consolidated Audit Trail (CAT) system. - Government Buyer: - Securities and Exchange Commission (SEC) - Long-Term Stock Exchange, Inc. (LTSE) as the filing entity - OEMs and Vendors: - Amazon Web Services, Inc. (AWS): Cloud hosting services for CAT - Kingland Systems Incorporation: Development and operation of the Customer and Account Information System (CAIS) - Exegy Incorporated: Market data provision for CAT - Thesys Technologies, LLC: Initial Plan Processor and application development - Products/Services Requested: - Cloud hosting services for secure, resilient, high-volume data activity (AWS) - Development and operation of CAIS for capturing and storing customer/account information (Kingland) - Market data provision, including all required data elements (Exegy) - Application development and Plan Processor services for CAT system management and billing (Thesys Technologies) - Historical CAT Assessment 1A Fee: Recovery of $38,964,855.34 in historical CAT costs, charged to industry members based on executed equivalent shares at $0.000002 per share, invoiced monthly - Notable Requirements: - Fees cover technology, legal, consulting, insurance, and public relations costs incurred prior to January 1, 2022 - Assessment is based on executed share volumes and is projected to be collected over approximately two years - Funding model ensures proper maintenance and accountability for the CAT system

Description

The Securities and Exchange Commission announced a proposed rule change filed by Long-Term Stock Exchange, Inc. to establish fees for industry members related to certain historical costs of the National Market System Plan governing the Consolidated Audit Trail. The rule change aims to recover costs incurred prior to January 1, 2022, that were not previously invoiced. The fees are intended to fund the operation and maintenance of the Consolidated Audit Trail system, including technology and administrative costs. The proposal was filed for immediate effectiveness and is published in the Federal Register for public comment.

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