TITLE: United States Securities and Exchange Commission Seeks Public Comment on Consolidated Audit Trail Review
BODY:
On April 16, 2026, the Securities and Exchange Commission (SEC) issued a concept release soliciting public comment on a comprehensive review of the Consolidated Audit Trail (CAT) and other audit trails and related data sources used in regulating U.S. securities markets.
The concept release invites comment on multiple foundational aspects of the CAT, including funding and cost management, regulatory purpose, structure and governance, design and scope, and cybersecurity and data privacy considerations. The SEC is also seeking input on balancing privacy and confidentiality protections, civil liberties safeguards, and regulatory requirements. SEC Chairman Paul S. Atkins noted that over the past year, the Commission has reduced the CAT's projected annual operating costs by more than $100 million and permanently eliminated the reporting of personal identifiable information to the CAT through exemptive relief and approved amendments to the national market system plan. However, the Chairman stated the Commission must pursue further reforms to address foundational aspects of the CAT. Jamie Selway, Director of the SEC's Division of Trading and Markets, indicated the Division anticipates the concept release will generate meaningful dialogue with market participants and stakeholders.
The SEC welcomes comment on possible regulatory responses and any associated costs, burdens, or benefits. The public comment period will remain open for 60 days following publication of the concept release in the Federal Register. Commenters can submit responses through the SEC's official submission portal.