SIFMA Statement Supporting SEC Order to Reduce CAT Costs

Washington, D.C., September 30, 2025 - SIFMA today issued the following statement from president and CEO Kenneth E. Bentsen, Jr. on the order issued by the Securities and Exchange Commission (SEC) to reduce operating costs of the Consolidated Audit Trail (CAT):

"SIFMA believes the exemptive relief issued today by the Securities and Exchange Commission (SEC), which allows for immediate implementation of much needed changes designed to save millions of dollars in annual operating costs of the Consolidated Audit Trail (CAT), is a long overdue step in the right direction. We have long held the view that ever-increasing CAT costs, lacking any transparency or accountability, is one of many festering problems with the CAT and we commend the SEC for leadership in trying to rein them in. We also agree with the Chairman that more work needs to be done, including further reducing costs, eliminating investors' personally identifiable information (PII) and establishing rational governance. We thank the Chairman for his leadership on this issue and look forward to continued engagement on this issue."

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SIFMA is the leading trade association for broker-dealers, investment banks and asset managers operating in the U.S. and global capital markets. On behalf of our industry's one million employees, we advocate on legislation, regulation and business policy affecting retail and institutional investors, equity and fixed income markets and related products and services. We serve as an industry coordinating body to promote fair and orderly markets, informed regulatory compliance, and efficient market operations and resiliency. We also provide a forum for industry policy and professional development. SIFMA, with offices in New York and Washington, D.C., is the U.S. regional member of the Global Financial Markets Association (GFMA).