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ASA Calls on SEC to Reject SRO Executed Share Model Proposal

Urges SEC to establish an alternative to determining cost allocations under the CAT

WASHINGTON, D.C. – Today, the American Securities Association (ASA) sent a letter to the U.S. Securities and Exchange Commission (SEC) in response to the self-regulatory organizations (SROs) Executed Share Model proposal under the Consolidated Audit Trail (CAT).

“The SROs proposed funding model is discriminatory against broker-dealers and their customers, who will end up paying over 80% of the costs when FINRA is factored in," ASA CEO Chris Iacovella said. "We strongly urge the SEC to reject this flawed plan and work to establish a more equitable and reasonable alternative to determining cost allocations under the CAT.”

Over the last several years, ASA has regularly engaged with the SEC, SROs, Congress and industry members regarding investor protection and other issues that have arisen as the CAT has been developed. ASA has written several letters to the SEC and Congress on the issue and Iacovella penned an op-ed in The Hill titled “The National Security Risk No One Is Talking About.”



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