ASA, Citadel Securities File Lawsuit Challenging SEC's Consolidated Audit Trail Funding Order

TAMPA – The American Securities Association (ASA) and Citadel Securities LLC filed a petition for review in the 11th Circuit Court of Appeals last evening, challenging the Securities and Exchange Commission's (SECs) and self-regulatory organizations' (SROs) Consolidated Audit Trail (CAT) funding order.

"Chairman Atkins inherited a wounded CAT from the Gensler SEC, and now the SROs who run it hope it has nine lives. The SROs want to revive the CAT by assigning an Orwellian customer ID to every American investor who buys or sells a share of stock, and then taxing them every time they trade," said ASA President and CEO Chris Iacovella. “We have no choice but to sue once again to stop the SROs from violating American investors' constitutional right to privacy and imposing a transaction tax on them.”

Last year, the 11th Circuit unanimously struck down the CAT's funding model. 

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The American Securities Association (ASA) represents the retail and institutional capital markets interests of regional financial services firms who provide Main Street businesses with access to capital and advise hardworking Americans how to create and preserve wealth. ASA’s mission is to promote trust and confidence among investors, facilitate capital formation, and support efficient and competitively balanced capital markets. This mission advances financial independence, stimulates job creation, and increases prosperity. The ASA has a geographically diverse membership of almost one hundred members that spans the Heartland, Southwest, Southeast, Atlantic, and Pacific Northwest regions of the United States.