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ASA Statement on SEC’s CAT Executed Share Model Rulemaking



WASHINGTON, DC - American Securities Association (ASA) issued the following statement from President & CEO Chris Iacovella on today’s rulemaking by the U.S. Securities and Exchange Commission (SEC) adopting an Executed Share Model governing the Consolidated Audit Trail (CAT):

“Today’s adoption of the proposed CAT Executed Share Model is neither equitable, nor reasonable. The CAT funding model is a prime example of an agency adopting a rule it couldn’t pay for and then illegally appropriating the funds of market participants to fund it. We strongly object to the SEC imposing a tax on American investors to fund the CAT. ASA also remains vehemently opposed to the CAT’s unconstitutional collection of investor’s personal and financial information and we urge every American to question this unprecedented intrusion into their private lives,” said ASA President and CEO Chris Iacovella.

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.


In February 2023, ASA submitted a comment letter to the SEC in response to the self-regulatory organizations (SROs) Executed Share Model proposal under the Consolidated Audit Trail.



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About the American Securities Association


American Securities Association, based in Washington, DC, 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.

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