ASA Welcomes Order to Reduce CAT Operating Costs

WASHINGTON – The American Securities Association (ASA) today welcomed an order from the Securities and Exchange Commission (SEC) to reduce operating costs of the Consolidated Audit Trail (CAT).

"ASA applauds Chairman Atkins for taking another important step to rein in the CAT's regulatory overreach and runaway costs," said ASA President and CEO Chris Iacovella. "We appreciate Chairman Atkins' pledge to do a comprehensive review of CAT and hope the SEC finally ends the wrongful, costly, and unconstitutional collection of the personal and financial information of every American investor."

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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.