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ASA Welcomes SEC Order Delaying CAT Provisions


WASHINGTON - The American Securities Association (ASA) today welcomed an U.S. Securities and Exchange (SEC) order granting temporary exemptive relief from certain requirements of the consolidated audit trail (“CAT”), delaying implementation—scheduled for this month—until 2024.

“While we welcome the delay, the SEC must reconsider concentrating all of the personal and financial information of every American investor in a centralized database,” ASA CEO Chris Iacovella said. “CAT is, and will remain, incredibly vulnerable to hackers and state sponsors of espionage like Russia and China, which makes it one of the most important investor protection issues the SEC faces. We join Commissioner Peirce in calling on the SEC to end CAT’s risks to individual liberty and our national security."

Last month, all Republican members of the Senate Appropriations Subcommittee on Financial Services and General Government (FSGG), which has jurisdiction over the Securities and Exchange Commission (SEC), sent a letter raising concerns about the privacy and national security threats CAT presents.

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