SIFMA today released the following statement from Randy Snook, executive vice president, business policies and practices, after the self-regulatory organizations (SROs) selected Thesys Technologies LLC to operate the Consolidated Audit Trail (CAT) system pursuant to the National Market System Plan mandated by the Securities and Exchange Commission:
“The selection of a CAT processor marks a critical step in the development of the CAT. We congratulate Thesys on the appointment and remain committed to sharing the industry’s insight and expertise on how to effectively implement such a comprehensive system in the marketplace today.
“The development of the CAT presents a singular opportunity to build a state-of-the-art regulatory system that can enhance regulatory oversight while replacing redundant, legacy reporting systems that require significant resources to operate. The timely elimination of redundant regulatory requirements, robust data security practices and the establishment of an equitable funding model are mission critical to establishing a CAT system that enhances regulatory oversight without adding unnecessary complexity or risk.”