US SEC lowers CAT system operating expenses
U.S. Securities and Exchange Commission (SEC) announced that in order to reduce the costs of the Consolidated Audit Trail (CAT) system, it has approved conditional exemptions for CAT participants. The measures include reducing data processing and storage requirements, with projected spending expected to decrease by an additional $20-27 million from the current $196 million by 2025. SEC Chairman Paul S. Atkins stated that this is the beginning of CAT reform and cost control.
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