SEC.gov

SEC approves amendment to CAT NMS Plan to adopt new funding model called Executed Share Model.
New model establishes framework for participants to recover costs of creating, developing, and maintaining CAT.
Once approved, participants will submit Section 19(b) filings to impose fees on industry members.
Prior to CAT, regulators lacked consolidated view of orders in NMS securities.
Amendment modifies how allowable CAT costs are allocated among participants.

sec.gov

Relevant topic timeline:

8/23/2023

The Securities and Exchange Commission has adopted rule amendments that narrow the exemption from national securities association registration, enhancing oversight of broker-dealers engaged in proprietary trading across markets.