Concept Release on Consolidated Audit Trail and Other Audit Trails
Summary
The Securities and Exchange Commission issued a concept release seeking public comments on the Consolidated Audit Trail (CAT) and other audit trails and data sources used in regulating U.S. securities markets. The release asks for input on potential changes to rules governing audit trails, including funding mechanisms, market conditions, privacy and confidentiality concerns, cost-efficient technology solutions, and cybersecurity considerations. Comments are due 60 days after Federal Register publication.
What changed
The SEC published a concept release initiating a comprehensive review of the Consolidated Audit Trail and other audit trails and data sources currently used in securities market regulation. The release identifies several developments since the Commission's last evaluation that warrant reconsideration, including evolving market structures, regulatory needs, privacy and confidentiality concerns, technology solutions, and cybersecurity considerations. The SEC is also examining funding mechanisms for these audit trails.
Market participants, broker-dealers, self-regulatory organizations, and other regulated entities should consider submitting comments to influence potential future rulemaking. Any changes could affect how audit data is collected, stored, funded, and accessed. Organizations subject to CAT reporting requirements should pay particular attention to this consultation as revisions could significantly impact compliance operations and costs.
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Apr 17, 2026GovPing captured this document from the original source. If the source has since changed or been removed, this is the text as it existed at that time.
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Concept Release
Concept Release on Consolidated Audit Trail and Other Audit Trails and Data Sources
Public Comments
Submit a Comment on S7-2026-12 View Received Comments
Overview
The Securities and Exchange Commission (the “Commission”) is publishing this concept release to solicit comments in support of a comprehensive review of the Consolidated Audit Trail and other audit trails and related data sources currently used in the regulation of U.S. securities markets, including comments regarding the funding mechanisms for these audit trails and/or related data sources. There have been several developments since the Commission last evaluated the scope and sufficiency of these audit trails and related data sources. These developments have prompted the Commission to consider whether changes should be made to the rules and regulations governing existing audit trails and related data sources to better respond to and reflect current market conditions; demonstrated regulatory needs; civil liberty, privacy, and confidentiality concerns; cost-efficient technology solutions; and cybersecurity considerations.
Last Reviewed or Updated: April 16, 2026
Resources
Concept Release: SEC Issued Version (pdf 604.41 KB) Fact Sheet
Details
Public Comments Due 60 days after publication in the Federal Register
File Number S7-2026-12 Rule Type Concept Release Number 34-105251 SEC Issue Date
April 16, 2026
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