02.10.25

SEC Pulls Back on Investor Information in CAT

by: Declan Harty

The U.S. Securities and Exchange Commission (SEC) said it no longer wants financial firms to feed detailed investor information into the Consolidated Audit Trail (CAT). Broker-dealers will no longer need to report investors' names, addresses and years of birth into the stock-trading surveillance system under the SEC's newly issued exemptive order. CAT was designed to give Wall Street regulators the ability to analyze real-time trading data from across the market to spot for abuses and manipulation or to help craft rules, but SEC Acting Chair Mark Uyeda said the personal data "is not necessary to achieve CAT's objectives."

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