The Securities and Exchange Commission (SEC) is considering an amendment to the National Market System Plan concerning the Consolidated Audit Trail (CAT). This proposal, called the CAIS Amendment, aims to reduce the reporting of sensitive customer data in the CAT, such as names, addresses, and dates of birth, which would save approximately $12 million annually. The proposed changes focus on improving data security and lowering operating costs without affecting regulatory surveillance abilities. The SEC is seeking public comments on this proposed amendment to ensure it aligns with the goals of protecting investors and enhancing market efficiency.
Simple Explanation
The SEC wants to change a plan to make sure it uses less personal information from people, like their names and addresses, and this will save a lot of money. They want people to share their thoughts about this change to make sure it helps keep everyone safe and the markets working well.