The Financial Industry Regulatory Authority, Inc. (FINRA) submitted a proposed rule change to the Securities and Exchange Commission (SEC) on December 20, 2024. This proposal aims to update FINRA Rule 6897(b) to include a new cost recovery fee for the Consolidated Audit Trail (CAT), covering the year 2025. The primary goal of this fee is to allow FINRA to recover a portion of the costs associated with the National Market System Plan governing the CAT. The SEC invites public comments on the rule change and has provided various methods for submission, including online and mail, with a deadline for comments set for January 27, 2025.
Simple Explanation
FINRA wants to add a new fee to help pay for a big project called the Consolidated Audit Trail, which keeps track of trading in the stock market. They're asking people what they think about this idea before deciding if it's a good plan.