Atkins claims the SEC reduced CAT operating costs and eliminated personally identifiable information reporting during his tenure.
“During my tenure, the Commission has achieved significant reductions in the annual operating costs of the Consolidated Audit Trail (“CAT”) and eliminated reporting of personally identifiable information to the CAT.”
Atkins reports commenters want the SEC to take more responsibility for managing and funding the CAT.
“One theme emerges from the comment file: investors and market participants want the Commission to take more responsibility for managing and funding this project.”
Atkins says the Commission must move quickly to restructure the CAT to address cost, governance, and funding issues.
“I believe that it is critical for the Commission to move quickly and lay the groundwork necessary to restructure the CAT to address persistent cost, governance, and funding issues.”
Atkins forecasts the CAT restructuring transition will not be complete until late 2027.
“Because many of these actions would need to occur in tandem, the transition would likely not be complete until late 2027.”