BROKER-DEALER -

SEC Amends CAT NMS Plan -

On May 15, the Securities and Exchange Commission adopted amendments to the national market system plan governing the consolidated audit trail (the CAT NMS Plan). The Financial Industry Regulatory Authority (FINRA) and the national securities exchanges that are CAT NMS Plan participants (the Participants) are now required to publish and file with the SEC a complete implementation plan for the Consolidated Audit Trail (CAT) and quarterly progress reports. The reports include financial accountability provisions that establish target deadlines for four critical implementation milestones, and must be approved by the operating committee established by the CAT NMS Plan and submitted to the CEO, president, or an equivalently situated senior officer at each participant.