SEC Files Fuzzy Amendment to Financial Audit Trail System
Published Date: 12/5/2025
Notice
Summary
Big stock market players are updating how they handle customer info in the Consolidated Audit Trail system to keep things simpler and safer. This change means less personal data is stored, helping protect investors while still tracking trades accurately. The update kicks in soon and won’t cost extra, making the system smarter without extra hassle.
Analyzed Economic Effects
3 provisions identified: 3 benefits, 0 costs, 0 mixed.
Personal Data Removed from CAIS
If you are an investor, the plan would delete or make inaccessible specific personal data from the CAT Customer and Account Information System (CAIS). The listed attributes to be deleted or made inaccessible are: customer name, customer address, account name, account address, authorized trader names list, account number, day of birth, month of birth, year of birth, and ITIN/SSN.
Access and Deletion Audit Trails Required
The Plan Processor must record all access to and all queries of data in the Reference Database and generate periodic reports of that access. The Plan Processor must also document all deletions of customer information from the Reference Database and provide periodic reports of those deletions to the Operating Committee.
Stronger Security Rules for CAT Data
The plan requires stronger technical security for CAT data: all CAT Data must be encrypted at rest and in flight using industry best practices (e.g., SSL/TLS) and symmetric encryption with a minimum key size of 128 bits (e.g., AES-128). All logins must use multi-factor authentication (MFA). If public cloud services are used, key management and auditing of cloud-provider access must be documented and monitored in real time.
Your PRIA Score
Personalized for You
How does this regulation affect your finances?
Sign up for a PRIA Policy Scan to see your personalized alignment score for this federal register document and every other regulation we track. We analyze your financial profile against policy provisions to show you exactly what matters to your wallet.
Key Dates
Department and Agencies
Related Federal Register Documents
2026-10373 — Registered Offering Reform
The SEC wants to make it easier and cheaper for more companies to sell their stocks and bonds to the public. They’re opening up special forms and benefits to more businesses, updating rules to be more modern, and cutting red tape by overriding some state rules. If you’re a company planning to raise money, these changes could speed things up and save you money, with feedback due by July 27, 2026.
2026-10222 — Enhancement of Emerging Growth Company Accommodations and Simplification of Filer Status for Reporting Companies
The SEC is making it easier for companies that report their finances by simplifying their categories into just two groups: big and small filers. Smaller companies, including emerging growth ones, will get more time to file reports and enjoy simpler rules, while big companies keep stricter standards. These changes aim to save time and money, with feedback open until July 20, 2026.
2026-07651 — Concept Release on Consolidated Audit Trail and Other Audit Trails and Data Sources
The SEC wants your thoughts on how it tracks stock market trades using the Consolidated Audit Trail and other data tools. They’re thinking about updating rules to keep up with new tech, privacy, and security needs, and to make sure the system is fair and cost-effective. If you’re involved in the stock market or data tracking, speak up by June 22, 2026!
2026-11810 — Self-Regulatory Organizations; Cboe EDGX Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Adopt Fees for Its New Clock Service
Cboe EDGX Exchange just rolled out a new Clock Service that helps users sync their time systems perfectly with the Exchange. Starting May 18, 2026, they’re charging fees for this service but also offering a free trial to get everyone on board. This affects both members and non-members who want precise timing for their trading activities.
2026-11812 — Self-Regulatory Organizations; Cboe EDGA Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Adopt Fees for Its New Clock Service
Cboe EDGA Exchange just rolled out a new Clock Service to help traders sync their time systems perfectly. Starting May 18, 2026, users can try it for free, but after that, there will be fees for using this handy tool. This change affects anyone who wants precise timing for trading and keeps things running smoothly.
2026-11809 — Self-Regulatory Organizations; Cboe BZX Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Adopt Fees for Its New Clock Service
Cboe BZX Exchange just rolled out a new Clock Service that helps users sync their time systems with the Exchange’s for better accuracy. Starting May 18, 2026, they’re charging fees for this service but offering a free trial to get everyone started. This affects both members and non-members who want precise timing for their trading activities.
Previous / Next Documents
Previous: 2025-21985 — Self-Regulatory Organizations; Nasdaq MRX, LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend the MRX Pricing Schedule at Options 7, Section 3
Nasdaq MRX is updating its pricing rules to add a new Tier 4 rebate for Priority Customer orders, helping certain traders save more money. This change affects anyone placing regular or crossing orders on the MRX options market and took effect on November 13, 2025. It’s all about making trading fees fairer and more rewarding for top customers, starting right away!
Next: 2025-21987 — Self-Regulatory Organizations; Nasdaq BX, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend BX Equity 4, Rule 4702(b)(4)(C) To Specify That the “Time-in-Force” Order Attribute of “Immediate-or-Cancel” Is Not Available to Post-Only Orders Entered Through the CORE FIX protocol
Nasdaq BX is updating its rules to say that if you use the CORE FIX system to place a Post-Only order, you can’t choose the “Immediate-or-Cancel” time option anymore. This change affects traders using this specific order type and system, making sure orders behave as expected. The rule is effective right away and won’t cost anyone extra money.