PTG Responds to Latest CAT Funding Model
Nov 24, 2025
In a letter filed with the SEC, PTG urged the Commission to reject the 2025 Funding Proposal, saying that the proposal flies in the face of the 11th Circuit’s decision and perpetuates the same structural and governance flaws that have contributed to a decade of mismanagement.
PTG said the Consolidated Audit Trail (CAT) Operating Committee should focus its efforts toward working collaboratively with the industry to reduce costs, enhance CAT governance, and transition to a viable funding structure. By bringing CAT within the Commission’s budget, streamlining its scope, and retiring duplicative systems, the SEC can realign CAT with its original objectives. Until the Commission determines a sustainable path forward, broker-dealers and their customers should not be left to bear the brunt of the CAT’s historical and ongoing mismanagement.