Sifma had submitted a Section 19(d) request to the Securities & Exchange Commission (SEC) following feedback from its members suggesting that some of the existing terms of the CAT journalist agreement were not appropriate. All members of the industry must sign the CAT Journalist Agreement to have access to the system of tests, certifications and production reports. “CAT is a whole other beast. It contains all trading data for stocks and options. It will cover customer data and the lifecycle of an order,” said Ellen Greene, Managing Director of Equity and Options Market Structure at SIFMA. Although Thesys reported in January ifLR Practice Insight that the initial stages of reporting progressed as planned after the report schedule and that accuracy and safety remain a top priority, they were briefly replaced by the SEC, which reassigned the task to Finra. On June 29, the Financial Industry Regulatory Authority (FINRA) issued Regulatory Notice 20-20, which informed members of regulatory coordination efforts to comply with the Consolidated Audit Trail (CAT) reporting rules. In particular, FINRA and the national stock exchanges, as a participant in the CAT NMS plan, have entered into a Rule 17d 2 plan and corresponding regulatory services agreements to coordinate FINRA`s regulation of cat compliance rules. In addition, finra and the stock markets have also developed a coordinated approach to implement cat compliance rules as part of the participants` respective plans for minor violations of the rules. The first phase of CAT coverage officially began on 22 June 2020. These include stock market coverage for large and small brokers who currently report to Finra`s Order Audit System (OATS), the system that practically replaces cat.. . .