CAT Implementation Could Be Delayed

The Consolidated Audit Trail (CAT), years in the making, might have to wait a little longer before going online.

In testimony to Congress, Jay Clayton, Chairman of the SEC, said he had outstanding questions related to the CAT and that the SEC wouldnt accept data from the massive system until they were answered, according to a report on Bloomberg. More generally, Clayton said his agency was conducting a review to make sure the SEC wasnt collecting unnecessary personal information.

Ive made it clear that I dont want information unless we need it for our mission, Clayton told lawmakers.

Chair Clayton affirmed that the CAT was very important to the SECs oversight role, but stressed that the SEC would not take sensitive data that we cannot protect.

And one lawmaker, House Financial Services Committee Chairman Jeb Hensarling, told Clayton that the CAT shouldnt be activated just yet in the wake of the Equifax data breach and other questions raised by other recent cyberattacks, such as the one on the SECs own Edgar system.