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SEC Hires Kimmel to Oversee CAT Implementation

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The Securities and Exchange Commission said Tuesday that it has hired Manisha Kimmel to coordinate the SEC’s oversight of the self-regulatory organizations’ creation and implementation of the Consolidated Audit Trail, or CAT.

As senior policy advisor for regulatory reporting, Kimmel, who reports directly to SEC Chairman Jay Clayton, will also work closely with the Division of Trading and Markets and other divisions and offices on the CAT and other regulatory reporting matters, the agency said.

“Manisha knows the value of orderly, deep and transparent markets to our investors and our country, and I am grateful that she has decided to take on this new, important role,” Clayton said in a statement. “I am confident that her extensive experience and expertise in market data and regulatory reporting will further enhance the commission’s ability to effectively oversee the SROs’ implementation of the CAT.”

Twenty-two self-regulatory organizations including the Financial Industry Regulatory Authority were gearing up last year to comply with the Nov. 15, 2018, CAT compliance date.

CAT, created under Securities and Exchange Commission Rule 613 of Regulation NMS, “was really intended to promote the ability of regulators to have a consolidated view of the markets,” Robert Cook, president and CEO of FINRA, said last November at the 2018 Financial Markets Quality Conference at Georgetown University in Washington.

CAT requires FINRA and the national securities exchanges to develop and submit to the SEC a plan to create, implement and maintain CAT, which would track market trading activity.

Cook noted last November that the CAT is “a complicated project that’s a year behind schedule,” with the first phase “really the first phase of reporting into the CAT by the exchanges.”

The subsequent phase, starting in November, will involve reporting by the broker-dealer industry into the CAT.

Kimmel joins the SEC from Refinitiv, where she served as head of regulatory and compliance, wealth management.

In addition to her role at Refinitiv, Kimmel served on the advisory committee for CAT NMS LLC, a diverse group of industry experts that offers advice to SROs on technical specifications, reporting functionality and other matters relating to the CAT.

She has previously been a member of the SEC’s Equity Market Structure Advisory Committee. She holds a B.S. in economics from the Wharton School of Business at the University of Pennsylvania and received her B.S. in engineering from Penn’s School of Engineering and Applied Sciences.