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January 29, 2019 at 01:21 PM
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.
