Live Breaking News & Updates on Reporter Agreement
Stay updated with breaking news from Reporter agreement. Get real-time updates on events, politics, business, and more. Visit us for reliable news and exclusive interviews.
<p><span>SIFMA today issued the following statement from president and CEO Kenneth E. Bentsen, Jr. on the SEC’s disapproval of the CAT limitation of liability proposal:</span></p>
<p><span>“SIFMA believes the SEC’s <a data-feathr-click-track="true" target=" blank" href="https://www.sec.gov/rules/sro/nms/2021/34-93484.pdf">rejection</a> of the amendment proposed by the national exchanges to revise the Consolidated Audit Trail (CAT) Reporter Agreement to insert limitation of liability provisions was the right outcome. The proposal would have unfairly shifted liability for CAT data breaches to the broker-dealer industry. It was inappropriate and unfair for the SROs to unilaterally impose limits on their liability when they alone hold and control the data inside the CAT. SIFMA’s guiding principle has long be ....
<p><span>The proposed </span><a rel="nofollow noopener" target=" blank" href="https://www.sec.gov/rules/sro/nms/2021/34-91487.pdf">limitation of liability provisions</a><span> for the Consolidated Audit Trail (CAT) discourages CAT Participants (i.e. FINRA and the Exchange Groups) from advancing the security protection and design of CAT and CAT data. Although the immunity status of FINRA and Stock Exchanges as Self-Regulatory Organizations (SROs) may be broad, including affirmative acts and omissions and failures to act. SROs, however, do not enjoy complete immunity from suits. According to </span><a rel="nofollow noopener" target=" blank" href="https://caselaw.findlaw.com/us-11th-circuit/1122372.html">Weissman</a><span> and </span><a rel="nofollow noopener" target=" blank" href="https://cas ....