FINRA Releases a Regulatory Notice That the SEC Approved the CAT Fee Dispute Resolution Process
On November 15, the Financial Industry Regulatory Authority issued a Regulatory Notice concerning the Securities and Exchange Commission’s approval of SEC Rule 6898 (Consolidated Audit Trail (CAT) Fee Dispute Resolution). The new rule establishes a procedure under which an industry member that disputes a CAT fee must file a written application with the CAT NMS, LLC within 15 days after being notified of the disputed charge. The application must: 1) identify the disputed CAT fees; 2) state the specific reason why the applicant disputes such CAT fees; and 3) identify the relief sought. The Fee Review Subcommittee will then decide whether to review, and if so, what, if any, relief will be granted. This rule will be implemented on December 1 (but will not be in effect until CAT fees are operative).
More information is available here.
This post was also written by Timothy D. Nolan.