SECURITIES AND EXCHANGE COMMISSION
(Release No. 34-102062; File No. SR-FINRA-2024-024)
December 31, 2024
Self-Regulatory Organizations; Financial Industry Regulatory Authority, Inc.; Notice of Filing
and Immediate Effectiveness of a Proposed Rule Change to Amend FINRA Rule 6897(b) (CAT
Cost Recovery Fees) to Implement a Consolidated Audit Trail Cost Recovery Fee
Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (“Act”),1 and Rule
19b-4 thereunder,2 notice is hereby given that on December 20, 2024, the Financial Industry
Regulatory Authority, Inc. (“FINRA”) filed with the Securities and Exchange Commission
(“Commission”) the proposed rule change as described in Item I below, which Item has been
substantially prepared by FINRA. FINRA has designated this proposal for immediate
effectiveness pursuant to Section 19(b)(3)(A) of the Act3 and Rule 19b-4(f) thereunder.4 The
Commission is publishing this notice to solicit comments on the proposed rule change from
interested persons.
I. Self-Regulatory Organization’s Statement of the Terms of Substance of the Proposed
Rule Change
FINRA is proposing to amend FINRA Rule 6897(b) (CAT Cost Recovery Fees) to
implement a Consolidated Audit Trail (“CAT”) cost recovery fee designed to permit FINRA to
recoup its designated portion of the reasonably budgeted CAT costs of the National Market
1 15 U.S.C. 78s(b)(1).
2 17 CFR 240.19b-4.
3 15 U.S.C. 78s(b)(3)(A).
4 17 CFR 240.19b-4(f). At any time within 60 days of the filing of the proposed rule change, the
Commission summarily may temporarily suspend such rule change if it appears to the Commission that
such action is necessary or appropriate in the public interest, for the protection of investors, or otherwise in
furtherance of the purposes of the Act. If the Commission takes such action, the Commission will institute
proceedings to determine whether the proposed rule change should be approved or disapproved.
2
System Plan Governing the Consolidated Audit Trail (the “CAT NMS Plan” or “Plan”) for the
period of January 1, 2025 through December 31, 2025.5
The proposed rule change, including FINRA’s statement of the purpose of, and statutory
basis for, the proposed rule change, is available on FINRA’s website at https://www.finra.org, at
the principal office of FINRA and on the Commission’s website at https://www.sec.gov/rules-
regulations/self-regulatory-organization-rulemaking/finra?file_number=SR-FINRA-2024-024.
II. Solicitation of Comments
Interested persons are invited to submit written data, views, and arguments concerning
the foregoing, including whether the proposed rule change is consistent with the Act.6
Comments may be submitted electronically by using the Commission’s internet comment form
(https://www.sec.gov/rules-regulations/self-regulatory-organization-
rulemaking/finra?file_number=SR-FINRA-2024-024) or by sending an email to rule-
comments@sec.gov. Please include file number SR-FINRA-2024-024 on the subject line.
Alternatively, paper comments may be sent to Secretary, Securities and Exchange Commission,
100 F Street NE, Washington, DC 20549-1090. All submissions should refer to file number SR-
FINRA-2024-024. To help the Commission process and review your comments more
efficiently, please use only one method. The Commission will post all comments on the
5 Pursuant to Section 11.3(a) of the CAT NMS Plan, FINRA filed a separate proposed rule change to
establish fees assessed to Industry Members, payable to Consolidated Audit Trail, LLC, related to the
recovery of approximately one-half of the reasonably budgeted CAT costs for the period of January 1, 2025
through December 31, 2025. See File No. SR-FINRA-2024-023. Unless otherwise specified, capitalized
terms used in this rule filing are defined as set forth in the CAT NMS Plan and FINRA Rule 6800 Series
(Consolidated Audit Trail Compliance Rule).
6 Copies of the submission, all subsequent amendments, all written statements with respect to the proposed
rule change that are filed with the Commission, and all written communications relating to the proposed
rule change between the Commission and any person, other than those that may be withheld from the
public in accordance with the provisions of 5 U.S.C. 552, will be available for website viewing and printing
in the Commission’s Public Reference Room, 100 F Street NE, Washington, DC 20549, on official
business days between the hours of 10 a.m. and 3 p.m. Copies of the filing also will be available for
inspection and copying at the principal office of SRO.
3
Commission’s internet website (https://www.sec.gov/rules-regulations/self-regulatory-
organization-rulemaking/finra?file_number=SR-FINRA-2024-024). Do not include personal
identifiable information in submissions; you should submit only information that you wish to
make available publicly. We may redact in part or withhold entirely from publication submitted
material that is obscene or subject to copyright protection. All submissions should refer to file
number SR-FINRA-2024-024 and should be submitted on or before [INSERT DATE 21 DAYS
AFTER DATE OF PUBLICATION IN THE FEDERAL REGISTER].
For the Commission, by the Division of Trading and Markets, pursuant to delegated
authority.7
Stephanie J. Fouse,
Assistant Secretary.
7 17 CFR 200.30-3(a)(12).
