PANews reported on April 16 that, according to an announcement on the SEC's official website, the U.S. Securities and Exchange Commission (SEC) has released a Concept Release, formally seeking public comment on the future direction of the Integrated Audit Trail (CAT) system. The consultation includes CAT's funding and cost management, regulatory objectives, architecture and governance, design and coverage, as well as arrangements for CAT with other audit trail systems in terms of cybersecurity and data privacy. It also requests comments on the balance between privacy and confidentiality, civil liberties protection, and regulatory needs. The comment period for the concept document is 60 days after its publication in the Federal Register.

SEC Chairman Paul Atkins stated that this review aims to comprehensively assess CAT's functions, governance, and funding sources, striving to optimize its cost structure and strengthen civil rights protections while maintaining regulatory effectiveness. Previously, the SEC had already reduced CAT's projected operating costs by over $100 million within a year and permanently eliminated the reporting requirement for Personally Identifiable Information (PII).