SIFMA Testimony on CAT Implementation and Cybersecurity Protocols


Lisa Dolly, chief executive officer of BNY Mellon’s Pershing LLC, and SIFMA board member, testified on SIFMA’s behalf before the House Financial Services Subcommittee on Capital Markets, Securities and Investments at a hearing entitled “Implementation and Cybersecurity Protocols of the Consolidated Audit Trail (CAT).”



Chairman Huizenga, Ranking Member Maloney, and distinguished members of the Subcommittee, thank you for providing me the opportunity to testify today on behalf of the Securities Industry and Financial Markets Association and to share our views on the implementation of the Consolidated Audit Trail (“CAT”). SIFMA represents a broad range of financial services firms active in the capital markets and is dedicated to promoting investor opportunity, access to capital, and an efficient market system that stimulates economic growth and job creation. This Subcommittee’s ’s review of the challenges investors, broker-dealers, exchanges, and regulators face with the CAT is incredibly important and timely. While there may indeed be a great value in a workable, secure CAT, the implementation issues we and others have identified over the past few months, and indeed the past few years, remain largely unaddressed or incomplete to the potential detriment of tens of millions of investors.

Press Release: SIFMA Testifies on CAT Concerns at House Financial Services Subcommittee Hearing