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Self-Regulatory Organizations; The Nasdaq Stock Market LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Establish Fees for Industry Members Related to Reasonably Budgeted CAT Costs of the National Market System Plan Governing the Consolidated Audit Trail for May 1, 2026 Through December 31, 2026
Plain English Summary
The Nasdaq Stock Market has announced new fees for industry members related to the costs of maintaining the Consolidated Audit Trail (CAT) from May 1, 2026, to December 31, 2026. This includes expenses for various types of insurance, such as cyber security, directors' and officers' liability, and errors and omissions insurance. These insurance policies are standard for companies and are essential for protecting the CAT system. Insurance agents should be aware of these changes and consider how they may impact their clients involved in the financial markets.
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3(a)(2)(C) above.
It is anticipated that the <span class="match">insurance</span> costs for CAT during the CAT Fee 2026-1 Period will include costs related to cyber security liability <span class="match">insurance</span>, directors' and officers' liability <span class="match">insurance</span>, and errors and omissions liability <span class="match">insurance</span> brokered by USI <span class="match">Insurance</span> Services LLC (“USI”). Such policies are standard for corporate entities, and cyber security liability <span class="match">insurance</span> is important for the CAT System. CAT LLC anticipates that it will continue to maintain this <span class="match">insurance</span> during the CAT Fee 2026-1 Period, and notes that