SIFMA Hails SEC's Decision On Audit Trail Cyber Liability
By Al Barbarino (November 2, 2021, 8:38 PM EDT) -- The Securities Industry and Financial Markets Association scored a win when the U.S. Securities and Exchange Commission struck down a bid by national securities exchanges to reduce their liability for data breaches tied to the consolidated audit trail, or CAT.
Kenneth E. Bentsen Jr., SIFMA president and CEO, said in a statement Monday that the exchanges' proposal would have "unfairly shifted liability for CAT data breaches to the broker-dealer industry."
"It was inappropriate and unfair for the SROs to unilaterally impose limits on their liability when they alone hold and control the data inside the CAT," he said.
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