Proposed Rule Change to Amend FINRA Rule 6897 (Consolidated Audit Trail Funding Fees) to Establish Fees for Industry Members Related to Historical Costs of the National Market System Plan Governing the Consolidated Audit Trail

Financial Industry Regulatory Authority, Inc. (“FINRA”) is filing with the Securities and Exchange Commission (“SEC” or “Commission”) a proposed rule change to amend FINRA Rule 6897 (Consolidated Audit Trail Funding Fees) to establish fees for Industry Members related to certain historical costs of the National Market System Plan Governing the Consolidated Audit Trail (the “CAT NMS Plan” or “Plan”) incurred prior to January 1, 2022 that were not previously invoiced via Historical CAT Assessment 1.  Industry Members were previously invoiced for $173,075,024 of the $212,039,879.34 of Historical CAT Costs 1 via Historical CAT Assessment 1. Historical CAT Assessment 1 is no longer in effect.  Historical CAT Assessment 1A is being established to collect the remaining $38,964,855.34 of Historical CAT Costs 1.  These fees would be payable to Consolidated Audit Trail, LLC (“CAT LLC” or “the Company”) and referred to as Historical CAT Assessment 1A, and would be described in paragraph (a)(1)(B) of FINRA Rule 6897 (Consolidated Audit Trail Funding Fees).