US Exchanges have agreed to remove language which limits their liability should the CAT database be breached.
The Securities Industry and Financial Markets Association (SIFMA) announced on Wednesday that it has been able to come to an agreement with US stock exchanges, regarding the Consolidated Audit Trail (CAT), in which the latter wanted to limit their liability for any data breaches of CAT.
The SROs wanted brokers to sign an agreement that would limit the former's financial liability to $500 per reporting firm in any instance of a data breach, therefore, leaving brokers responsible for any security breaches of the database.
However, under the Settlement, the SROs have agreed to remove the language from the CAT Reporter Agreement, which limits SRO liability for a breach of the CAT database, the financial industry trade group said in a statement.
SIFMA: SROs trying to limit liability was unfair
Commenting on the settlement, Kenneth E. Bentsen, Jr., the president and CEO of SIFMA said in the statement: “SIFMA’s guiding principle is ‘they who hold the data bear the liability,’ and 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, the largest data base to ever be constructed.
“While SIFMA supports the goals of the CAT and our members have invested substantial resources toward its implementation, we remain vigilant regarding the risks to sensitive customer information being compiled in one government-mandated database and we will strenuously oppose efforts to shield responsibility for maintaining the security and privacy of such data.”
Operating in the US and global capital markets, SIFMA is the leading trade association for broker-dealers, investment banks and asset managers.
The Securities Industry and Financial Markets Association (SIFMA) announced on Wednesday that it has been able to come to an agreement with US stock exchanges, regarding the Consolidated Audit Trail (CAT), in which the latter wanted to limit their liability for any data breaches of CAT.
The SROs wanted brokers to sign an agreement that would limit the former's financial liability to $500 per reporting firm in any instance of a data breach, therefore, leaving brokers responsible for any security breaches of the database.
However, under the Settlement, the SROs have agreed to remove the language from the CAT Reporter Agreement, which limits SRO liability for a breach of the CAT database, the financial industry trade group said in a statement.
SIFMA: SROs trying to limit liability was unfair
Commenting on the settlement, Kenneth E. Bentsen, Jr., the president and CEO of SIFMA said in the statement: “SIFMA’s guiding principle is ‘they who hold the data bear the liability,’ and 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, the largest data base to ever be constructed.
“While SIFMA supports the goals of the CAT and our members have invested substantial resources toward its implementation, we remain vigilant regarding the risks to sensitive customer information being compiled in one government-mandated database and we will strenuously oppose efforts to shield responsibility for maintaining the security and privacy of such data.”
Operating in the US and global capital markets, SIFMA is the leading trade association for broker-dealers, investment banks and asset managers.
FM's Editor-in-Chief Yam Yehoshua on how the newsroom evaluates stories.
FM's Editor-in-Chief Yam Yehoshua on how the newsroom evaluates stories.
FM's Editor-in-Chief Yam Yehoshua on how the newsroom evaluates stories.
FM's Editor-in-Chief Yam Yehoshua on how the newsroom evaluates stories.
Matthew Smith, Group CEO at EC Markets, speaking at FMLS:24
Matthew Smith, Group CEO at EC Markets, speaking at FMLS:24
Matthew Smith, Group CEO at EC Markets, speaking at FMLS:24
Matthew Smith, Group CEO at EC Markets, speaking at FMLS:24
Finance Magnates Annual Awards 2024 | FM Awards 2024 Highlights
Finance Magnates Annual Awards 2024 | FM Awards 2024 Highlights
🎥Catch the best moments from the Finance Magnates Annual Awards Gala Dinner!
An evening where top names in finance came together to celebrate achievements, enjoy live music, and connect over a memorable dinner. Watch the highlights and feel the energy of our first gala in Cyprus!
Congratulations to all the winners for their dedication to excellence and leadership in the financial industry, including XM, Trading PRO, FP Markets, Deriv, FxPro, LATAM, Headway, ATFX, FBS, AMEGA, EC Markets, Axi
For more information about the 1st Finance Magnates Annual Awards, visit https://bit.ly/3Zb7wNz
#FinanceMagnatesGala #IndustryExcellence #GalaHighlights #FinanceMagnatesAnnualAwards #FinanceMagnatesAwards #CelebratingSuccess #FinanceCommunity
🎥Catch the best moments from the Finance Magnates Annual Awards Gala Dinner!
An evening where top names in finance came together to celebrate achievements, enjoy live music, and connect over a memorable dinner. Watch the highlights and feel the energy of our first gala in Cyprus!
Congratulations to all the winners for their dedication to excellence and leadership in the financial industry, including XM, Trading PRO, FP Markets, Deriv, FxPro, LATAM, Headway, ATFX, FBS, AMEGA, EC Markets, Axi
For more information about the 1st Finance Magnates Annual Awards, visit https://bit.ly/3Zb7wNz
#FinanceMagnatesGala #IndustryExcellence #GalaHighlights #FinanceMagnatesAnnualAwards #FinanceMagnatesAwards #CelebratingSuccess #FinanceCommunity
FMLS:24 | Shaping the Next Era of Financial Evolution
FMLS:24 | Shaping the Next Era of Financial Evolution
Welcome to FMLS:24 – the premier event where influential brands and leaders in trading, payments, fintech, and digital assets come together!
Join over 2,500 industry professionals, engage with 150+ expert speakers, and discover endless opportunities with 70+ top exhibitors. FMLS:24 is where senior executives and decision-makers gather to close deals, forge new partnerships, and strengthen connections with long-term clients.
Whether you’re in finance, technology, or payments, this summit is your gateway to future growth, meaningful collaborations, and industry-leading insights.
👉 Don't miss out – secure your ticket now at https://events.financemagnates.com/ZQEYy0?utm_source=youtube&utm_campaign=fmls24-awareness&utm_medium=video&RefId=MLS%3A24+Video+Promo
#fmls #fmls24 #fmevents #financemagnates #forex #payments #crypto #events #london #fintech #ai #generativeai #technology #onlinetrading #forex #investing #investors #tech
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/
👍 Facebook: https://www.facebook.com/FinanceMagnatesEvents
📸 Instagram: https://www.instagram.com/fmevents_official
🐦 Twitter: https://twitter.com/F_M_events
🎥 TikTok: https://www.tiktok.com/@fmevents_official
▶️ YouTube: https://www.youtube.com/@FinanceMagnates_official
Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!
Welcome to FMLS:24 – the premier event where influential brands and leaders in trading, payments, fintech, and digital assets come together!
Join over 2,500 industry professionals, engage with 150+ expert speakers, and discover endless opportunities with 70+ top exhibitors. FMLS:24 is where senior executives and decision-makers gather to close deals, forge new partnerships, and strengthen connections with long-term clients.
Whether you’re in finance, technology, or payments, this summit is your gateway to future growth, meaningful collaborations, and industry-leading insights.
👉 Don't miss out – secure your ticket now at https://events.financemagnates.com/ZQEYy0?utm_source=youtube&utm_campaign=fmls24-awareness&utm_medium=video&RefId=MLS%3A24+Video+Promo
#fmls #fmls24 #fmevents #financemagnates #forex #payments #crypto #events #london #fintech #ai #generativeai #technology #onlinetrading #forex #investing #investors #tech
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/
👍 Facebook: https://www.facebook.com/FinanceMagnatesEvents
📸 Instagram: https://www.instagram.com/fmevents_official
🐦 Twitter: https://twitter.com/F_M_events
🎥 TikTok: https://www.tiktok.com/@fmevents_official
▶️ YouTube: https://www.youtube.com/@FinanceMagnates_official
Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!