The Securities and Exchange Commission declined to formally extend the November 15, 2017 date by when national securities exchanges and the Financial Industry Regulatory Authority (the “SROs”) were to begin reporting participant data to a central repository pursuant to plans to roll out a consolidated audit trail known as “CAT.” The SROs requested a formal delay until November 15, 2018, to begin reporting such data because of security concerns, and their failure to hire a qualified chief information security officer by now, among other reasons. In a letter to the SEC delivered late on November 13, the SROs also asked for delays in other elements of the CAT rollout including a requirement to implement a new or enhanced surveillance system by January 15, 2018. However, SEC Chairman Jay Clayton formally rejected the SROs’ request in a statement issued on November 14. Mr. Clayton indicated that, despite the SROs not meeting their November 15 deadline, he instructed staff to work with the SROs “as necessary or appropriate” on issues causing their delay.