1/5/2024 0 Comments Data boiler technologiesThe ‘defined purposes’ of accessing CAT should be much narrower than the broadly defined “regulatory purposes”. We are reminded of the temptation for function creep. Given that, the attempt to transfer or allocate risks between CAT participants and industry members under the proposal gives us the impression or the following picture in our mind: The SEC’s proposed standard Limitation of Liability Provisions to the Reporter Agreement and Reporting Agent Agreement is inconsistent with the Exchange Act because security and privacy threats could escalate into National Security issues which are outside the jurisdiction of the SEC. We rebut the CAT operating committee whom cited the Charles River Associates’ Economic Analysis (CRAEA) on their estimates of “greater than $100 million damage or 95% percentile loss may misguide policy makers info falsely believing the risks may possibly be accepted when it should not” in our Janucomments. We argue such commercial conducts must be subject to corresponding risks and civil claims in the case of liability. Given FINRA replaced Thesys Technologies (a private company) as the CAT processor indeed signified that FINRA and CAT LLC are in effect conducting private business. If in the case of SROs’ executive(s) or staff(s) or contractor(s) willful misconduct, gross negligence, bad faith or criminal acts related to CAT, SROs should NEVER be immune under those circumstances because these are not part of their arbitral and prosecutorial authority. How courts apply a “functional test” to determine whether an SRO is entitled to immunity from burdens of litigation or civil damage suits may be a controversy here. The SROs’ immunity from private civil actions applies ONLY when they are acting within their delegated authority.
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