CAT LLC is pleased that the funding model has been approved by the SEC, following an extensive rulemaking process. From the outset, Exchange Act Rule 613 contemplated that both the Plan Participants and Industry Members would fund the CAT. Nonetheless, the Plan Participants have been funding the CAT in full since its inception. With approval of the funding model, the Commission’s original Rule 613 requirements regarding how the CAT would be funded can now be realized.