Citadel Securities and a trade group sued the Securities and Exchange Commission on Tuesday over changes the regulator is making to how trading data are reported and paid for in the markets.

Ken Griffin’s market-making firm and the American Securities Association petitioned the 11th US Circuit Court of Appeals in Atlanta to review the SEC’s approval of the funding model for the Consolidated Audit Trail.

The action was “in response to widespread investor concerns about transparency, governance, costs, and data privacy,” a Citadel Securities spokesperson said in an emailed statement. “The SEC has overstepped its statutory authority and failed to address investor and industry concerns, leaving us no choice but to litigate.”

In response to a request for comment, the SEC said in a statement that it “undertakes its regulatory responsibilities consistent with its authorities.”

(Updates with SEC comment in final paragraph.)