February 11, 2014 - Back Office Meeting Agenda

Meeting Agenda

  • DTCC Updates
    • NSCC Updates
      • Upcoming Milestone: Feb 14, 2014: A7697- Implementation Date for Real Time Trade Submission - Issued Sep 09, 2013
      • Feb 07, 2014: A7676 - Approval of Rule Filing (SR-NSCC-2013-13) - Discontinue NSCC's Stock Borrow Program
      • Feb 05, 2014: A7677 - Testing in Production Environment for Proposed DTCC Limit Monitoring Risk Management Tool
      • Jan 30, 2014: A7672 - Test Plans for Replatforming Initiative for Corporate Bond, Municipal Bond, UIT (CMU) Real Time Trade Matching (RTTM) System
      • Jan 28, 2014: A7671 - Enhancements to CNS Corporate Action Database - Smart/Track for CNS Corporate Actions
      • Jan 27, 2014: A7669 - Testing Obligation Warehouse's Pair Off Function
    • DTC Updates
      • Feb 06, 2014: SR-DTC-2014-01 - Notice of Filing and Order of Accelerated Approval of Proposed Rule Change to Amend The Depository Trust Company Settlement Service Guide to Lower the Amount of the Maximum Net Debit Cap for an Affiliated Family of Participants and Make Other Related Changes; See also B0224-14
      • Jan 22, 2014: B0065-14 - Mandatory Corporate Action Events – Real Time Adjusted Segregated Capture
      • Jan 21, 2014: B0118-14 - Corporate Actions Transformation – Webcast Available Demonstrating Entitlements and Allocations Functionality of the Corporate Actions Web; See also B0061-14 and B0099-14
      • Jan 16, 2014: B0111-14 - Retirement of Settlement Functionality – Collateral Loan Services and Pending Transactions
      • Jan 15, 2014: B0063-14 - Change to Reorg Deposit Process
    • FICC Updates
      • Jan 23, 2014: FICC - Government Securities Division Rulebook
  • FINRA Updates
    • FINRA Rule 4210 - TBA Margining 
      • Jan 27, 2014: Regulatory Notice 14-02 - FINRA Requests Comment on Proposed Amendments to FINRA Rule 4210 for Transactions in the TBA Market - Comment Period Ends February 26, 2014
      • Next Meeting Date: Thursday, February 13th @ 2 PM ET
    • FINRA Rules 4314, 4330, and 4340
      • Feb 03, 2014: Regulatory Notice 14-05 - SEC Approves Consolidated FINRA Rules 4314 (Securities Loans and Borrowings), 4330 (Customer Protection – Permissible Use of Customers’ Securities), and 4340 (Callable Securities) - Effective Date May 1, 2014
    • FINRA CARDS
      • Dec 23, 2013: Regulatory Notice 13-42 - FINRA Requests Comment on a Concept Proposal to Develop the Comprehensive Automated Risk Data System - Comment Period Extended to March 21, 2014
      • Next Meeting Date: Thursday, February 13th @ 11 AM ET
    • FINRA Hybrid Securities Proposal
      • Dec 24, 2013: SR-FINRA-2013-039 - Order Instituting Proceedings to Determine Whether to Disapprove Proposed Rule Change to Clarify the Classification and Reporting of Certain Securities to FINRA; See also Comment Letters
    • TRACE Reporting
      • Feb 03, 2014: Reminder: New Value in Issuing Agency Field for Reference Data Identifier (RDID); See also Dec 16 Notice and Dec 12 Notice: Changes to the New Issue Form for Set-up of TRACE-Eligible Securities
      • Jan 16, 2014: SR-FINRA-2013-046 - Notice of Designation of a Longer Period for Commission Action on Proposed Rule Change Relating to TRACE Reporting and Dissemination of Transactions in Additional Asset-Backed Securities
    • OATS WG
      • Jan 09, 2014: SR-FINRA-2013-050 - Notice of Designation of Longer Period for Commission Action on Proposed Rule Change Relating to Over-the-Counter Equity Trade Reporting and OATS Reporting
      • Dec 23, 2013: FIF Comment Letter on SR-FINRA-2013-050 OATS Trade Reporting
      • Nov 22: 2013: SR-FINRA-2013-050 - Notice of Filing of a Proposed Rule Change Relating to Over-the-Counter Equity Trade Reporting and OATS Reporting
    • Additional FINRA Updates
      • Feb 07, 2014: Regulatory Notice 14-06 - FINRA Announces Updates of the Interpretations of Financial and Operational Rules
  • MSRB Updates
    • Feb 04, 2014: MSRB Holds Quarterly Meeting - The Board of Directors of the Municipal Securities Rulemaking Board (MSRB) held its quarterly meeting January 29-31, 2014 in Atlanta, Georgia, where it advanced the MSRB’s efforts to protect investors, improve the efficiency of the municipal securities market and develop a regulatory framework for municipal advisors.
    • Jan 16, 2014: SR-MSRB-2013-07 - Order Instituting Proceedings to Determine Whether to Approve or Disapprove a Proposed Rule Change Consisting of Proposed MSRB Rule G-47, on Time of Trade Disclosure Obligations, Proposed Revisions to MSRB Rule G-19, on Suitability of Recommendations and Transactions, Proposed MSRB Rules D-15 and G-48, on Sophisticated Municipal Market Professionals (“SMMPs”), and the Proposed Deletion of Interpretive Guidance
  • SEC Updates
    • Feb 03, 2014: SEC Publishes Draft Strategic Plan For Public Comment; See also 34-71466
  • Options Updates
    • Jan 31, 2014: 34046 - Core Report Change
    • Jan 28, 2014: OCC Prepares to Launch OTC S&P 500 Equity Index Options Clearing
    • Jan 27, 2014: Effective March 28, 2014, OCC is changing the "Underlying Name" data field label to "Symbol Name" on the Directory of Listed Products and Series
    • Jan 27, 2014: OCC Teams with Securities Finance Trust Company to Create an Automated Default Management Platform
  • FIF Working Group Updates 
    • Symbology WG
      • Dec 11, 2013: Equity Trader Alert #2013 - 115 - NASDAQ Expanded Suffix Symbology Update; See also Equity Trader Alert #2013 - 79
      • Dec 11, 2013: UPDATED FAQs on NASDAQ Expanded Suffix Symbology Plans
      • Nov 15, 2013: FIF Comment Letter on NASDAQ Expanded Suffix Symbology
      • Next Meeting Date: Thursday, February 20th @ 11 AM ET
    • Consolidated Audit Trail WG - Sign up for CAT Alerts
      • Comment Letters on Selection Process Plan including SRO Response
      • Jan 30, 2014: CAT Request For Proposal Documents: Version 2.0
      • Jan 30, 2014: Received Intent to Bid Forms - Eighteen primary bidders remain
      • Dec 06, 2013: 34-71018 - Order Granting a Temporary Exemption Pursuant to Section 36(a)(1) of the Securities Exchange Act of 1934 from the Filing Deadline Specified in Rule 613(a)(1) of the Exchange Act
      • Nov 15, 2013: 34-70892 - Notice of Filing of Proposed National Market System Plan Governing the Process of Selecting a Plan Processor and Developing a Plan for the Consolidated Audit Trail
      • FIF CAT Current Documents
      • CAT NMS Plan SRO Portal
    • Large Trader Reporting WG/EBS Subgroup - Sign up for Large Trader Alerts
      • Large Trader Options Calculation Discussion
    • Omnibus Account WG
    • Market Stability WG - Sign up for Market Stability Alerts
      • Comment Letters on SR-NSCC-2013-12 DTCC Limit Monitoring; See also SR-NSCC-2013-12 - Notice of Filing of Proposed Rule Change to Provide Its Members with a Risk Management Tool that Would Enable Members to Monitor Trading Activity and Receive Notifications When Pre-Set Trading Limits are Reached
      • See Comment Letters on Regulation SCI
    • FATCA WG - Sign up for FATCA WG Alerts
      • FATCA Relevant Links 
      • IRS Publishes FFI List FAQs
    • Cost Basis – Sign up for Cost Basis Alerts
      • Drafting Comment Letter on Draft 2014 Instructions for Forms 1099-INT and 1099-0ID
      • Cost Basis Relevant Links
      • Nov 18, 2013: New Draft Forms Released
      • Aug 22, 2013: FIF Cost Basis Comment Letter on Final Regulations for Basis Reporting for Debt Instruments and Options
  • FIF Monthly Reports
    • Sign up for Report Alerts
    • FIF Initiatives Tracker
    • FIF Milestone Tracker (Milestones Listed Below)
      • TBD: OCC Exercise Restriction Policy
      • TBD: Shortened Settlement Cycle
      • Feb 14, 2014: A7697- Implementation Date for Real Time Trade Submission - Issued Sep 09, 2013
      • Mar 2014: A7630 - Requirement for the CNS ACATS and DTC Settling Assets Project - Tentative Production Date - Issued May 03, 2013
      • Mar 03, 2014: 34-70701 - Order Providing Broker-Dealers a Temporary Exemption from the Requirements of Certain New Amendments to the Financial Responsibility Rules for Broker-Dealers under the Securities Exchange Act of 1934 - Issued Oct 17, 2013
      • Mar 07, 2014: SR-NSCC-2013-11 - NSCC is issuing a revised production implementation date for the AIP Capacity Redesign and Enhancements project of the Alternative Investment Product Services (AIP). These enhancements were originally scheduled for implementation into Production on Thursday, February 13, 2014. The new production implementation date is Friday, March 21, 2014 – Issued Oct 15, 2013
      • Mar 21, 2014: A7723 - NSCC is issuing a revised production implementation date for the AIP Capacity Redesign and Enhancements project of the Alternative Investment Product Services (AIP). These enhancements were originally scheduled for implementation into Production on Thursday, February 13, 2014. The new production implementation date is Friday, March 21, 2014 – Issued Oct 15, 2013
      • Mar 28, 2014: Effective March 28, 2014, OCC is changing the "Underlying Name" data field label to "Symbol Name" on the Directory of Listed Products and Series - Issued Jan 27, 2014
      • No later than March 31, 2014: Notice of Filing of a Proposed Rule Change to Amend MSRB Rules G-8, G-11 and G-32 to Include Provisions Specifically Tailored for Retail Order Periods - Issued Jun 28, 2013
      • 2Q2014: CMU 003.13 - Replatforming Initiative for Corporate Bond, Municipal Bond, UIT (CMU) Real Time Trade Matching (RTTM) System - Issued May 13, 2013
      • Apr 23, 2014: 34-68668 (Lost Securityholders and Unresponsible Payees)- First search for the Rule 17Ad-17 on April 23, 2014, but certain information needed to collect by January 23rd - Issued Jan 16, 2013
      • May 2014: A7735 - In May 2014, subject to SEC approval, the NSCC and the DTC plan to implement the Continuous Net Settlement (CNS) Automated Customer Account Transfer Services (ACATS) and DTC Settling Assets Projects – Issued Nov 18, 2013
      • May 01, 2014: Regulatory Notice 13-38 - FINRA and the other U.S. members of the Intermarket Surveillance Group (ISG members) have extended the effective date for compliance with certain new data elements for Electronic Blue Sheets (EBS) identified in Regulatory Notice 13-16 to May 1, 2014 - Issued Nov 1, 2013
      • 1H2014: SR-NSCC-2013-11- Obligation Warehouse Proposes to Enhance Service with Pair-Off Function
      • Jun 2014: B1890-13 -  DTCC clients will be required to transition to the new browser known as Corporate Actions Web (CA Web) in June 2014 for PTS/PBS functions supporting distribution events. This browser migration is mandatory for all clients as the legacy functions supporting active distribution events will be retired at that time; See also B1937-13 - Issued Nov 5, 2013
      • Jun 01, 2014: 34-70073 - Broker-Dealer Reporting/Form Custody Effective Date - Issued Jul 30, 2013
      • After Jun 2014: MSRB announced proposed new Rule G-45, requiring dealers acting in the capacity of underwriters to submit to the MSRB certain information for the 529 plans they underwrite, on a semi-annual basis - Issued Jun 10, 2013
      • Jul 11, 2014: B1952-13 - DTCC plans to reduce implementation risk by lowering its RAD default thresholds via 3 weekly "step downs" from their current limits, allowing time for all parties to manage these changes in a controlled fashion. Each weekly reduction will increase by approximately 1/3 the available number of transactions requiring matching. For payment orders, the old threshold of $500,000 will be reduced to $0, and for deliver orders, the $7,500,000 old threshold will be reduced to $100,000 - Issued Nov 13, 2013
      • Jul 14, 2014: 34-68668 - Revised Rule 17Ad-17 to include a requirement that the paying agent provide a single written notification to each missing securityholder that the missing security holder has been sent a check that has not yet been negotiated - Such written notification must be sent to a missing securityholder no later than seven months after the sending of the not yet negotiated check and may be sent along with a check or other mailing subsequently sent to the missing securityholder - When there is an uncashed check, or any mailing sitting stale for more than 6 months, firms must perform database search to find the client - Issued Jan 16, 2013
      • Jul 18, 2014: B1952-13 - DTCC plans to reduce implementation risk by lowering its RAD default thresholds via 3 weekly "step downs" from their current limits, allowing time for all parties to manage these changes in a controlled fashion. Each weekly reduction will increase by approximately 1/3 the available number of transactions requiring matching. The deliver orders old threshold will be reduced from $100,000 to a new threshold of $20,000 - Issued Nov 13, 2013
      • Jul 18, 2014: Equity Trader Alert #2013 - 115 - NASDAQ Expanded Suffix Symbology Update - Firms should make preparations to support the new symbology format by Monday, July 14, 2014.
      • Jul 25, 2014: B1952-13 - DTCC plans to reduce implementation risk by lowering its RAD default thresholds via 3 weekly "step downs" from their current limits, allowing time for all parties to manage these changes in a controlled fashion. Each weekly reduction will increase by approximately 1/3 the available number of transactions requiring matching. The deliver orders old threshold will be reduced from $20,000 to a new threshold of $0.01 - Issued Nov 13, 2013
      • Before 2015: DTCC Corporate Actions Reengineering Initiative
      • Nov 01, 2015: 34-70150 - Phase 3 of Order Temporarily Exempting Certain Broker-Dealers and Certain Transactions from the Recordkeeping and Reporting Requirements of Rule 13h-1 Under the Securities Exchange Act of 1934 - Issued Aug 08, 2013
    • FIF Market Share Report
    • FIF Market Dynamics Report
    • Market Share & Market Dynamics Executive Summary
  • Next Meeting Date: Tuesday, March 11th, 2014 @ 11 AM ET