December 13, 2016 - Back Office Committee Meeting Agenda

Meeting Details  

  • When: Tuesday, Dec 13, 2016 @ 11 AM ET
  • Where: Please click here to join the meeting.

Meeting Agenda 

  • DTCC Updates
    • DTC Updates
      • Dec 6, 2016:  SR-DTC-2016-003 - Order Granting Approval of a Proposed Rule Change, as Modified by Amendment No. 1, to Impose Deposit Chills and Global Locks and Provide Fair Procedures to Issuers.
      • Dec 1, 2016:  B4703-16 - DTC Settlement ISO Output – Technical Enhancement
      • Nov 21, 2016: B4669-16 - DTC will begin announcing certain 305(c) deemed distributions on Friday, December 2nd, 2016. Beginning in 2017, 871(m) Dividend Equivalent Payments (“DEPs”) will be announced as issuers of “Equity Linked Instruments” provide DTC with DEPs.
      • Nov 14, 2016:  SR-DTC-013 -  Notice of Filing and Immediate Effectiveness of a Proposed Rule Change to Modify the DTC Settlement Service Guide and Distributions Guide Relating to the Anticipated U.S. Market Transition to a Shortened Settlement Cycle.
      • Nov 14, 2016:  SR-DTC-012 - Notice of Filing and Immediate Effectiveness of a Proposed Rule Change to Modify the DTC Settlement Service Guide With Respect to Settlement Instructions Provided to DTC by Matching Utilities.
    • NSCC Updates
      • Dec 6, 2016: a8288 - The National Securities Clearing Corporation (NSCC) will be implementing a new product, entitled Clearing Dashboard, within the DTCC web portal that will provide Members with a centralized location for access to various clearance web screens.
      • Nov 29, 2016: a8297 - Settlement Cycle Modifications to Facilitate Industry Move to T+2.
      • Oct 26, 2016:  a8274 - ACATS Shortened Cycle Enhancements.
  • T+2 Settlement
    • Dec 5, 2016:  SEC File No. S7-22-16 - SEC Proposal to Shorten the Transaction Settlement Cycle
      • FIF submitted a comment letter on behalf of FIF member firms affirming FIF's support of the industry move to T+2 on December 5, 2016.
    • Dec 1, 2016:  T+2 FAQs - Updated FAQs related T+2 Settlement
    • Nov 29, 2016: a8297 - Settlement Cycle Modifications to Facilitate Industry Move to T+2.
    • Nov 14, 2016:  Test CUSIPS for T+2 Industry Testing.
  • OCC Updates
    • Dec 5, 2016: LOPR Reference Guide for LOPR Firms- The OCC has published the updated version of their LOPR Reference Guide.
    • Dec 5, 2016: LOPR FAQs - The OCC has published an updated version of the LOPR FAQs.
      • FIF will be holding a working group meeting on Monday, December 19, 2016 to discuss the updated LOPR Reference Guide and FAQs
    • Nov 30, 2016:  SR-OCC-2016-014 - Notice of Filing of Amendment No. 1 and Order Granting Accelerated Approval of a Proposed Rule Change, as Modified by Amendment No. 1, Related to Compliance with Section 871(m) of the Internal Revenue Code
  • MSRB Updates
    • Jan 12, 2017:  Webinar - MSRB staff will review key new provisions of MSRB Rule G-15 on confirmation, clearance, settlement and other uniform practice requirements with respect to retail customer transactions and MSRB Rule G-30 on prices and commissions related to disclosure of mark-ups and mark-downs on customer confirmations.
    • Nov 18, 2016: Press Release -  Announcing the SEC approved rule to require municipal securities dealers to disclose their compensation when transacting with retail investors.  
    • Nov 17, 2016:  SR-MSRB-2016-12 - Notice of Filing of Amendment No. 1 and Order Granting Accelerated Approval of a Proposed Rule Change, as Modified by Amendment No. 1, to MSRB Rules G-15 and G-30 to Require Disclosure of Markups and Mark-Downs to Retail Customers on Certain Principal Transactions and to Provide Guidance on Prevailing Market Price.
      • FIF will be holding a working group meeting in early January to discuss the requirements and implementation concerns regarding the new MSRB and FINRA rules related to disclosure of mark-ups and mark downs on customer confirmations
    • Nov 14, 2016: SR-MSRB-2016-15 - Notice of Filing of a Proposed Rule Change to Extend the MSRB’s Customer Complaint and Related Recordkeeping Rules to Municipal Advisors and to Modernize Those Rules.
  • FINRA Updates
    • FINRA Rule 2232:  SR-FINRA-2016-032-Amendment - Amendments to Proposed Rule Change Relating to FINRA Rule 2232 (Customer Confirmations) to Require Members to Disclose Additional Pricing Information on Retail Customer Confirmations Relating to Transactions in Fixed Income Securities.
    • ATS
      • Dec 8, 2016:  SR-FINRA-2016-045 - Proposed Rule Change Relating to Rule 4554 Reporting Requirements for Alternative Trading Systems.
  • FIF Working Group Updates: Please click here to Join Working Groups.
    • Consolidated Audit Trail (CAT)
      • Nov 30, 2016:  FIF held a working group meeting on Wednesday, Nov 30, 2016 to address the concerns related to the SEC's final rule filing.  To view FIF's discussion document on changes in the rule and potential next steps, please click here.
        • Next Meeting Date:  Wednesday, Dec 14 at 3:00 PM
      • Nov 15, 2016: The Commission approved the proposed national market system ("NMS") plan to create, implement, and maintain a consolidated audit trail, submitted pursuant to Rule 613 of Regulation NMS.
      • CAT NMS Plan Website
    • Tick Size Pilot Working Group
      • Dec 21, 2016:  FIF pland to submit a Comment Letter regarding concerns over the publication of disaggregated data.  FIF encouages member firms to speak directly with Commission staff to express you concerns and provide specific examples of the ways in which publication of this data could cause harm to your firm and investors.
      Data and Technology
      • Next Meeting Date:  Wednesday, Dec 21 at 10:30 am ET.
    • FIF Retail Execution Quality Statistics
    • FIF Regulatory Initiatives Tracking Site - (Requires FIF Website Login)
    • FIF Monthly Reports 
      • Market Share Report
      • Market Dynamics Report
      • Market Share Executive Summary
      • Market Dynamics Executive Summary
  • Next Meeting Date: Tuesday, Jan 10, 2017 @ 11:00 am ET.

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