June 18, 2019 - Back Office Committee Meeting Agenda

Meeting Details  

  • When: Tuesday, June 18, 2019 @ 11:00 am ET

Meeting Agenda 

  • Spotlight Topic: Guiding Principles for the Post-Trade Processing of Tokenized Securities

  • DTCC Updates
    • DTC Updates
      • June 5, 2019: B11144-19 - DTC Proposed Rule Change – Amendment to Operational Arrangements Relating to Transfer Agent and Trustee Notices (SR-DTC-2019-001) - REVISED;
      • June 5, 2019: 34-86037 - Notice of Designation of a Longer Period for Commission Action on Proceedings to Determine Whether to Approve or Disapprove a Proposed Rule Change to Amend the Settlement Guide Procedures to Provide Status Information for Institutional Transactions to a Matching Utility;
      • June 3, 2019: 11444-19 - RIPS PTS/PBS Retirement Date Extended to 2020;
      • May 31, 2019: 34-85986 - Notice of Filing and Immediate Effectiveness of a Proposed Rule Change to Amend the Reorganizations Service Guide;
      • May 21, 2019: 11380-19 - Settlement Optimization.
    • FICC Updates
      • July 4, 2019: GOV672-19 - FICC Independence Day Holiday Schedule;
      • June 3, 2019: MBS704-19 - Capped Contingency Liquidity Facility (“CCLF® ”) Reset Reminder;
      • May 28, 2019: GOV664-19 - Approval of Rule Filing SR-FICC-2019-001 – Amendments to the GSD and MBSD QRM Methodology Documents and the MBSD Clearing Rules;
      • May 24, 2019: GOV663-19 - GSD's Same-Day Settling Client Testing - Phase 1.
    • NSCC Updates
      • May 29, 2019: a8710 - SUBMISSION OF PROPOSED RULE CHANGE SR-NSCC-2019-001 –
      • May 15, 2019: a8706 - Mutual Fund Documentation on DTCC Learning Center Only.
  • FINRA Updates
    • TRACE
      • May 24, 2019: Update - TRACE for Treasuries User Guide;
      • May 17, 2019: CTCI Migration Production Testing for TRACE AND ORF
    • Additional FINRA Updates
      • May 22, 2019: 34-85911 - Notice of Designation of a Longer Period for Commission Action on a Proposed Rule Change to Establish a Corporate Bond New Issue Reference Data Service;
      • May 21, 2019: SR-FINRA-2019-016 - Proposed Rule Change to Extend the Implementation of FINRA Rule 4240 (Margin Requirements for Credit Default Swaps) - Updated.
  • SEC
    • June 5, 2019: Regulation Best Interest: The Broker-Dealer Standard of Conduct - The SEC finalized a new rule establishing a standard of conduct for broker-dealers and natural persons who are associated persons of a broker-dealer when they make a recommendation to a retail customer of any securities transaction or investment strategy involving securities;
    • June 5, 2019: Form CRS Relationship Summary; Amendments to Form ADV
    • May 17, 2019:  The SEC published in the Federal Register a request for comment pertaining to the current Electronic Blue Sheets (“EBS”) data collection process. 
  • TMPG
    • May 21, 2019: TMPG Meeting Agenda available.
  • OCC 
    • May 24, 2019: 2019 Business Continuity/Disaster Recovery Industry Test Strategy;
    • May 16, 2019: 34-85873 - Order Approving Proposed Rule Change Related to The Options Clearing Corporation's Margin Methodology for Volatility Index Futures;
    • May 15, 2019: OCC Training Sessions;
    • May 6, 2019:  SR- OCC-2019-003 - Order Approving Proposed Rule Change to Require that an Actionable Identifier be Included on Customer and Non-Customer Securities Options Trades Other than Market Maker Trades.
      • Actionable Identifier FAQs
  • CAT
      • June 5, 2019: Presentation - In-person Consolidated Audit Trail Options Deep Dive June 4, 2019 in New York;
      • May 23, 2019: Industry Member Schema v2.1 (JSON);
      • May 23, 2019: OATS to CAT Events Field Level Mapping v2;
      • May 21, 2019: Regulatory Notice 19-19 - FINRA Reminds Firms to Register for CAT Reporting by June 27, 2019;
      • May 16, 2019: In-person Consolidated Audit Trail Options Deep Dive May 15, 2019 in Chicago – Presentation & Recording;
      • May 16, 2019: Industry Update on CAT Reporting Technical Specifications for Industry Members – Presentation & Recording.
  • FIF Working Group Updates: Please click here to Join Working Groups
    • Consolidated Audit Trail (CAT)
      • Current FIF CAT Workstreams:
        • CAT Tech Spec Review;
        • OTC Equities Reporting;
        • Industry Recommedations on recently-proposed spec additions (i.e cancelFlag/cancelTimestamp on fulfillment events, Order Effective Timestamp HandlingInstruction);
        • CAT Scenario Development
      • May 19, 2019: FIF to participate in a focus-group session with FINRA CAT on CAT connectivity options;
      • June 4, 2019: FIF met with SEC Staff and members of Congress to discuss CAT and 606
      • June 3, 2019:  FIF provided FINRA CAT/SROs with recommendations on the CAT Web Portal functionality;
      • April 16, 2019:  FIF joined industry members/SROs in an in-person meeting on CAT encryption, connectivity, and submission;
      • April 2, 2019:  FIF submitted a Comment Letter to the SROs on the current CAT implementation schedule and remaining risks; 
      • March 14, 2019: FIF attended an in-person Error Feedback and Correction Working Session with the CAT NMS team;
      • February 4, 2019: FIF submitted a comment letter on the CAT transitional period to the CAT Leadership Committee;
      • December 11, 2018:  FIF submitted comments to the Commission on the current status of CAT;
      • October 1, 2018:  FIF submitted detailed spec review summaries and comments to the SROs, SEC, and ThesysCAT on V0.6 of the industry member tech spec;
      • CAT NMS Plan Website.
    • 606 Working Group
      • June 20, 2019 - FIF to meet with SEC T&M Staff on Rule 606;
      • June 12, 2019 - FIF to form a subgroup to formulate industry best practices to better facilitate SEC Rule 606 implementation;
      • May 2, 2019 - FIF submitted a follow-up request for guidance to the Commission;
      • April 24, 2019 - The SEC granted FIF's request for an extension in the Rule 606 implementation date.  FIF is currently working with the Commission on the development of guidance;
      • April 11, 2019 - FIF met with SEC Trading and Markets staff to discuss remaining SEC Rule 606 challenges;
      • February 20, 2019 - FIF submitted a comment letter to the SEC discussing Rule 606 challenges;
      • February 5, 2019 - FIF met with the SEC Trading and Markets staff to discuss challenges and recommendations attributed to the Amended Rule 606;
      • January 30, 2019 - FIF submitted a comment letter to the SEC raising significant Rule 606 implementation challenges;
      • December 11, 2018 - FIF participated in an open call hosted by the Security Traders Association highlighting the recent amendments to SEC Rule 606.
    • FIF EBS Working Group
      • FIF has formed a working group with the purpose of responding to the SEC's request for comment on EBS.  As part of this working group, FIF will consider recommendations pertaining to the retirement of EBS through CAT.
    • Tax Information Working Group
      • FIF formed a working group to discuss, inter alia, industry best practices, increasing tax reporting efficiencies, and leveraging new and evolving technology to revise tax reporting processes.  If you would like to join this working group, please update your profile here.  
    • Retail Execution Quality
      • FIF held a meeting on May 3;
      • FIF submitted comments to the SEC requesting that the Commission review and issue a formal request for comment pertaining to FIF's Rule 605 Modernization Recommendations;
      • FIF 605 Subgroup representatives met with SEC Staff on Tuesday, October 30th to discuss the subgroup's recommendations of rule 605 reform.  Please click here to view the draft.
    • EU Buy-In Working Group
      • FIF will hold a EU Buy-In Working Group kick-off meeting on Tuesday, June 25th at 2:00pm et.  The purpose of this working group is to determine the scope and implications of the CSDR Buy-In Rule on U.S.- based entities.  If you would like to join this discussion, please update your profile here
    • Cost Basis Working Group
      • We will hold our next meeting on July 11th;
      • We discussed complex debt issued in foreign currency and subject to OID at our last meeting;
      • We are awaiting guidance from the IRS on crypto on QOFs.
    • Cloud Technology Working Group
      • At our last meeting we were treated to a spotlight topic by Josh Blackburn from IEX who ran us through how they utilized cloud  to their advantage with their IEX Cloud offering. We also covered the SECs notice on safeguarding customer records and information in network storage.
    • Data and Technology
      • Next Meeting: June 26th;
      • On our last call the spotlight topic was focused on the creation of the LTSE Exchange.
    • FIF Cybersecurity Working Group
      • Our next meeting will be held on July 11th;
      • FIF held a meeting on June 6th focusing on the cybersecurity guidance for small firms presentation from FINRA's annual conference.
    • Quarterly Event
      • FIF will be holding a Quarterly Event on Thursday, June 27 at OTC Markets (300 Vesey Street, New York, NY) on the topic of SEC Rule 606.  If you would like to attend this event, please register here.  
    • FIF Industry Solutions Offering
    • FIF Retail Execution Quality Statistics
    • FIF Regulatory Initiatives Tracking Site - (Requires FIF Website Login)
    • FIF Monthly Reports
      • Market Data Capacity Statistics – (Requires FIF Website Login)


Next Meeting Date: Tuesday, July 16, 2019 @ 11:00 am ET. 

Financial Information Forum
Phone: +1 212 422 8568
Fax: +1 212 422 8570
FIF URL: www.fif.com

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