18 May, 2026
Working Group Updates 5/18/2026
18 May, 2026
- FINRA Margin Rule Amendments; FINRA Proposed Amendments to Short-Interest Reporting. FIF hosted a joint call for the Short Sales / Reg SHO / Short Reporting Working Group and the Compliance and Surveillance Working Group to discuss (i) the SEC’s approval of amendments to FINRA’s margin rules (FINRA Rule 4210), and (ii) a rule filing by FINRA to amend short interest reporting (FINRA Rule 4560; proposed FINRA Rule 4321).
- Rule 605 Working Group. The Rule 605 Working Group discussed issues and questions from FIF members relating to the Rule 605 annual notice requirement as applied to the upcoming Rule 605 amendments, FINRA’s publication of Rule 605 reports, and reporting by firms that trade as principal under limited conditions. The Working Group discuss FINRA’s assignment of reporter identifiers. An FIF member reviewed with the Working Group updated diagrams to be included with a Fact Sheet for the Rule 605 amendments.
- 24x7 Trading Working Group. The Working Group discussed issues and questions from FIF members relating to Rule 10b-10 confirmations, allocations, exchange testing schedules, corporate actions and Electronic Blue Sheets reporting. The Working Group discussed the planned expansion of the TRF hours of operation. The Working Group reviewed the SEC’s approval of the Nasdaq rule filing for extended trading hours and the Cboe EDGX rule filing to extend its trading hours.
- Back Office Committee. The Back Office Committee reviewed applicable FICC, DTC, NSCC, SEC, MSRB, OCC, IRS and FINRA updates during the past month.
- CAT Transaction Reporting and CAT Reference Database Working Groups. This past week, FIF hosted three joint calls for the CAT Transaction Reporting and CAT Reference Database Working Groups. During the first call, the Working Groups discussed the sections of the SEC Concept Release relating to CAT design and scope. During the second call, the Working Groups discussed new wording on FDIDs in the updated CAT Technical Specifications, a scenario involving routing to a foreign market where an FIF member is receiving a CAT rejection, a note from the CAT LLC Operating Committee Chair on upcoming discussions of recommendations previously submitted by FIF, a draft FIF note to CAT LLC on the time window for disaster recovery testing, and recent FINRA CAT updates to the RDB release schedule and the RBD Technical Specifications. During the third call, the Working Groups discussed the sections of the SEC Concept Release relating to the replacement of EBS with a request and response system.
Eduard Kotlyar