13 April, 2026
Working Group Updates 4/13/2026
13 April, 2026
- Rule 605 Working Group. This past week FIF hosted three calls for the Rule 605 Working Group. The Working Group continued its discussion of the Rule 605 FAQs published by the SEC’s Division of Trading and Markets, and the exemptive order granted by the SEC, on April 1.
- 24x7 Trading Working Group. The Working Group discussed a comment letter submitted by the SIPs relating to the launch date for extended SIP operating hours. The Working Group discussed the rule filing by NSCC relating to extended trading hours and related notice and FAQ documents published by DTCC. The Working Group discussed an updated issues list relating to the planned expansion of exchange trading hours.
- Trump Accounts Working Group. The Trump Accounts Working Group discussed a DTCC Notice relating to ACATS enhancements for Trump accounts. The Working Group discussed the Treasury Department’s selection of the initial financial agent and trustee for Trump accounts. The Working Group discuss IRS Form 5498-TA for reporting Trump account information.
- Law Firm Presentation on Reg S-P Amendments. Thoreau Bartmann and Jessica Cohn of the K&L Gates law firm presented to the Compliance and Surveillance Working Group on the Reg S-P amendments that took effect on December 3, 2025.
- CAT Transaction Reporting and CAIS Working Groups. This past week FIF hosted two joint calls for the CAT Transaction Reporting and CAIS Working Groups and an additional call for the CAT Transaction Reporting Working Group. The Working Groups discussed “too late to modify” and “too late to cancel” scenarios involving silent protocols. The Working Groups discussed the Reference Database Technical Specifications. The Working Groups discussed further planned updates to the Reference Database Specifications based on the SEC’s recent approval of the CAT cost reduction rule filing. The Working Groups discussed the updated 2026 Financial and Operating Budget for CAT. The Working Groups discussed prioritization of recommendations previously submitted by FIF to CAT LLC. The Working Groups discussed recently updated FAQ V23 relating to CAT billing for fractional share transactions. The CAT Transaction Reporting Working Group discussed rep order linkage for unlinked options scenarios.
Eduard Kotlyar