22 December, 2025
Working Group Updates 12/22/2025
22 December, 2025
- SLATE Working Group. The SLATE Working Group continued its discussion of issues to raise with the SEC. The Working Group discussed including ISLA representatives on an upcoming SLATE Working Group call. The Working Group discussed a draft FIF letter to FINRA relating to the SLATE securities list and reporting for evergreen term loans. The Working Group discussed references to Eastern Time and UTC for SLATE reporting.
- Rule 605 Working Group. The Rule 605 Working Group continued its discussion of reporting for different order types and orders with different characteristics, including Add Liquidity Only orders.
- DTC Tokenization Services. FIF hosted a joint call for the Back Office Committee and the Digital Asset Securities Working Group to discuss the recent no-action letter granted by the SEC to The Depository Trust Company relating to the DTCC Tokenization Services.
- Cybersecurity Working Group. Monsurat Ottun from the Cybersecurity and Infrastructure Security Agency (CISA) discussed current threats to the financial industry. The Cybersecurity Working Group also discussed the cybersecurity issues raised in the 2026 FINRA Annual Regulatory Oversight Report and other recent regulatory developments relating to cybersecurity.
- Back Office Committee. The Back Office Committee reviewed applicable FICC, DTC, NSCC, SEC, MSRB, OCC, IRS and FINRA updates during the past month.
- Front Office Committee. The Front Office Committee reviewed applicable updates and notices from the SEC, FINRA, FINRA CAT and the equity and option exchanges.
- CAT Transaction Reporting and CAT CAIS Working Groups. FIF hosted a joint call for the CAT Transaction Reporting and CAT CAIS Working Groups. The Working Groups discussed a proposal to allow a reporting firm to authorize a CAT submitter to view the reporting firm’s named errors, reporting the nbboTimestamp based on the request or the acknowledgment time, and reporting the QCC handling instruction and the exchOriginCode when routing an option order to another broker. The Working Groups discussed draft points relating to CAT costs to raise with CAT LLC. The Working Groups discussed a recent amendment to FINRA Rule 6380(a) relating to CAT reporting of reliance on the bona-fide market maker flag.
Eduard Kotlyar