15 December, 2025
Working Group Updates 12/15/2025
15 December, 2025
- TRF/ORF Reporting Working Group. FIF hosted two calls this past week for the TRF/ORF Working Group. The Working Group discussed a draft FIF comment letter to FINRA on the expansion of TRF operating hours. The comment letter discussed reporting for ETF NAV trades and trades with the .RX modifier executed after 8 p.m. The Working Group discussed a recent change to the FINRA / NYSE TRF fee schedule. The Working Group discussed the requirements for capping the FINRA / Nasdaq TRF fees.
- Regulatory Implementations Calendar. FIF hosted a joint call for the Compliance and Surveillance Working Group and the SEC FINRA Regulations Working Group to continue the discussion of a calendar and PowerPoint presentation on upcoming regulatory implementations.
- SLATE Working Group. The SLATE Working Group discussed the SEC’s recent extension of the compliance date for securities loan reporting. The Working Group discussed reporting for securities added to the SLATE securities list on a delayed basis. The Working Group discussed reporting for evergreen term loans. The Working Group continued its discussion of prioritization of issues to raise with the SEC, including the compliance date, reporting based on end-of-day positions, requesting an exemption for reporting by non-US lenders, and rehypothecation.
- Rule 605 and 606 Working Groups. FIF hosted a joint call for the Rule 605 and 606 Working Groups. The Working Group discussed Rule 606(b) reporting for trades that involve a sponsored access workflow. The Working Groups discussed the current status of FINRA Rule 6470 (routing reports for OTC equities) and FINRA Rule 6152 (submitting Rule 605 reports to FINRA). The Working Group continued its discussion of a separate report required for brokers that engage in fractional share trading as principal.
- CAT Monthly Update Working Group Call. The CAT Monthly Update Working Group reviewed guidance and updates from the CAT Plan Participants and FINRA CAT on CAT Transaction Reporting, CAT CAIS and CAT billing during the prior month. The Working Group reviewed the current areas of focus for FIF members and the current open issues for CAT Transaction Reporting, CAT CAIS and CAT billing.
Eduard Kotlyar