Working Group Updates 11/24/2025

• Rule 605 Working Group. The Rule 605 Working Group discussed whether the definition of Single Dealer Platform includes a platform that trades as riskless principal. The Working Group continued its discussion of reporting for orders with specific handling instructions and characteristics, including orders with instructions relating to locked markets, not held orders, and reserve orders.    
• SLATE Working Group. The SLATE Working Group discussed reporting for a change in the spread on a variable rate loan. The Working Group continued its discussion of a draft FIF letter to FINRA on reporting to SLATE based on the end-of-day status of a loan and reporting for loans entered into prior to the SLATE compliance date that are modified after the compliance date. The Working Group continued its discussion of reporting for arranged financing. The Working Group discussed reporting issues to raise with the SEC, including the need to extend the compliance date and cross-border scenarios. The Working Group discussed reporting for stock splits, acquisitions and other corporate events. The Working Group discussed reporting based on Eastern Time and UTC.
• Back Office Committee. The Back Office Committee reviewed applicable FICC, DTC, NSCC, SEC, MSRB, OCC and FINRA updates during the past month.

Regulatory Implementations Calendar. FIF hosted a joint call for the Compliance and Surveillance Working Group and the SEC FINRA Regulations Working Group to review a PowerPoint presentation of upcoming regulatory implementations.