18 August, 2025
Working Group Updates 8/18/2025
18 August, 2025
- SLATE Working Group. The SLATE Working Group discussed the applicable date to be used by SLATE to validate security eligibility, the ordering of loan events in a file, reporting agent requirements and how firms are treating non-responses by the SEC and FINRA to issues and questions raised by FIF members. The Working Group discussed lists of high-priority SLATE issues from FIF members. The Working Group continued its discussion of the next draft letter to the SEC and FINRA, including a key issues list, a request for a temporary exemption for reporting by Covered Persons that are not U.S. persons, and comments on the most recent updates to the SLATE Participant Specifications.
- 24x7 Trading Working Group. The 24x7 Trading Working Group discussed a revised draft of an FIF letter to the SEC relating to the implementation of expanded exchange trading hours, including a proposed daily pause in exchange trading, the expansion of the TRF and ORF hours of operation, erroneous price bands and corporate actions.
- Rule 605 and Rule 606 Working Groups. FIF hosted a joint call for the Rule 605 and Rule 606 Working Groups. The Working Groups discussed the first draft of an FIF letter to the SEC requesting an extension of the implementation date for Rule 605 reporting. The Working Groups reviewed a request from FINRA for firms that want to participate in testing of Rule 6151 and Rule 6152 submissions by vendors. The Working Groups discussed a draft FIF letter to the SEC on Rule 606(a) reporting for FLEX and FLEX percent options.
- Back Office Committee. The Back Office Committee reviewed applicable FICC, DTC, NSCC, SEC, MSRB, OCC, IRS and FINRA updates during the past month. Please find the meeting materials here.
- Cybersecurity Working Group. The Cybersecurity Working Group discussed recent updates from the CSA, SEC and FINRA. The spotlight presenter was Wyatt Hamilton of FINRA, who discussed current areas of focus for FINRA relating to cybersecurity.
- Digital Asset Securities Working Group. The Digital Asset Securities Working Group reviewed an FIF presentation on the GENIUS Act, which provides for the registration and regulation of payment stablecoin issuers.
- CAIS Working Group. The CAIS Working Group discussed a revised draft FIF comment letter to the SEC requesting (i) the retirement of the current requirements relating to unidentified large traders, (ii) the removal of outstanding rejections relating to fields that will no longer be reportable to CAIS, (iii) the removal of outstanding Material Inconsistencies, and (iv) the deletion of TIDs after a CCID has been generated. The Working Group discussed comment letters from other market participants relating to the proposed removal of PII from CAIS.
- CAT Transaction Reporting Working Group. The CAT Transaction Reporting Working Group discussed restrictions on CAT portal access from outside the US. The Working Group continued its discussion of potential changes to Appendix D to the CAT NMS Plan to reduce CAT operating costs.
Eduard Kotlyar