16 June, 2025
Working Group Updates 6/16/2025
16 June, 2025
- SLATE Working Group. The SLATE Working Group discussed a revised draft letter to the SEC and FINRA relating to the implementation of SLATE reporting. The Working Group discussed challenges with the current implementation timeline. The Working Group discussed reporting for a loan that is novated to the Options Clearing Corporation. The Working Group discussed the resubmission of a previously rejected event after an intervening accepted event.
- OFR Repo Reporting Working Group. The OFR Repo Reporting Working Group discussed new FAQ 0061 relating to reporting for the scenario where there is a failure to deliver on the end date. The Working Group discussed correcting prior reports, observations from the OFR, inconsistencies between the reporting requirements and market practice, and other engagement with the OFR. The Working Group discussed the new and updated FAQs published by the OFR on April 16.
- Rule 606 Working Group. The Rule 606 Working Group discussed final changes to draft FAQs relating to Rule 606(a) reporting to be submitted to the SEC. Working Group members provided an update to the full Working Group on a discussion with FINRA representatives relating to a plan by FINRA to enable vendors to submit Rule 606(a) reports on behalf of broker-dealers.
- Back Office Committee. The Back Office Committee reviewed applicable FICC, DTC, NSCC, SEC, MSRB, OCC, IRS and FINRA updates during the past month.
- CAT PII and CAIS. FIF hosted a joint call for the CAT CAIS and CAT Transaction Reporting Working Groups to continue the discussion of the removal of PII from CAT. The Working Group discussed a draft letter to the CAT Plan Participants and FINRA CAT requesting postponement of the planned changes to the CAIS compliance rate calculation pending the SEC’s decision on the rule filing by the CAT Plan Participants relating to the removal of PII from CAIS. The Working Group discussed comments from an FIF member relating to the removal of PII from CAT.
- CAT Transaction Reporting Working Group. The CAT Transaction Reporting Working Group discussed Error Code 2260 (Missing or Invalid BFMM Flag). The Working Group discussed applicability of the BFMM flag to block positioning activity. The Working Group reviewed updates to the monthly CAT fees planned for July. The Working Group reviewed a revised draft request for exemptive relief relating to representative order linkage.
Eduard Kotlyar