24 February, 2025
Working Group Updates 2/24/2025
24 February, 2025
- SLATE Working Group. The SLATE Working Group discussed the revised draft of the SLATE Participant Specification published by FINRA, including the definitions of required, conditional, optional and voluntary fields, the reporting of conditional and optional fields, the new Loan Termination event, the termDate and terminationDate fields, various termination and correction scenarios, and the need for FINRA to provide schemas and sample file submissions.
- Short Position Reporting. The FIF Short Sales / Reg SHO / Short Reporting Working Group continued its discussion of the implementation of short position reporting. The Working Group discussed whether managers will continue to generate monthly reports prior to the compliance date. The Working Group reviewed FIF member responses to an FIF survey on Threshold A securities. The Working Group discussed a draft FIF letter to the SEC in response to the SEC’s extension of the compliance date for form SHO reporting. The Working Group discussed reporting for securities where the manager does not have pricing data or recent trading activity.
- SEC Rule 606 and FINRA Rule 6470 Working Group. The SEC Rule 606 and FINRA Rule 6470 Working Group discussed a draft FIF letter to the SEC and FINRA relating to SEC Rule 606(a) and the implementation of FINRA Rule 6470. The Working Group reviewed other issues raised in the September 2023 FIF letter to FINRA.
- Back Office Committee. The Back Office Committee reviewed applicable FICC, DTC, NSCC, SEC, MSRB, OCC, IRS and FINRA updates during the past month.
- CAT Transaction Reporting and CAT CAIS Working Groups. FIF hosted two CAT Working Group calls this past week. During the first Working Group call, the CAT CAIS and CAT Transaction Reporting Working Groups discussed a draft FIF letter to the SEC and the CAT Plan Participants in response to the February 10 Exemptive Order to remove PII from CAT. During the second Working Group call, the Working Group reviewed a draft FIF submission to FINRA CAT on the BFMMFlag. The Working Group also discussed the reporting of port settings by a routing firm and reporting of representative order linkage for equities and options.
Eduard Kotlyar