23 October, 2023
Working Group Update 10/23/2023
23 October, 2023
- Next Bridge S-1 Filing. FIF hosted a call for the FIF Next Bridge sub-group to discuss next steps after the October 10 FIF member call with SEC representatives. The Form S-1 registration statement filed by Next Bridge Hydrocarbons proposes to distribute subscription rights only to holders who register their Next Bridge common stock directly with the company's transfer agent. The Next Bridge proposal, if approved by the SEC, would prohibit holders who want to participate in the offering from holding their shares through a broker or other intermediary.
- FIF Back Office Committee. The Back Office Committee reviewed applicable FICC, DTC, NSCC, SEC, MSRB, OCC, IRS and FINRA updates during the past month.
- Electronic recordkeeping. FIF hosted a call for interested members to discuss electronic recordkeeping issues.
- FIF CAT Transaction Reporting Working Group. FIF hosted two calls this week for the CAT Transaction Reporting Working Group. During the first call, the Working Group discussed projected CAT Fee Rates for 2024. The Working Group also discussed issues and questions from FIF members on price correcting a DAY order on T+n, Rule 606 reporting for CAT fees, determining the executed equivalent shares for certain index options, and the perspective of the clearing firm on the CAT billing process. The Working Group commenced a review of the recently-published FAQs on CAT billing. During the second call, the Working Group continued its review of the FAQs on CAT billing. The Working Group also discussed next steps as a follow-up to the October 10 letter that FIF submitted to the CAT Plan Participants and FINRA CAT on the CAT billing process.
Eduard Kotlyar