16 October, 2023
Working Group Update 10/16/2023
16 October, 2023
- FIF TRACE Working Group. The TRACE Working Group reviewed a draft letter to FINRA requesting written confirmation that the TRACE ATS exemption does not impact the FINRA Trading Activity Fee (TAF). The Working Group discussed a question from an FIF member on TRACE reporting for GNMA construction loans. The Working Group discussed the implementation of the TRACE reporting changes scheduled to take effect on November 6, including TRACE reporting for sovereign bonds and the requirement to report electronically executed transactions in Treasury securities in the increment captured by the trade execution system.
- Next Bridge S-1 Filing. On October 10 FIF and FIF members participated on a call with SEC representatives to discuss operational challenges with the Form S-1 registration statement filed by Next Bridge Hydrocarbons. The Next Bridge Form S-1 filing proposes to distribute subscription rights only to holders who register their Next Bridge common stock directly with the company's transfer agent.
- Reg SCI Market Share Thresholds. On October 10 FIF hosted a call for FIF members to discuss calculation of the Reg SCI market share thresholds in the SEC’s rule proposal to expand the scope of Reg SCI.
- FIF CAT Transaction Reporting Working Group. The CAT Transaction Reporting Working Group reviewed a draft FIF letter to the CAT Plan Participants and FINRA CAT on the CAT billing process. The Working Group discussed questions from FIF members on the CAT billing process. The Working Group reviewed CAT billing scenarios from FIF members.
Eduard Kotlyar