21 August, 2023
Working Group Update 8/21/2023
21 August, 2023
- FIF Rule 606 Working Group. The Rule 606 Working Group reviewed and discussed the SEC’s recent approval of the FINRA rule filing to require Rule 606(a)-type reporting for OTC equities. The Working Group also discussed issues and questions from FIF members relating to Rule 606 reporting.
- FIF Back Office Committee. The Back Office Committee reviewed applicable FICC, DTC, NSCC, SEC, MSRB, OCC, IRS and FINRA updates during the past month. There were two spotlight presentations for this call. First, Robert Cavallo of DTCC provided an update on T+1 testing. Second, Nikki Brinkerhoff of TradeStation discussed a recent S-1 filing by Next Bridge that would distribute non-transferable subscription rights only to holders who register their Next Bridge common stock directly with the company's transfer agent. Please find the Agenda here.
- Section 31 Fee Reconciliation Process. FIF members continued their discussion of enhancing the reconciliation process for Section 31 fees. The group reviewed a draft proposal to FINRA requesting that FINRA provide clearing and executing firms with a monthly report of trade executions and the amount charged for each trade execution.
- Next Bridge Hydrocarbons Form S-1 Filing. FIF hosted a call for FIF members to discuss the recent Form S-1 registration statement filed by Next Bridge Hydrocarbons with the SEC to distribute non-transferable subscription rights only to holders who register their Next Bridge common stock directly with the company's transfer agent.
- FIF CAIS Working Group. The CAIS Working Group continued its review and discussion of the August 2 updates to the CAT Reporting Customer & Accounts Technical Specifications for Industry Members.
- FIF CAT Transaction Reporting Working Group. The CAT Transaction Reporting Working Group discussed issues and questions from FIF members on CAT reporting of rejections, reporting the infoBarrierID field, and CAT reporting for foreign securities. The Working Group completed its review of the updated Phase 2d Technical Specifications published by FINRA CAT on July 31, including reporting for NIA (not immediately actionable) RFQ responses. The Working Group discussed issues and questions from FIF members on the July 31 updates to the Phase 2d Technical Specifications relating to NIA RFQ responses.
Eduard Kotlyar