17 July, 2023
Working Group Update 7/17/2023
17 July, 2023
- Compliance and Surveillance Working Group. The Compliance and Surveillance Working Group discussed expanded surveillance by FINRA based on CAT data (including cross-product, cross-symbol and cross-broker surveillance) and potential steps industry members could take to enhance their internal surveillance in response to FINRA’s enhanced surveillance.
- Customer Account Statements. FIF members discussed the use of “combined statement groups” (sending a single statement to separate account holders for multiple accounts) when the recent FINRA amendments to Rule 2231 (Customer Account Statements) take effect on January 1, 2024.
- FIF CAT Transaction Reporting Working Group. FIF hosted two calls this week for the CAT Transaction Reporting Working Group. During the first call, FINRA CAT representatives reviewed an updated presentation on Electronic RFQ Responses. During the second call, the Working Group discussed the expected production release date for validation of FDIDs submitted to the CAT Transaction Reporting system against CAIS data. The Working Group also discussed the FINRA CAT July 10 presentation on CAT reporting for RFQ responses, including a comparison of the July 10 presentation to the comments submitted by FIF on June 1.
Eduard Kotlyar