22 May, 2023
Working Group Update 5/22/2023
22 May, 2023
- FIF Rule 606 Working Group. The Rule 606 Working Group discussed recent guidance from SEC staff to FIF members on Rule 606(a) reporting when a reporting firm routes a single parent order to multiple child execution venues.
- FIF Rule 605 Working Group. FIF members participated on a call with SEC staff members to discuss FIF’s comments on the SEC’s rule proposal on Disclosure of Order Execution Information. The call was requested by SEC staff.
- SEC Cyber, Reg SCI and Reg S-P Rule Proposals. FIF hosted a call to review and discuss the first draft of an FIF comment letter on the SEC’s recent cybersecurity, Reg SCI and Reg S-P rule proposals.
- FIF Tax Information Reporting Working Group. Stevie Conlon and other representatives from Wolters Kluwer presented on tax reporting for SPACs and digital asset transformations.
- FIF Back Office Committee. The Back Office Committee reviewed applicable FICC, DTC, NSCC, SEC, MSRB, OCC, IRS and FINRA updates during the past month. Please find the May Agenda here.
- FIF CAT CAIS Working Group. The CAIS Working Group discussed a proposal from FINRA CAT to reset the CAIS test environment for all firms. The CAIS Working Group discussed challenges with the CAIS test environment being reset without the CAIS production environment being reset. The Working Group reviewed FIF member proposals for future changes to CAIS that would result in more records being accepted by CAIS. FIF submitted these proposals to FINRA CAT. FIF also submitted comments to FINRA CAT on CAIS reporting of active accounts by an acquiring firm and CAIS reporting for Mass Transfers (mergers, acquisitions and divestitures).
- FIF CAT Transaction Reporting Working Group. The CAT Transaction Working Group hosted two calls this week focused on CAT reporting for non-executable RFQ responses. During the first call, the Working Group reviewed and discussed a draft letter to the SEC relating to CAT reporting for non-executable RFQ responses. During the second call, the Working Group reviewed and discussed a draft letter to the CAT Plan Participants and FINRA CAT relating to CAT reporting for non-executable RFQ responses.
Eduard Kotlyar