15 May, 2023
Working Group Update 5/15/2023
15 May, 2023
- FIF Webinar on Potential US Government Debt Default. FIF hosted a webinar on the potential operational and system impacts of a US government debt default. Tom Jordan, Chair of the FIF Advisory Committee, moderated the webinar. The panelists were Ted Karn of The Karn Group and Jim Wisniewski of FIS. At the request of SEC staff, FIF members also participated on a call with SEC staff on this topic.
- SEC Rule 3b-16 (Definition of an “Exchange”). FIF hosted a call for the ATS, Compliance and Surveillance, and TRACE/Fixed Income Working Groups to discuss the SEC’s recent reopening of the comment period on the SEC’s proposed amendments to Rule 3b-16 (relating to the definition of an “exchange”).
- FIF CAT CAIS Working Group. The CAIS Working Group reviewed the FIF member questions submitted by FIF to FINRA CAT on the recent Full CAIS compliance date announcement by FINRA CAT. FINRA CAT addressed these questions during the May 10 CAIS Industry Testing Checkpoint call. The Working Group discussed a planned outreach by FINRA to industry members relating to CAIS interim date reporting. The Working Group discussed whether and how regulators are using the CAIS data reported by firms to date. The Working Group reviewed a draft submission by FIF to FINRA CAT on proposed future changes for CAIS. The Working Group reviewed draft FIF member comments and questions for FINRA CAT on CAIS reporting of active accounts by an acquiring firm and a proposed alternative process for reporting Mass Transfers.
- FIF CAT Transaction Reporting Working Group. The CAT Transaction Reporting Working Group discussed CAT reporting for worthless securities. The Working Group reviewed and discussed FIF member responses received to date on two surveys sent by FIF. The first survey relates to a proposal from the CAT Plan Participants for scheduled linkage in the CAT production mirror environment. The second survey relates to FIF member QA processes for CAT Transaction Reporting. The Working Group discussed retirement of legacy reporting systems.
- FIF CAT Transaction Reporting Working Group: RFQ Responses. FIF hosted an additional call this week for the CAT Transaction Reporting Working Group focused on CAT reporting for non-executable RFQ responses. The Working Group agreed to break the current draft letter to the CAT Plan Participants and FINRA CAT into two separate letters on CAT reporting for RFQ responses: one letter to the SEC; and a second letter to the CAT Plan Participants and the FINRA CAT.
Eduard Kotlyar