24 October, 2022
Working Group Update 10/24/2022
24 October, 2022
- Back Office Committee. The Back Office Committee reviewed applicable FICC, DTC, NSCC, SEC, MSRB, OCC, IRS and FINRA updates during the past month. The spotlight presenter was Peter Warms of the Global Legal Entity Identifier Foundation (GLEIF), who discussed current developments relating to legal entity identifiers (LEIs). The LEI is a 20-character alpha-numeric code based on ISO 17442 that enables clear and unique identification of legal entities participating in financial transactions. Find this month's agenda here.
- Tax Information Reporting Working Group. Cynthia Lapins and Robert Schwaba of Wolters Kluwer presented to the Working Group on “SPACs: What Happens When We Don’t Make A Deal”.
- FIF CAT Transaction Reporting Working Group. The CAT Transaction Reporting Working Group discussed reporting for complex orders transmitted as FIX orders. The Working Group discussed the exchanges reporting their UAT test results to the CAT Production Mirror system. The Working Group discussed FAQ D10 on reporting for CASH orders. The Working Group discussed reporting for verbal quotes. The Working Group discussed linkage of representative to customer orders and linkage of order fulfillments to firm and representative orders.
- FIF CAT CAIS Working Group. The Working Group discussed the CAIS portal not reporting on all outstanding errors. The Working Group discussed the rejection received by firms when reporting multiple CAT Customers with the same EIN for the same FDID. The Working Group discussed reporting investment adviser data for sub-accounts. The Working Group discussed reporting of FDIDs from the LTID phase. The Working Group discussed FINRA inquiries on FDIDs not reported to CAIS. The Working Group reviewed new FAQ Q68 on reporting for an Authorized Trader that is a government employee appointed as a guardian or conservator. The Working Group discussed the following updates from the October 19 FINRA CAT weekly CAIS testing checkpoint call: removal of error code 22071 (no customer association with trading capabilities); the January CAIS report cards; and sunsetting of the CAIS LTID Phase schema.
Eduard Kotlyar