10 October, 2022
Working Group Update 10/10/2022
10 October, 2022
- FIF Front Office Committee. The Front Office Committee reviewed applicable updates and notices from the SEC, FINRA, FINRA CAT and the equity and option exchanges. The spotlight presenters were Matt Cohen and Rachel Andreassian of Provable Markets, who discussed FIX for stock lending. Please find the meeting Agenda here.
- FIF Compliance and TRACE/Fixed Income Working Groups. FIF hosted a webinar on SEC Rule 15c2-11 (Publication or submission of quotations without specified information). The webinar discussed application of the rule to quoting in unlisted equities and bonds, the expiration (on January 1, 2023) of the current relief relating to Rule 144A securities, and firm processes to validate that specific securities are eligible to be quoted. The moderator for the panel was Michael Lurie of Credit Suisse. The panelists were Edward Best of the Mayer Brown law firm, Christopher Bok of OTC Markets and Jason Palsgrove of Bloomberg.
- FIF CAT Monthly Update Working Group Call. The Working Group reviewed guidance and updates from the CAT Plan Participants and FINRA CAT on CAT transaction reporting and CAT CAIS reporting during the prior month. The Working Group also reviewed the current areas of focus for FIF members and the current open issues for CAT transaction reporting and CAT CAIS reporting.
- FIF CAT CAIS Working Group. The CAIS Working Group discussed issues and questions from FIF members on updating institutional DVP/RVP accounts, updating the ALERT tax ID and other fields to conform to CAIS, closing an FDID that a firm was not required to submit to CAIS, and recent guidance from the FINRA CAT help desk on Material Inconsistencies scenarios. The Working Group discussed updated FAQ Q12 on reporting of the ltidEndReason and roleEndReason fields.
Eduard Kotlyar