13 June, 2022
Working Group Update 6/13/2022
13 June, 2022
- TRACE/Fixed Income Working Group. The FIF TRACE/Fixed Income Working Group reviewed and made final edits to the FIF comment letter on the recent FINRA rule filing with the SEC to expand TRACE reporting to cover transactions in US dollar denominated foreign sovereign bonds. The Working Group discussed additional questions from FIF members relating to TRACE reporting by Covered Depository Institutions, which takes effect on September 1, 2022. FIF and the FIF TRACE Co-Chairs participated on a call with FINRA representatives to discuss open questions on TRACE reporting by Covered Depository Institutions. The Working Group reviewed recent FAQs published by FINRA relating to TRACE reporting of the portfolio trade modifier for corporate bonds.
- FIF CAT Transaction Reporting Working Group. The CAT Transaction Reporting Working Group continued its discussion of the FINRA rapid remediation process. The Working Group discussed the June 6 Plan Participant notice to delay the FDID validations for CAT Transaction Reporting. The Working Group discussed issues and questions from FIF members relating to the DIR handlingInstructions value, identifying inter-listed securities, the atsDisplayInd field and reporting the accountHolderType for a DVP/RVP account for a broker-dealer. The Working Group discussed the new deskOrderID value that will take effect during December 2022.
- FIF CAT CAIS Working Group. The CAIS Working Group discussed the June 6 Plan Participant notice to delay the FDID validations for CAT Transaction Reporting. The Working Group discussed the CAIS manual and automated processes for reporting Mass Transfers and challenges with differentiating between Mass Transfers and other account transfers. The Working Group discussed ongoing testing challenges and current member approaches to certify for Full CAIS reporting. The Working Group discussed a recent announcement by FINRA CAT extending the date for Full CAIS production certification. The Working Group discussed issues and questions from FIF members on various EIN sources and reporting EINs for disregarded entities. The Working Group continued its review of the most recent updates to the CAIS Reporting Scenarios document.
Eduard Kotlyar