09 May, 2022
Working Group Update 5/9/2022
09 May, 2022
- CAT Monthly Update Working Group. The CAT Monthly Update Working Group reviewed guidance and updates from the SROs 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 Transaction Reporting Working Group. The CAT Transaction Reporting Working Group discussed issues and questions from FIF members relating to the tradingSession value for reporting NAV orders, a new linkage file to be introduced by FINRA CAT, reporting of the RLO, CRP and IDX handlingInstructions values, additional changes being introduced in Release 2, and reporting of FLEX% option symbols. The Working Group provided an update on an FIF call with SEC staff members relating to linkage of representative and customer orders and reporting of port settings.
- FIF CAT CAIS Working Group. The CAT CAIS Working Group held an additional call this week to commence a review of the April 22, 2022 updates to the CAIS Reporting Scenarios. The Working Group discussed issues and questions from FIF members relating to the OTHGOVT identifier, how CAIS rejections will be counted, and updating of Phase 2c records. The Working Group reviewed new FAQ Q59 relating to FDIDs that are in scope for the CAIS CCID Phase. The Working Group discussed the prior industry request for exemptive relief relating to customer and account addresses and a discussion with the SROs relating to this issue. The Working Group reviewed the results of inter-firm Material Inconsistency testing conducted by a group of FIF members. The Working Group discussed technical issues with submitting files in the CAIS testing and production mirror environments and challenges in complying with requirements changes introduced late in the process. The Working Group discussed comments and questions from FIF members relating to FDID and CAT Customer rejections where the customer no longer has an account with the broker-dealer and proposed enhancements to the CAIS feedback files. FIF submitted these comments and questions to FINRA CAT.
Eduard Kotlyar