22 November, 2021
Working Group Update 11/22/2021
22 November, 2021
- FIF Tax Information Working Group. The Tax Information Reporting Working Group met for a spotlight presentation from Wolters Kluwer on SPAC tax issues. Email the program office for a copy of the presentation.
- FIF Front Office Committee. The FIF Front Office Committee reviewed applicable updates and notices from the SEC, FINRA, FINRA CAT and the equity and option exchanges. Please find this month's agenda here.
- FIF CAT Tech Specs Working Group. The Working Group discussed issues and questions from FIF members relating to reporting partial cancels for exchange routes, stock stop and guaranteed price transactions, and CAT reporting for OTC Link ATS MAX trades. The Working Group reviewed draft FIF member comments and questions for FINRA CAT relating to FAQ K22 (algorithmic strategy involving multiple component securities) and FAQ K23 (CAT reporting when at least one but not all legs of a multi-leg strategy are known at the time the instructions are given). The Working Group continued its review of the November 3, 2021 updates to the Phase 2d Industry Member Reporting Scenarios, Version 4.7.
- FIF CAT CAIS Working Group. The CAT CAIS Working Group reviewed the response from FINRA CAT on the CAT system processes for validating tidValue submissions. The FIF Co-Chairs reviewed with the Working Group the response from FINRA CAT to the FIF request to provide separate error codes for missing and invalid data. The Working Group reviewed CAT Alert 2021-04, Phase 2e: Transitioning from LTID Account Phase to Full CAIS Phase. The Working Group reviewed and discussed new FAQ Q54 on reporting addresses for RELATIONSHIP FDIDs, updated FAQs M1, M2, M3, M6, M10, M12, M14 and M16 on changing FDIDs, and updated FAQ Q39 on reporting the address and Transformed Identifier for a prime broker account. The Working Group discussed guidance from FINRA CAT on account change scenarios. The Working Group discussed the reporting of unmasked Prime Broker account numbers. The Working Group discussed reporting for Mass Transfer scenarios.
Eduard Kotlyar