14 June, 2021
Working Group Update 6/14/2021
14 June, 2021
- FIF CAT Tech Specs Working Group. The CAT Tech Specs Working Group reviewed a new FAQ from the Plan Participants on reporting the side field for an allocation that includes long and short sales. The Working Group discussed comments and questions from FIF members relating to options allocations, manual responses to options solicitations, client allocations, the YP representativeInd value, Phase 2d Reporting Scenario 2.3.11 relating to Guaranteed VWAP orders, Automated Investment Plans, manual repair of CAT errors, and complex option orders where different legs have different FDIDs. FIF submitted these comments and questions to FINRA CAT. The Working Group reviewed and discussed the IDQS Reporting Scenarios added on May 21 relating to unsolicited cancels by an IDQS and the OTC Link ATS MAX Trade message.
- FIF CAT CAIS Working Group. The CAT CAIS Working Group reviewed the responses received from FIF members to a survey on whether firms plan to report all active accounts to CAIS (and potentially over-report) or limit reporting to only those accounts that had CAT-reportable activity. The Working Group reviewed the June 2nd FINRA CAT updates to the CAIS CCID Technical Specifications relating to the requirement for periodic customer and account information refreshes. The Working Group discussed draft comments and questions for FINRA CAT relating to limited information available for sub-accounts, the EMPLOYEE customerType, and bankDepositoryID. FIF submitted these comments and questions to FINRA CAT. The Working Group discussed issues and questions from FIF members relating to the following: whether CAIS updates are required for FDIDs that have not had CAT-reportable activity during the prior six months; extending the length of the accountName field; how clearing firms should report LTIDs for introduced accounts where the introducing firm has discretion; expanding tidType categories for foreign customers; reporting regionCode; and reporting the ADVISER customerType. The Working Group discussed the statement by FINRA CAT that the Plan Participants will require the reporting of correspondentCRD at the file level.
Eduard Kotlyar