10 August, 2020
Working Group Updates 8/10/2020
10 August, 2020
- FIF SEC Rule 606 Working Group - FIF introduces the new 606 Working Group chairs of Mark Davies (S3) and John Jannes (IHS Markit). The group then moved to review of RB/EB scenarios and issues as well as Q2 606(a) feedback from industry members. Additional topics discussed include IOC orders and Special Handling Conditions.
- FIF Tax Information Working Group - The group discussed Negative Interest Rates, 1042-S Reporting: Quasi-Intermediaries, and Quick IRS Publication & Guidance Updates.
- FIF CAT Committee - FIF discussed industry member feedback related to CAT Production Roll-Out including Error Identification through SFTP, Expansion of Batch Error Correction, and Delays in CAT Feedback SLAs. Additionally, the group reviewed the CAT NMS Plan Website to gather feedback on additional functionality required by industry members. FIF is seeking industry member feedback relating to this on or before Wednesday, August 12.
- FIF CAT Tech Spec Requirements Working Group - FIF's first Tech Spec call focused on future [i.e. CAT Phase 2c, Phase 2d, and 2e] implementation requirements including feedback on Phase 2d Order Modified Events, Amended/Corrected Allocations (see 4.14.2 of the industry member tech spec), and scope of Allocation Reporting Requirements. The second weekly call addressed the opening of the Interfirm Linkage Production Environment on Monday, August 10, new/updated CAT FAQs, a reminder of CAT inclusion on any newly announced trading exams, and reviewed Upcoming Industry Member Milestone Dates.
Eduard Kotlyar