22 June, 2020
Working Group Updates 6/22/20
22 June, 2020
- FIF CSDR/EU Buy-In Working Group - FIF reviewed the guidance on ACATs/conversions, penalty fees, etc. received from the DTCC and ICMA during the June 8th discussion. The group discussed additional issues/questions to raise on the follow-up meeting with ICMA and DTCC Representatives on June 23rd at 10 am. If you are interested in joining this call, please reach out to the FIF Program Office.
- FIF/SIMFA/STA CAT Options Working Group - FIF's first Options Subgroup meeting provided a summary of the June 11 and June 12 FINRA CAT Phase 2d Deep Dive on Multi-Leg Orders, Paired Orders, and the first phase of validating the proposed data model. FIF also asked for volunteer sample data from firms on behalf of FINRA CAT and the SROs as they are seeking to validate the Phase 2d Options model via collating data industry members send to the options exchanges against the data the exchanges send to CAT. FIF's second meeting gave a high-level overview of the current status of Phase 2d Options Spec development as well as a review of the Wednesday, June 17 Deep Dive on Paired Options with FINRA CAT. The next deep-dive will be Tuesday, June 23 at 2:00 pm focusing on multi-leg orders.
- FIF Tax Information Working Group - This month's meeting focused on several topics including a presentation on Tax Reporting in COVID-era, 302/304 Corporate Actions – Identification, Withholding, Certification Process and Standardizing the Certifications, and Intermediary (IMY) Withholding Statement Management.
- FIF Back Office Committee - Please find this month's Back Office Committee agenda here;
- FIF CAT Committee - FIF opened the meeting with a discussion on the final preparation to be done by firms for Phase 2a production go-live, including any issues firms may have identified. FIF also discussed upcoming CAT milestones including Phase 2b Options, Intrafirm Linkage Validation, Interfirm Linkage Validation, and the status of counterparty relationship establishment between firms. Additional items discussed include CAT Processor errors, validation of production level linkages, and delays in processor SLAs.
Eduard Kotlyar