16 December, 2019
Working Group Updates 12/16/19
16 December, 2019
- FIF Tax Information Reporting Working Group - The meeting featured a spotlight presentation by Paul Maliboeuf from KPMG on the Withholding and Reporting Regimes: Documentation, Withholding, and Deposits in Federal Tax Reporting. The group also discussed topics to be covered in 2020 and whether to hold off on further meetings until after tax season is over.
- FIF Back Office Committee - Please find this month's back office agenda here.
- FIF CAT Tech Spec Working Group - FIF discussed updates in the newest draft of the Phase 2c Industry Member Tech Spec. The group also reviewed allocations reporting challenges with respect to retail customer bookings. FIF held a second meeting this week focusing on definitional recommendations/identification of Natural Persons/Legal Entities currently required in the 2c tech spec pursuant to allocations reporting as well as phase 2c rejection scenarios.
- FIF SEC Rule 606 Working Group - The group discussed the issues of fees and rebates for pursuant to intermarket sweeps as well as associated reporting obligations. Industry members also discussed providing supplemental reports in addition to 606 reports to customers and the reporting expectations for orders routed to foreign destinations.
- FIF CAT Committee Meeting - FIF gave a brief summary of a call with the SEC with respect to the identification clause in the CAT Reporter Agreement. FIF also discussed updates in the newest draft of the Phase 2c Industry Member Tech Spec including cancel requests and allocations. Finally, FIF reviewed CAT Alert 004 on feedback definition for named errors.
- FIF Order Routing Transparency Working Group - FIF finalized our 605 recommendations and proposal to the SEC, including whether to address stop-loss orders, pre-market orders, recommend the removal of the realized spread statistic, customer buckets, and marketable benchmarks. FIF also is soliciting firms to voluntarily report FIF enhanced 605 statistics.
Eduard Kotlyar