29 July, 2019
Working Group Updates 7/29/19
29 July, 2019
- FIF Front Office Committee - FIF was joined by FINRA who discussed the recent FINRA/SEC joint statement on broker-dealer custody of digital asset securities. FIF also focused on order management and trading system issues resulting from proposed rule changes (SEC, FINRA, SROs). Find this month's agenda here.
- FIF Cloud Technology Working Group - The meeting began with a spotlight presentation by FIF Cloud Technology Chair Tom Golway and Dave Larson from HPE who provided his perspective on the future of cloud technology. The spotlight topic was followed by an introduction to a draft of the FIF Cloud Technology Best Practices document designed to consolidate and centralize topics discussed on calls.
- FIF CAT Tech Spec Working Group- FIF reviewed questions raised to FINRA CAT for incorporation into the upcoming Q&A session. FIF also addressed spec-related questions and reviewed the scenarios document.
- FIF SEC Rule 606 Working Group - FIF held two working group meetings with a focus on eliciting feedback from members on a subsequent comment letter to the Commission on the current status of Rule 606. After receiving industry feedback regarding 606(b)(3), FIF and STA drafted a follow-up comment letter to SEC staff pertaining to the industry's request that: 1) the compliance date for the reporting of non-look-through 606(b)(3) data elements be extended six months following the issuance of complete guidance; and 2) any and all requirements that look-through data be reported are eliminated from the current version of Rule 606(b)(3) until a later time. Should the Commission require firms to report look-through data, FIF and STA are recommending that those expectations be incorporated into a revised rule.
Eduard Kotlyar