Due to the large number of issues that the CAIS Working Group is currently reviewing, FIF has scheduled a third weekly call for the CAIS Working Group to focus on the most recent updates to the CAIS CCID Reporting Scenarios. The next call is scheduled for today, October 18, at 11am ET. This call is in addition to the standing Wednesday and Friday CAIS Working Group calls. This group will continue to meet every Monday at 11am ET until the Working Group completes its review of the updated Reporting Scenarios.

On Tuesday October 12, 2021 at 11am ET, Peter Chan and Valerie Mirko of the Baker McKenzie law firm will discuss the recent SEC fines against firms for failure to protect personally identifiable information (PII) of customers. This will be a spotlight presentation during the October Cybersecurity Working Group call. The invite for this presentation has been sent to all members of the FIF Cybersecurity Working Group and the newly-created FIF Compliance Working Group. If you are interested in participating on this call and do not have the invite in your calendar, please update your profile and add yourself to either the Cybersecurity Working Group or the newly formed Compliance Working Group. Alternatively, you can email fifinfo@fif.com to request an invite for this presentation.

FIF is creating a new Compliance Working Group. To sign up for this new working group, update your profile here.

The SEC staff have advised FIF that the SEC is considering the expansion of Rule 605 to cover options. The SEC staff have requested input from FIF on this topic. The FIF Rule 605 Working Group is working on a set of recommendations relating to Rule 605 for options. The next meeting for this Working Group is scheduled for Tuesday October 12 at 2pm ET.

On September 30, members of the FIF Rule 606 Working Group met with the staff of the SEC’s Division of Trading and Markets to discuss the challenges with Rule 606 look-though for options. The next meeting of the FIF Rule 606 Working Group is scheduled for Thursday October 14 at 10am ET. During this meeting, Working Group members will review a draft request for exemptive relief relating to options look-through to be submitted by FIF to the SEC. Working Group members also will discuss Rule 606 reporting for multi-leg orders and FINRA’s recent Regulatory Notice 21-35, which proposes to extend Rule 606 reporting to OTC equities.