At the request of FIF Members, FIF has created a Working Group to focus on interpretive and operational questions relating to Regulation SHO and potential areas where FIF Members might want to seek interpretive guidance. In order to join this group, update your working group subscriptions in your profile here: https://fif.com/index.php/profile. If you're having trouble, or forgot your password, email fifinfo@fif.com for assistance. If you have any specific issues or questions relating to Regulation SHO that you would like to see this group discuss, please send them to us at fifinfo@fif.com.  

During October 2018, FIF Members presented recommendations to the SEC staff for the modernization of Rule 605. These recommendations, which were developed through the FIF Rule 605 Working Group, were focused on updating Rule 605 to reflect market changes since the adoption of Rule 605 in 2000.  At the request of FIF Members, on February 25 FIF held a meeting for the FIF Rule 605 Working Group to discuss reviewing and updating these recommendations. The Working Group reviewed the proposals from October 2018 and agreed to proceed with updating the recommendations to present to the SEC during 2021. The next Working Group meeting is scheduled for Thursday March 18 at 11 am (ET). If you are not a member of the Rule 605 Working Group and would like to join, update your working group subscriptions in your profile here: https://fif.com/index.php/profile. If you're having trouble, or forgot your password, email fifinfo@fif.com for assistance.

On March 2, the FIF TRACE Working Group will meet to review a draft comment letter on a rule proposal by the Federal Reserve to expand TRACE reporting to certain depository institutions that are not broker-dealers. The comment letter is focused on the potential impact for broker-dealers that currently report to TRACE.

On February 25, FIF Members participated on a call with FINRA CAT and the Plan Participants to discuss CAIS reporting for authorized traders. Also, on February 25, the FIF CAT Co-Chairs participated on a call with FINRA CAT to discuss proposed Phase 2d changes relating to partial cancels, net price orders and the opening and closing of IDQS quotes.

A FIF Member has requested feedback from other FIF Members on the question below. If you have any information on this question, please send an email to fifinfo@fif.com.

Are member firms currently going through, or have gone through, the application process with ASIC regarding a foreign Australian Financial Services (AFS) License? The member firm is currently going through the application process and has a question regarding board member background checks. The member firm uses a background check vendor. The background information from that vendor was provided; however, they are being told that only original source documentation is acceptable, and that ASIC will not accept vendor documentation. Have other FIF members gone through this process and if so what type of background documentation did they provide? Did firms have to get documentation from the various regulatory and government entities separately (FINRA, SEC, FBI, etc.)?