Last month FINRA submitted a filing with the SEC outlining their enforcement of CAT regulatory compliance, which included the industry’s goal to retire OATS reporting. This filing provided additional guidance around FINRA’s plan to ensure the CAT data is complete and accurate before OATS reporting can be fully decommissioned. The Filing states the following data… READ MORE
In the past few weeks, the industry has been given additional guidance on how CAT reporting will be monitored by the regulatory body and the SROs. We were introduced to a new acronym, CMRWG, which is the Cross-Market Regulation Working Group. The CMRWG was recently formed to reduce unnecessary duplication in enforcement efforts. SROs have… READ MORE
Eight years after the Security and Exchange Commission (SEC) adopted Rule 613, the Consolidated Audit Trail (CAT) has finally gone live for equity reporting as of Monday, June 22, 2020. Options reporting will also go live on July 20, 2020. One significant change since the initial adoption of Rule 613 is the speed with which… READ MORE
As a continuation of last week’s update on CAT activity, we will dive into more detail regarding a few panel comments regarding upcoming milestones found on the compliance timeline. As we pointed out last week, it has been a remarkable achievement for the industry to have arrived at the compliance implementation for the… READ MORE
Oyster Consulting attended a webinar on June 6, 2020 hosted by SIFMA entitled “CAT Goes Live,” which included industry panelists from the SEC, FINRA CAT LLC, clearing firms and broker-dealers. This diverse panel conducted significant discussions about the impending compliance dates for Phase 2a and 2b for Consolidated Audit Trail (CAT) reporting. Most industry members… READ MORE
CAT 2b Options Deadline Phase 2b is the multi-phase Options reporting module for Large Industry Members (greater than $500k capitalization). Similar to the Equity phase, the test environment for file submission will open in December 2019, but the production “go-live” for file submission will be on May 18, 2020.
The Consolidated Audit trail (CAT) is moving forward and the SEC has released new exemptive relief dates for parts 2a (Equity reporting) and 2b (Options reporting). The SEC has also provided exemptive relief for introducing brokers. In this episode, Oyster Consultants Ralph Magee and Jeff Call discuss what firms should be doing around certifications, linkages, testing validation and… READ MORE