By Ralph MageeShare Article
CAT Implementation Moves Forward in 2022
At the end of January 2022, FINRA CAT announced the opening of the test environment for Customer and Account Information (CAIS). Industry Members are now able to submit Full CAIS Phase (schema 2.0.0) or LTID Account Phase (schema 1.0.0) data to this environment. Submitters will continue to have optional schema choices until the compliance date of July 10, 2022, where schema 2.0.0 will be required. To provide additional phased-implementation to the Industry Members, FINRA CAT will expand the Prod-Mirror and Production Environment on April 23, 2022 to accept the Full CAIS Phase data.
Industry Members are strongly encouraged to take advantage of this opportunity allowing for the submission of customer and account information to the production environment prior to the compliance date and enforced repair deadlines. This will allow Industry Members to clean up any data issues prior to the compliance date, instead of waiting until the regulatory deadline and potentially having too many data errors to repair within the allotted window. If you are utilizing a CAT Reporting Agent (CRA), you should start having conversations with their support team to understand their schema conversion plan.
Concurrently, FINRA CAT has several planned updates and releases related to phase 2d cleanup and schema update support. The first was released to the test environment on February 7, 2022.
A full summary of the IM releases can be found at https://www.catnmsplan.com/sites/default/files/2022-01/01.26.22-Release-Plan.pdf
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