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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Our consultants use their deep regulatory experience in trade reporting to enable firms to achieve their CAT reporting obligations. Oyster’s CAT Application consolidates CAT reporting events, error analysis and validation data into a central program, where it will identify errors, linkage and gaps between vendor data and CAT reported data. Click here to learn more about how Oyster can help your firm with its CAT reporting requirements or to request a demo of our reporting application. 

About The Author

Ralph Magee Jr. is a Senior Consultant with over 20 years of experience in the financial services industry. Ralph has led multifaceted teams in large-scale client remediation and clearing platform conversion-related projects. Ralph also uses his expertise in trade reporting providing large broker dealers project management and subject matter expertise related to the Consolidated Audit Trail (CAT).

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