
By Ralph Magee
Subscribe to our original industry insightsOn May 27, 2022, FINRA CAT announced that the Participants determined to delay the full Customer Account Information System (“CAIS”) compliance deadline. This comes less than a month and a half before the original compliance date of July 11, 2022. The date has been delayed until a projected date in Q4 of 2022, to assist in addressing challenges and delays in error feedback and processing.
Though the compliance deadline will be extended, there are a few key takeaways from this announcement that industry members should consider:
We expect a busy few weeks of industry webinars and advocacy group calls to sort out this announcement and attempt to answer may of the related open questions. Some that come to mind are:
This is a complicated linkage event. Listen to our recent Oyster Stew Podcast Consolidated Audit Trail – Are You Ready for Phase 2e? to hear the challenges our clients are facing and what your firm should be doing. Oyster will continue to post more information as it becomes available.
Oyster Consulting provides solutions through our consulting services and our proprietary CAT reporting software. Our consultants use their deep regulatory experience in trade reporting to help firms achieve their CAT reporting obligations and get the most out of their CAT reporting investment.
Our proprietary Oyster Solutions CAT reporting application consolidates CAT reporting events, error analysis and validation data into a central program. The CAT Application then will identify errors, linkage and gaps between vendor data and CAT reported data.
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