FIF News

SEC Grants FIF and STA Request for an Extension of Certain 606(a) and 606(b)(3) Compliance Dates

On March 25, 2020, the SEC granted FIF and STA’s request for temporary exemptive relief of certain 606(a) and 606(b)(3) requirements in response to the continued proliferation of disruption in operations following the outbreak of COVID-19. In summary, the SEC has extended the following near-term Rule 606 deliverables:  1) 30-day extension Rule 606(a) - Broker-dealers are exempt from the requirement to provide the public report covering the first quarter of 2020 required by Rule 606(a) until May 29, 2020 and 2) 60-day extension Rule 606(b)(3) - Broker-dealers that engage in outsourced routing activity (second route/look through) are exempt from the requirement to collect the monthly customer-specific data required by Rule 606(b)(3) for such activity until June 1, 2020, and are not required to provide customers with reports covering in-scope data until July 29, 2020.  Please click here to read the Extension Order

Posted Mar 30, 2020

FIF to Reconvene Regularly Scheduled CAT Working Group Meetings

FIF intends to begin hosting more frequent CAT Working Group Members beginning with the week of March 30, starting with the FIF/STA/SIFMA CAT Phase 2d Options Subgroup on Tuesday, March 31 at 2:00pm and the CAT Tech Spec Requirements Working Group on April 1 at 2:00pm et.  FIF will disseminate notes following each meeting.

Posted Mar 30, 2020

SEC and FINRA Continue to Update COVID-19 Guidance

As a reminder, the SEC and FINRA continue to update resources intended to provide industry members with guidance, best practices, rule filings, and notices related to COVID-19.  FIF encourages members to review both the SEC’s COVID-19 Resource Page and FINRA’s COVID-19 Resource Page frequently as additional resources are added daily.  

Posted Mar 30, 2020

FIF Staff Contact Details

FIF would like to thank our members for your continued support in our efforts to gain important industry relief on upcoming implementation dates for CAT amidst the continued distruptions following the outbreak of COVID-19. Our thoughts continue to be with the health and safety of our employees and members. The FIF team will continue to work remotely and can be reached via the emails/phone numbers below:

Christopher Bok - - 401-575-0843

Kevin McCabe - - 516-993-0724

Caroline DeVito - - 908-956-2192

Program Office -

Posted Mar 23, 2020

FIF Requests 60-Day Pauses of CAT and Rule 606 Implementation Milestones

On March 16, 2020, FIF submitted a letter to the CAT NMS Plan Operating Committee Requesting a pause in all near-term CAT Implementation Milestones   Following dissemination of that letter, the SEC published a No-Action Letter effectively granting a 1-month extension of CAT Implementation Milestones.  The SEC's No-Action Letter was followed by a statement from the CAT NMS Plan Operating Committee confirming the Participants will not seek enforcement action for missed CAT compliance dates until May 20.  On March 19, the CAT NMS Plan Operating Committee sent a letter to the SEC requesting that the No Action Letter be extended to 60 days, encompassing all near-term CAT deliverables citing recommendations proposed by FIF and SIFMA.

Likewise, FIF partnered with the Securities Traders Association (STA) in a joint letter requesting extension of near-term Rule 606 implementation milestone dates.  Please see the request letter here

Posted Mar 23, 2020