Clarifications to the descriptions of the ‘AUTHREP’ and ‘AUTH3RD’ values for the role field were published in version 2.0 r8 of the CAT Reporting Customer and Account Technical Specifications for Industry Members-Full CAIS (“Technical Specifications”) on April 8, 2022. The revised descriptions will require a change to the value my firm must populate in the role field. Given the time constraints between publication and the Production Readiness Certification Deadline for Full CAIS (July 25, 2022), is my firm required to change the ‘AUTH3RD’ value to ‘AUTHREP’ for FDID Records my firm intended to use to conduct testing for production readiness for Full CAIS reporting?
No. If an Industry Member or CAT Reporting Agent coded a role of ‘AUTH3RD’ for the scenario where the reporting Industry Member itself has authority to place orders for the Account without prior approval of the account holder(s) and is not the holder of the account, the Industry Member and/or its CAT Reporting Agent can certify for Full CAIS production with the previous description of the ‘AUTH3RD’ value, assuming the Industry Member and/or its CAT Reporting Agent meet the production readiness requirements as set forth in the Industry Member CAIS Onboarding Guide. However, effective June 12, 2023, the role field must be accurately populated with ‘AUTHREP’ as set forth in the Full CAIS Technical Specifications.