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Consolidated Audit Trail, LLC and FINRA CAT, LLC host a Monthly CAT Implementation Update on the third Thursday of every month at 4:15 pm ET. The Monthly CAT Implementation Update meetings provide the industry with a high level overview of materials and guidance published on the www.catnmsplan.com website during the month.
On May 20, 2021, in addition to the regularly scheduled monthly implementation update, staff from FINRA (SRO) will provide an update on the status of OATS retirement.Audio file
- Technical SpecificationsTopics
The login User Interface will be updated on June 20, 2021 to provide a simpler, more consistent experience across various applications and platforms.
- FAQD10. How should orders received with instructions from the customer to buy as much stock as possible for a specific dollar amount (e.g., $1,000) over the course of the day (commonly referred to as "cash" orders) be reported to CAT?
In Phases 2a/2b/2c, these orders should be reported to CAT with a handlinginstructions value of ‘CNH’ denoting Cash Not Held. Starting in Phase 2d, these orders should be reported to CAT with handlingInstructions values of ‘CASH’ and ‘NH’, denoting the cash order and Not Held customer instructions.Topics
- FAQA26. Does an Industry Member have to report to the CAT orders received or originated, but not executed prior to the date an Industry Member is required to begin reporting data to the CAT?
Starting in Phases 2a (equities) and 2b (options), orders received or originated prior to the date on which an Industry Member is required to begin reporting to the CAT and any subsequent events related to such orders, including those occurring on or after the required reporting date, are not required to be reported to the CAT. However, Industry Members may submit to the CAT events related to orders received or originated prior to the required reporting date and they will not be rejected.
- AnnouncementResponse to Comment Letters Regarding the Proposed Amendment to Revise the CAT Reporter Agreement and CAT Reporting Agent Agreement (May 18, 2021)
On May 18, 2021 the Participants of the CAT NMS Plan responded to comment letters in response to the proposed amendment to revise the CAT Reporter Agreement and CAT Reporting Agent Agreement.
For the purposes of CAT CAIS, the value ‘ADVISER’ in the customerType field has the same definition as “Investment Adviser” in Section 202(a)(11) of the Investment Advisers Act of 1940.
Further, a customer is considered associated with a US registered Investment Adviser if they are such a person as defined as “a person associated with an investment adviser” in Section 202(a)(17) of the Investment Advisers Act of 1940.
- FAQQ46. How should Industry Members populate the customerType field for a Customer who has a US Taxpayer Identification Number but a foreign address, foreign identification/passport or is otherwise identified as foreign by the Industry Member?
For Customers with a US Taxpayer Identification Number (for example, social security number), Industry Members must not populate the customerType field with ‘FOREIGN’. ‘FOREIGN’ must only be used if the Customer is a Natural Person or Legal Entity that does not have a US Tax Identifier. Thus, Industry Members must choose one of the other allowable values to represent the CAT Customer associated to the FDID.
- FAQM17. Is an Industry Member permitted to submit a different firmDesignatedID to CAIS than was populated as the firmDesignatedID on the related Transaction Order event for a specific trading account, Relationship ID or Entity ID within the firm?
No, the firmDesignatedID submitted to CAIS must be the same firmDesignatedID populated on the related Transaction Order event for a specific trading account, Relationship ID or Entity ID.Topics
- FAQC8. The IM Technical Specifications state that “Industry Members are required to report responses to RFQs and other forms of solicitation that are firm expressions of interest to trade”. How are “other forms of solicitation” defined for CAT reporting purposes?
For CAT reporting purposes, “other forms of solicitation” include any specific invitation to take the contra-side of an existing order. Any response to “other forms of solicitation” that meet this definition and meet the reportability criteria outlined in Section 3.4 of the IM Technical Specifications must be reported to CAT and must be marked with a solicitationFlag as ‘true’.Topics