- FAQQ25. If my firm is a broker-dealer (CRD) that uses a Reporting Agent to report into CAT CAIS, does my firm need to certify separately if we have CAIS-reportable activity?
Yes, all broker-dealers will be required to be certified in order to gain access to the CAIS Production environment. The certification may be supported by their Reporting Agent. See Section 7 (Certify Testing Completion) in the Industry Member CAIS Onboarding Guide.
- FAQQ26. What actions does a Reporting Agent need to take to certify the broker-dealers (CRDs) it will be reporting on behalf of?
Reporting Agent should aggregate the number of accounts with associated LTIDs across all of its broker-dealers (CRDs) it is reporting for. The certification requirements will apply against the aggregate totals of CAIS-reportable accounts with the added requirement that at least one record from every broker-dealer (CRD) that is reportable is included in the certification. Please see the Industry Member CAIS Onboarding Guide for more information.
CAIS LTID will open for Production on December 14, 2020. Once a CAT Reporter is certified, it will be enabled to submit into Production. Any data submitted into Production, even before the April 26, 2021 mandatory reporting date, will be considered “live” data and any changes to the reportable attributes of that account must be reported. Certified Reporters can begin to “stage” their CAIS LTID data into Production however they wish between December 14, 2020 and April 26, 2021.
Beginning April 26, 2021, CAT Reporters will be required to report into CAIS LTID all FDIDs with associated LTIDs or ULTIDs with Reportable Activity on or after April 26, 2021. Firms may choose to report accounts without associated LTIDs or ULTIDs, but there is no requirement to do so until the full CAIS go-live in July 2022.
- FAQQ29. Do proprietary trading firms that do not handle customer orders have an obligation to report to CAT CAIS?
Yes. Proprietary trading firms must submit account information related to their own accounts to the CAT CAIS system. If the proprietary trading firm is itself a Large Trader, it is required to report its own accounts beginning with the LTID phase of CAIS if it has Reportable Activity.
More information can be found at the SEC’s Large Trader Requirements FAQs. See https://www.sec.gov/divisions/marketreg/large-trader-faqs.htm.
Consolidated Audit Trail, LLC and FINRA CAT, LLC will host Weekly Industry Testing Checkpoint Calls for CAIS/LTID every Wednesday at 4:15 pm ET beginning on August 26, 2020 until further notice. The events will be held at 4:15 pm ET.
Update - Effective September 2, 2020, these calls will be held every other Wednesday at 4:15.Audio file
- Technical Specifications
Consolidated Audit Trail, LLC and FINRA CAT, LLC will host Weekly Industry Testing Checkpoint Calls every Tuesday at 4:15 pm ET beginning on January 7, 2020 until further notice. The events will be held at 4:15 pm ET.
Please note that FINRA CAT, LLC is now utilizing Zoom to conduct industry webinars. Please check your firewall to ensure your firm has the ability to view Zoom content. If you are unable to download and run Zoom, please click the “join from your browser” link. The presentation document and recording will be posted.Audio file