CAT Reporting Solutions

Abel Noser Solutions, in partnership with Capital Market Solutions (CMS), provides a multi-faceted regulatory and analytics solution. Our single vendor offering leverages our combined data handling capabilities to provide a single point of contact and limit security exposure while using an advanced systems platform for storage and data management.

 

Our CAT/CAIS solution provides an assessment framework that enables sell-side firms to comply with the SEC Rule 613 amendment and provides not only data generation and submission, but systematic error correction and Firm Designated ID (FDID) management via an easy-to-use web portal, something that is unique to the market.

 

Our CAT Solution can:

 

• Help verify submitted CAT reports are correct
• Document your process
• Demonstrate proper reconciliation
• Provide an audit trail of corrections
• Ensure order events are correctly reported across platforms/vendors

 

 

What about the FINRA CAT CAIS requirement?

 

The FINRA CAT Customer & Account Information System (CAIS) is the separate system for submissions of customer and account data. In this phase, CAT reporting firms are required to submit full customer and account data by July 11, 2022.

 

All CAT industry members are required to report their customer accounts and other related information to FINRA’s CAIS system.

 

FINRA CAIS is the start of a new era for broker-dealer onboarding and account management teams, turning customer and account reference data into a daily regulatory reporting obligation complete with deadlines, data quality validations, and error feedback with time-sensitive repair windows.

 

Is Your Firm Compliant?

Most if not all firms are now required to conform to the CAT SEC Rule 613 reporting. The feedback we are getting is that one of the major issues firms are facing the logistics of both aggregation, validation and correction of the CAT data in a multi-trading system environment. With FINRA stepping up the auditing of compliance to CAT reporting, it is essential to have a system that normalizes the data across all trading venues.

 

As a result of the CAT Phase 2d specs, the scope of reporting will increase significantly. Firms that trade options will be required by FINRA to report complex orders, multi-legged orders and manual options orders.

 

To learn more or to set up a demo, please reach out to us at 646.432.4066 or email sellsideinfo@abelnoser.com.