Sep 1st 2020 - SecRef Meeting Minutes

[agitana]

Security Reference Data Project Meeting

Date

Sep 1st 2020 - 11am EST / 4pm BST

Untracked attendees

• Reza Alavi / Wipro
• Rob Underwood / FINOS
• Richard Wagener / Codethink
• Pasca Lefrancois / Inovestor

Agenda

• Convene & roll call (5mins)
• Review and approve July 21st, August 4th and August 18th meeting minutes (5 mins)
• Discuss proposal to expand the SecRef project scope to "Reference Data" and include "Currency Reference Data" and "Commodity Reference Data" workstreams
• Present additional slide on dispute resolution (Sailesh) (10 mins)
• SEC: proposal to amend Rule 13 f). Response to question 25
• Update on cloud storage options (5 mins)
• AOB, Q&A & Adjourn (5mins)

Decisions Made

• See comments section below

Action Items

• See comments section below

WebEx info

• WebEx Meeting URL
• Meeting Number: 668 805 739
• Join by phone: +1.415.655.0003 USA Toll | +44-20319-88141 UK Toll | Access code: 668 805 739
• Global call-in numbers

[toshaellison]

Additional proposed agenda item - Discuss commenting on SEC proposal to amend Rule 13f (https://www.sec.gov/rules/proposed/2020/34-89290.pdf), specifically on question 25.

Question 25: "Should we permit managers to provide, in lieu of a CUSIP number, other identifiers such as a Financial Instrument Global Identifier (FIGI) for each security? Why or why not? Would permitting voluntary use of an alternate identifier have a beneficial effect for investors, reporting managers, or users of the data?"

Proposed response:
We welcome the opportunity to respond to the SEC's question regarding permission to provide other identifiers for securities/financial instruments in reporting. As a basic principle, FINOS supports the use of open data, as it increases transparency, reduces industry costs, and enables interoperability.

In that regards, we would support granting permission to provide other identifiers (including FIGI), where they meet certain basic qualities; specifically that they conform to generally accepted open data standards, include descriptive information, and both the identifier and descriptive information are publicly accessible without restrictions on access, use or other barriers.

This would have a beneficial effect in increasing transparency, interoperability, and accessibility to data by firms, investors, and the general public. FINOS is currently working on a project, through the SecRef Data Project, to enable better mapping across various identifiers in use in the industry, encourage use of open data to solve common industry problems, and reduce unnecessary costs to the industry.

[toshaellison]

Additional agenda item - Security Reference Data project logo

[toshaellison]

here

[PB-Crux]

here

…

On Tue, Sep 1, 2020 at 9:04 AM Tosha Ellison ***@***.***> wrote: here — You are receiving this because you are subscribed to this thread. Reply to this email directly, view it on GitHub <#28 (comment)>, or unsubscribe <https://github.com/notifications/unsubscribe-auth/AI5OALVY7HWBDJJWJBVNXJ3SDUEOPANCNFSM4QEBM22Q> .

-- <http://cruxinformatics.com/> Philip Brittan CEO +1.718.404.4614 cruxinformatics.com <https://www.cruxinformatics.com/>

-- The information contained in this communication is confidential and is intended only for the use of the addressee. It is the property of Crux Informatics, Inc., www.cruxinformatics.com <http://www.cruxinformatics.com/>.  Unauthorized use, disclosure or copying of this communication or any part thereof is strictly prohibited and may be unlawful. If you have received this communication in error, please notify us immediately by return email or by email to support@cruxinformatics.com <mailto:support@cruxinformatics.com>, and destroy this communication and all copies thereof, including all attachments.  Thank you.

[sbora-nom]

here

[RichardWagener365]

here

[toshaellison]

Notes from the meeting (including items to be reflected in Decisions Made and Action Items)

Minutes Approval
The group reviewed and approved July 21st, August 4th and August 18th meeting minutes

Expand SecRef project scope

• The group agreed to expand the scope (Decision Made).
• Additional consideration is required for the new name and this will be decided on the next call (Action Item / Agenda Item for Sep 15th).
• Additional information can be found at Expand project to "Reference Data" and include "Currency Reference Data" and "Commodity Reference Data" workstreams  #31 (comment).
• New name proposals should be added as a comment on the issue. Expand project to "Reference Data" and include "Currency Reference Data" and "Commodity Reference Data" workstreams  #31 (Action Item)

Dispute Resolution & Cloud Storage Options

• The group agreed it could be useful to hear from other projects, with similar requirements, about how dispute resolution is managed. This also raised the question of whether or not the intention is to leverage DLT and if this increases or minimizes complexity.
• Conversations will continue and additional materials and presentations provided as relevant.
• Results from discussions above will help refine the requirements for cloud storage.

Commenting on SEC proposal to amend rule 13f

• The group agreed that it made sense for FINOS to move forward with a submission because it is relevant to the project goals and because it raises awareness of FINOS and the project.
• This requires approval within FINOS and likely from the Board so FINOS will provide an update at the next meeting. (Action Item / Agenda Item for Sep 15th).

Project Logo
Tosha shared a recently created project logo. The feedback was positive but the group agreed that before promoting it further the "re-name" should be resolved.

Other - Case Studies / User Stories
The group agreed that it is a good idea to start capturing use cases and user stories as a step forward in defining requirements and developing the solution. This issue (#33) has been created to store these for now. You can also start an email conversation by emailing data-tech-sec-ref@finos.org. (Action Item / Agenda Item for Sep 15th)

Other - LEI
There was a suggestion to consider the feasibility/desirability of this project/FINOS being enabled for LEI creation with any/all fees used to offset the cost of making the open reference data publicly available.