INSITE – Technical Frequently Asked Questions (FAQ)


What are the options for submitting data for INSITE?

 

There are two options:

 

  1. FTP via the FINRA private network directly to IFDF, Section 2.1 of the Technical Specification document.
  2. File Upload via the IFDF system, Section 2.2 of the Technical Specification document.
     

 

How does a firm report data in an area where it does not conduct business?

 

The fields should be left blank. A zero will be interpreted as a value.

 

Will our correspondent firms be able to view their data by MPID based on what we have submitted on their behalf? If a record has been rejected, will we be able to know which records these are? Will the information be viewable on the Web Site, similar to OATS ?

 

There are two types of reports available to the File Sending Organization (FSO).

 

  1. File Validation Report – Once a file is received it is validated for file acceptance. A File Validation Report will be generated and made available to the FSO for every file submitted.
  2. Record Validation Report – After a file is validated, each record within that file is validated in accordance with the record validation requirements. If any record within a file is rejected, the entire file will be rejected. This report will reflect the results of the record validation process, for each validation edit that fails. IFDF will provide the following information:
    • The relative record number in the file.
    • The record key of the record containing the error.

       

Please refer to Section 3 of the Technical Specification document.

 

From time-to-time, data (e.g., OATS, ACT, etc.) submitted to regulatory organizations must be corrected and resubmitted.

 

  1. Will firms be required to resubmit corrected data pursuant to the INSITE requirements?
  2. If so, how?

     

INSITE will accept filings between 4:00 a.m. and 4:00 p.m. on the day following the "processed date." Rejected files can be resubmitted during this period. When the cause of the rejection is a serious system issue at the filing organization, it may take longer to fix the problem. It will not be necessary to resubmit files once the filing window closes at 4:00 P.M., nor will this be cause itself for disciplinary action. The assumption here is that such events will be non-routine and that the filing organizations will address technical issues promptly.

 

What measure will FINRA take to ensure that the data that is automatically sent to it through this system is accurate? 

 

INSITE will process daily data as it is filed. Systematic data integrity issues will be addressed in the traditional on-site examination process or when such issues arise during the review of the reported information.

 

INSITE requires firms to research and repair their own rejections. To what extent will FINRA issue guidance as to the process for notifying firms of such rejections, the time frame to correct the rejections and whether they must be resubmitted?

 

The INSITE Technical Specification describes the feedback method on firm filings at Section 3.0. INSITE does not require firms to repair and resubmit rejections after the filing window closes for a day. FINRA does expect filing organizations to take steps to ensure the stability of their filing systems.