Which of the following would be found on a when as and if issued confirmation?

You must notify your employee of their mismatch result as soon as possible.  You must also inform your employee that they must tell you whether they will take action on their mismatch by the 10th day after E-Verify issued the mismatch.

Once you have received your employee’s decision on whether they will take action on their mismatch, you must confirm the employee’s decision by selecting the appropriate box in E-Verify and refer the case or close the case.

You must complete these steps by the 10th federal government working day after issuance of the E-Verify mismatch.

For more information on how to confirm your employee’s decision, see the E-Verify User Manual.

Last Reviewed/Updated:
08/17/2022

Once you refer a mismatch case, the employee must contact the Department of Homeland Security (DHS) or visit a Social Security Administration (SSA) field office within eight federal government working days to take action on their mismatch. The employee’s Referral Date Confirmation provides the date by which the employee must contact DHS or visit SSA.

For more information on how to take action on a mismatch, refer to the Referral Date Confirmation or visit our How to Correct a Tentative Nonconfirmation page.

E-Verify has extended the time frames to take action on certain mismatches. Please refer to the Temporary Policies Related to Covid-19 page for more information.

Related Resources

Social Security Administration Resumes E-Verify Operations

Last Reviewed/Updated:
08/17/2022

If your employee did not tell you their decision by the end of the 10th federal government working day after issuance of the mismatch result in E-Verify, you should close the case. For more information on how to close a case, refer to the E-Verify User Manual.

Not telling you whether they will take action on their mismatch is the same as your employee choosing not to take action to resolve the mismatch. When E-Verify issues a Final Nonconfirmation, you may terminate employment with no civil or criminal liability as noted in the Responsibilities of the Employer section, Article II, Section A paragraph 13 of the Memorandum of Understanding.

Last Reviewed/Updated:
10/16/2020

Employers and employees should see our Temporary Policies related to Covid-19 page for more information.

If you are experiencing difficulties with the mismatch process related to COVID-19, please contact E-Verify.

The following frequently asked questions provide information about the Trade Reporting and Compliance Engine (TRACE).

3. • 3.1
   • 3.2
   • 3.3
   • 3.4
   • 3.5
4. • 4.1
   • 4.2
   • 4.3

View a summary of the TRACE reporting timeliness requirements.

Section 1: Access

1.1 How do I sign up for TRACE reporting?

An authorized party at your firm must sign all the appropriate agreements. You must first onboard to FINRA’s Account Management System and establish an Account Administrator by submitting the FINRA Entitlement Agreement (“FEA”).

Then, to become a TRACE reporting participant, you must use the Participant Data Management (“PDM”) system to view and certify the terms of the FINRA Transparency Services Participation Agreement (“FPA”) (https://participants.finra.org). To access PDM users must have “use” access to the Participant Data Management entitlement in the FINRA Gateway. Please consult your organization’s Super Account Administrator (“SAA”) if a new login id or an adjustment to your entitlements is needed. The FINRA Entitlement Group can assist with determining your SAA or with resetting your password. They can be reached by calling 301‐869‐6699 or by emailing .

Updated on 7/1/22

1.2 How and where do I find the appropriate agreements for TRACE?

The PDM system allows firms to view and modify various agreements including the FINRA Participation Agreement and the Uniform Reporting Agreement. PDM also allows to:

• view and modify access to TRACE;
• manage MPIDs and communicate information regarding MPID changes to FINRA;
• and manage TRAQS login ids.

For questions about PDM, contact FINRA Market Operations at 866-776-0800, option 2.

Updated on 7/1/22

1.3 Does an introducing broker-dealer that plans to trade and report through a clearing broker dealer need to sign a TRACE Participant Agreement?

Yes. The introducing broker-dealer and the clearing broker-dealer must execute the FINRA Transparency Services Participation Agreement (FPA) version 1.4.

Both broker-dealers must also submit the FINRA Transparency Services Uniform Reporting Agreement (“URA”, a.k.a. a “USA” or an Executing Broker Agreement). The URA allows a member firm to report trades on behalf of another FINRA member to the approved facilities on the (Attachment A), which is the second page of the URA.

Important Note: The correspondent firm must execute the URA, which also must be countersigned by the clearing broker-dealer. The fully executed agreement must be on file with FINRA prior to submitting trades on behalf of another firm.

The link to the URA is on www.finra.org/industry/trace/transparency-services-legal-agreements. Submit the agreement directly to PDM or email the form to (depending on reporting facility).

Updated on 7/1/22

1.4 If all I want is the API file for Treasury Securities, Securitized Products or Corporate and Agency Debt, what agreements do I have to sign?

Firms must have either a Vendor or FINRA Transparency Services Participation Agreement on file. The PDM system is used to specifically request permission to access the API. For access to the files with CUSIP/CINS numbers, firms must have the proper licenses in place with CUSIP Global Services (“CGS”) through Standard & Poor’s.

Technical Specifications for downloading the API files are available on our site http://www.finra.org/industry/trace/trace-documentation

Updated on 7/1/22

1.5 How many documents must be submitted if my firm is self-reporting?

All users of the TRACE system, whether FINRA member firms or third-party reporting intermediaries, must complete agree to the terms of the FINRA Transparency Services Participation Agreement - Version 1.4 (FPA).

FINRA member firms that handle their own reporting must agree to the terms of the FPA in PDM and request a TRAQS user via PDM.

Updated on 7/1/22

1.6 How many documents must my firm submit if my firm is using a third-party?

FINRA member firms that delegate reporting to a third-party reporting intermediary must complete and sign the FINRA Transparency Services Participation Agreement (“FPA”) and the FINRA Transparency Services Uniform Executing Broker Agreement. The FPA is submitted electronically and is available via the PDM system.

FINRA member firms (example: a clearing firm or a member ATS) that report transactions on behalf of another FINRA member must complete and sign the FPA along with the FINRA Transparency Services Uniform Reporting Agreement (“URA”).

Please note: Non-member service bureaus or vendors transmitting trade reports for FINRA members (i.e., via an Order Management System) should submit the FINRA Transparency Services Service Bureau Access Authorization.

Updated on 7/1/22

1.7 FINRA Transparency Services FINRA Transparency Services Uniform Reporting Agreement (“URA”, a.k.a. a “USA” or an Executing Broker Agreement). A non-FINRA member third-party reporting intermediary (example: a Service Bureau or vendor) must sign FINRA Transparency Services Service Bureau Access Authorization form. If I already have one or more give-up agreements in place for equity reporting, and the same firm(s) will handle my TRACE reporting, do I need to sign additional give-up agreements with these firms for TRACE?

You will need to submit an updated Attachment B to add TRACE to the existing agreement.

Section 2: Technical & Testing

TRACE reporting participants may report through a secure web-based application called TRAQS. The system supports a variety of standard web browsers. Please see the TRACE User Guides for further details.

Access to the TRAQS website is managed through the Participant Data Management system by your organization’s Super Account Administrator or authorized delegate.

For more information about using the TRAQS website, product-specific user guides can be found on the TRACE Documentation page.