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ARTICLE · 21 NOVEMBER 2024

FINRA's Proposed Changes To Rule 6500 Series Aim To Simplify SLATE Reporting

Gesmer Updegrove LLP
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FINRA has issued a set of proposed amendments to Rule 6500 Series, which governs the Securities Lending and Transparency Engine (SLATE).

United StatesFinance and Banking
Braeden Anderson
Braeden Anderson

FINRA has issued a set of proposed amendments to Rule 6500 Series, which governs the Securities Lending and Transparency Engine (SLATE). These changes are designed to address feedback from market participants and to make the reporting process more manageable, while also expediting the implementation of the SLATE system.

Highlights of the Proposed Amendments

Key updates in Partial Amendment No. 1 include removing specific reporting requirements that were initially part of the rule proposal:

  1. Elimination of Intraday Loan Reporting Requirements: Supplementary Material .01, which required reporting every time a covered securities loan was modified throughout the day, is proposed to be deleted. This change aims to simplify how intraday modifications are reported.

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