FINRA files to adopt Rule 6500 Series
14 June 2024 US
Image: Furkan/stock.adobe.com
The Financial Industry Regulatory Authority (FINRA) has filed a proposed rule change with the US Securities and Exchange Commission (SEC) to adopt the FINRA Rule 6500 Series.
The proposed rule refers to the Securities Lending and Transparency Engine (SLATE), to require reporting of securities loans, and to provide for the public dissemination of loan information.
SLATE is a new facility that allows for covered securities loan transaction reporting by ‘covered persons’ and transparency of covered securities transactions in accordance with SEC Rule 10c-1a, and the FINRA Rule 6500 Series.
According to FINRA, the Rule 6500 Series outlines the scope of the reporting obligations and relevant definitions, including of ‘covered person’ and ‘covered securities loan’, consistent with 10c-1a.
If approved by the SEC, firms would be required to report covered securities loan information to SLATE pursuant to FINRA’s rules beginning Friday, 2 January 2026.
The Commission designates 5 August as the date by which it shall either approve or disapprove, or institute proceedings to determine whether to disapprove, the proposed rule change.
The proposed rule refers to the Securities Lending and Transparency Engine (SLATE), to require reporting of securities loans, and to provide for the public dissemination of loan information.
SLATE is a new facility that allows for covered securities loan transaction reporting by ‘covered persons’ and transparency of covered securities transactions in accordance with SEC Rule 10c-1a, and the FINRA Rule 6500 Series.
According to FINRA, the Rule 6500 Series outlines the scope of the reporting obligations and relevant definitions, including of ‘covered person’ and ‘covered securities loan’, consistent with 10c-1a.
If approved by the SEC, firms would be required to report covered securities loan information to SLATE pursuant to FINRA’s rules beginning Friday, 2 January 2026.
The Commission designates 5 August as the date by which it shall either approve or disapprove, or institute proceedings to determine whether to disapprove, the proposed rule change.
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