SEC postpones FINRA鈥檚 Rule 6500 SLATE again
29 October 2024 US
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The US 色花堂and Exchange Commission (SEC) has again delayed the implementation of the Financial Industry Regulatory Authority鈥檚 (FINRA鈥檚) Rule 6500 Series proposal.
The proposed rule refers to the 色花堂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 鈥榗overed persons鈥� and transparency of covered securities transactions in accordance with SEC Rule 10c-1a, and the FINRA Rule 6500 Series.
It is designed to improve transparency and efficiency in the securities lending market.
After previously extending the time period to reach its decision, the SEC has now filed a notice of designation of longer period for commission action on proceedings to determine an order to institute proceedings to determine whether to approve or disapprove a proposed rule change to adopt the FINRA Rule 6500 Series.
The new date by which the commission shall either approve or disapprove the proposed rule change will be 2 January 2025.
The commission says it 鈥渇inds it is appropriate to designate a longer period within which to issue an order approving or disapproving the proposed rule change so that it has sufficient time to consider the proposed rule change and its comments鈥�.
The proposed rule refers to the 色花堂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 鈥榗overed persons鈥� and transparency of covered securities transactions in accordance with SEC Rule 10c-1a, and the FINRA Rule 6500 Series.
It is designed to improve transparency and efficiency in the securities lending market.
After previously extending the time period to reach its decision, the SEC has now filed a notice of designation of longer period for commission action on proceedings to determine an order to institute proceedings to determine whether to approve or disapprove a proposed rule change to adopt the FINRA Rule 6500 Series.
The new date by which the commission shall either approve or disapprove the proposed rule change will be 2 January 2025.
The commission says it 鈥渇inds it is appropriate to designate a longer period within which to issue an order approving or disapproving the proposed rule change so that it has sufficient time to consider the proposed rule change and its comments鈥�.
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