On Nov. 20, FINRA proposed rule for SLATE reporting fees, products.
FINRA proposed rule to adopt new FINRA Rule 7720 (Securities Lending and Transparency Engine (SLATE)) to establish securities loan reporting fees, data product.
Follows separate FINRA rule on reporting of securities loans, dissemination, #210762.
Proposed Rule
Establish requirements relating to reporting fees for SLATE system connectivity; initial covered securities loan reporting; loan modification reporting; and for late reporting.
Also, requirements to provide for reporting cancellations, corrections, and deletions.
New FINRA Rule 7720 will also establish data products with associated fees for SLATE loan-level data and daily loan statistics, as well as Historic SLATE data.
Data addresses next-day dissemination, delayed dissemination, daily loan statistics.
Historic SLATE data will be from beginning of SLATE data reporting (scheduled to commence on Jan. 2, 2026) through the end of the most recent calendar year.
Consultation
Comments on proposed rule changes due 21 days from publication in federal register.
Nov. 21, 2024 SEC Approval
On Nov. 21, 2024, SEC published approval of FINRA proposal for immediate effect.
Immediate effect given per 17 CFR 240.19b-4, since changes were non-substantial.
Nov. 27, 2024 Fed Reg Approval
On Nov. 27, 2024, SEC published approval of FINRA proposal in the federal register.
Dec. 2024 FINRA Rule 7720
On Dec. 17, 2024, FINRA published new FINRA Rule 7720, Jan. 2, 2025 version date.
