FINRA is proposing to adopt the new FINRA Rule 6500 Series (Securities Lending and Transparency Engine (SLATE)) to require reporting of securities loans and provide for the public dissemination of loan information.

Background:

"In its Adopting Release, the Commission stated that SEA Rule 10c-1a would increase
transparency in the securities lending market, resulting in a reduction of the information disadvantage faced by end borrowers and beneficial owners, improved price discovery, increased competition among providers of securities lending analytics services, reduced costs associated with tracking market conditions for broker-dealers and lending programs, and improved decision-making by investors, beneficial owners and other market participants."

Wut Mean?:

FINRA is proposing, as required by Securities Exchange Act Rule 10c-1a, to adopt the
new FINRA Rule requiring the reporting of securities loans and provide for the public dissemination of loan information.

Ever been curious on where shorts are getting their lent shares from to short GameStop are coming from? This proposed rule appears aimed to provide more insight and public dissemination of this information.

Specifically, SEA Rule 10c-1a(c) requires covered persons to report the following non-
confidential items of information to a Registered National Securities Association (RNSA), if applicable, by the end of the day on which the covered securities loan is effected:

1. The legal name of the security issuer, and the Legal Entity Identifier (“LEI”)
   of the issuer, if the issuer has a non-lapsed LEI;The legal name of the security issuer, and the Legal Entity Identifier (“LEI”) of the issuer, if the issuer has a non-lapsed LEI
2. The ticker symbol, International Securities Identification Number (“ISIN”),
   Committee on Uniform Securities Identification Procedures (“CUSIP”), or Financial
   Instrument Global Identifier (“FIGI”) of the security, or other security identifier;
3. The date the covered securities loan was effected;
4. The time the covered securities loan was effected;
5. The name of the platform or venue where the covered securities loan was
   effected;
6. The amount, such as size, volume, or both, of the reportable securities loaned;
7. The type of collateral used to secure the covered securities loan;
8. For a covered securities loan collateralized by cash, the rebate rate or any
   other fee or charges;
9. For a covered securities loan not collateralized by cash, the securities lending
   fee or rate, or any other fee or charges;
10. The percentage of collateral to value of reportable securities loaned required
    to secure such covered securities loan;\
11. The termination date of the covered securities loan; and
12. Whether the borrower is a broker or dealer, a customer (if the person lending
    securities is a broker or dealer), a clearing agency, a bank, a custodian, or other person.

With respect to the confidential items of information, SEA Rule 10c-1a(e) requires
covered persons to report the following items of information to an RNSA, if applicable, by the end of the day on which the covered securities loan is effected:

1. If known, the legal name of each party to the covered securities loan, other than the customer from whom a broker or dealer borrows fully paid or excess margin securities pursuant to Rule 15c3-3(b)(3) of the Exchange Act, Central Registration Depository (“CRD”) or Investment Adviser Registration Depository (“IARD”) Number, market participant identification (“MPID”), and the LEI of each party to the covered securities loan, and whether such person is the lender, the borrower, or an intermediary between the lender and the borrower
2. If the person lending securities is a broker or dealer and the borrower is its
   customer, whether the security is loaned from a broker’s or dealer’s securities inventory
   to a customer of such broker or dealer
3. If known, whether the covered securities loan is being used to close out a fail to deliver pursuant to Rule 204 of Regulation SHO or to close out a fail to deliver outside of Regulation SHO

RNSA Publication of Data:

"SEA Rule 10c-1a(g)(2) provides that, following receipt of the non-confidential data
elements reported pursuant to SEA Rule 10c-1a(c), on the twentieth business day after the covered securities loan is effected, the RNSA must make publicly available the loan amount reported to the RNSA pursuant to SEA Rule 10c-1a(c)(6) along with the applicable loan and security identifying information."

Reporting Initial Covered Securities Loans:

Initial Covered Securities Loan reports must contain the below non-confidential data elements:

1. The legal name of the security issuer and the LEI of the issuer (if the issuer
   has a non-lapsed LEI);
2. Security symbol, CUSIP, ISIN, or FIGI, if any;
3. The date the Covered Securities Loan was effected;
4. The time the Covered Securities Loan was effected;
5. The expected settlement date of the Covered Securities Loan;
6. The platform or venue where the Covered Securities Loan was effected;
7. The amount of the Reportable Securities loaned;
8. The type of collateral used to secure the Covered Securities Loan;
9. For a Covered Securities Loan collateralized by cash, the rebate rate;
10. For a Covered Securities Loan not collateralized by cash, the securities
    lending fee;
11. Any other fees or charges;
12. The percentage of collateral to value of Reportable Securities loaned required
    to secure such Covered Securities Loan;
13. For a Covered Securities Loan with a specified term, the termination date of
    the Covered Securities Loan
14. Whether the borrower is a Broker or Dealer, a customer (if the person
    lending securities is a Broker or Dealer), a Clearing Agency, a Bank, a Custodian, or other person

Also require that Initial Covered Securities Loan reports contain the below confidential data elements:

1. If known, the legal name of each party to the Covered Securities Loan (other
   than the customer from whom a Broker or Dealer borrows fully paid or excess margin
   securities pursuant to SEA Rule 15c3-3(b)(3));
2. If known, the CRD Number or IARD Number of each party to the Covered
   Securities Loan, if applicable;
3. If known, the MPID of each party to the Covered Securities Loan;
4. If known, the LEI of each party to the Covered Securities Loan;
5. If known, whether each party to the Covered Securities Loan is the lender, the
   borrower, or an intermediary between the lender and the borrower;
6. If the person lending securities is a Broker or Dealer and the borrower is its
   customer, whether the security is loaned from the Broker’s or Dealer’s securities
   inventory to the customer of such Broker or Dealer; and
7. If known, whether the Covered Securities Loan is being used to close out a
   fail to deliver pursuant to Rule 204 of SEC Regulation SHO or to close out a fail to
   deliver outside of Regulation SHO

A Covered Person would also need to report:

1. Whether the Covered Person is the lender, borrower or intermediary;
2. The unique internal identifier assigned to the Covered Securities Loan by the
   Covered Person responsible for reporting the loan to SLATE
3. If the Covered Securities Loan is an allocation of an omnibus loan effected pursuant to an agency lending agreement, the unique internal identifier for the associated omnibus loan assigned by the Covered Person responsible for reporting the Covered Securities Loan to SLATE
4. Such modifiers and indicators as required by either the Rule 6500 Series or the
   SLATE Participant specification.

FINRA intends to use these modifiers and indicators to provide regulators and the public with important information regarding the reported securities loan. Specifically, proposed Rule 6530(c)(1) (Exclusive Arrangement) would require a Covered Person to append an indicator to identify a loan made pursuant to an exclusive arrangement with the borrower or intermediary. An exclusive arrangement is one in which a borrower or intermediary has exclusive access to a lender’s portfolio. Because exclusive access to a lender’s portfolio can impact the loan rate, the exclusive loan indicator would help to identify loans whose rates may not reflect current market rates.

Proposed Rule 6530(c)(2) (Loan to Affiliate) would require a Covered Person to append an indicator to identify a loan made to an Affiliate of the lender or intermediary. For purposes of this provision, “Affiliate” would be defined as “an entity that controls, is controlled by or is under common control with a Covered Person.” Because an affiliate relationship between the borrower and lender or intermediary can impact borrowing costs, the affiliate loan indicator would likewise help to identify loans whose rates may not reflect current market rates.

Proposed Rule 6530(c)(3) (Unsettled Loan) would require a Covered Person to append an indicator to identify an Initial Covered Securities Loan or modification to the amount of Reportable Securities loaned that did not settle by the close of SLATE System Hours on the expected settlement date reported to SLATE. Loans may be agreed upon but ultimately not settle for a variety of reasons (e.g., the lender is unable to deliver the securities; the loan fails due to mismatched instructions). The unsettled loan indicator would provide clarity that the amount of Reportable Securities loaned reported to SLATE was not transferred to the borrower, which may provide useful insight into the day’s loan activity.

Proposed Rule 6530(c)(4) (Terminated Loan) would require a Covered Person to indicate when a Covered Securities Loan has been terminated. The terminated loan indicator would therefore be required to be appended on reports of: (1) an Initial Covered Securities Loan that did not and will not settle; and (2) Loan Modifications reporting the termination of a Covered Securities Loan (whether an open-ended or a term loan).

Proposed Rule 6530(c)(5) (Rate or Fee Adjustment) would require a Covered Person to report the appropriate modifier if a loan rebate rate or lending fee accounts for: (1) a billing adjustment or correction to amounts previously rebated or charged; or (2) the value of a distribution or other economic benefit associated with the Reportable Security, e.g., a corporate action. Similarly, proposed Rule 6530(c)(6) (Basket Loan) would require a Covered Person to report the appropriate modifier if a loan rebate rate or lending fee reflects a rate or fee involving a basket of at least 10 unique Reportable Securities for a single agreed rate or fee for the entire basket. In each of these scenarios, the modifier would help to identify loans where the rate or fee may not reflect the current market. In addition to enhancing the disseminated data and its value to market participants, FINRA plans to use these modifiers for data validation (e.g., in instances where FINRA’s data validation logic identifies the reported rate as potentially erroneous)

Reporting Securities Loan Modifications:

1. The unique identifier assigned by FINRA to the Initial Covered Securities Loan, or, if a unique identifier has not yet been assigned by FINRA, the unique internal identifier assigned to the Covered Securities Loan by the Covered Person responsible for reporting the loan to SLATE;
2. If the Covered Securities Loan is an allocation of an omnibus loan effected pursuant to an agency lending agreement, the unique internal identifier for the associated omnibus loan assigned by the Covered Person responsible for reporting the Covered Securities Loan to SLATE;
3. The MPID of the Covered Person;
4. The date of the Loan Modification;
5. The time of the Loan Modification;
6. The expected settlement date for modifications to the loan amount (if the
   expected settlement date is a date other than the date of the Loan Modification), or the
   effective date for all other Loan Modifications (if the effective date is a date other than
   the date of the Loan Modification);
7. Whether the Covered Person is the lender, borrower or intermediary;
8. The modified Data Elements for a Loan Modification to a Covered Securities
   Loan previously reported to SLATE or all Data Elements for a Loan Modification to a
   Covered Securities Loan that was not previously required to be reported to SLATE;and
9. Such modifiers and indicators as required by either the Rule 6500 Series or the
   SLATE Participant specification.

Dissemination of Loan Information:

As required by SEA Rule 10c-1a(g), proposed Rule 6540 (Dissemination of Loan
Information) would provide for the public dissemination of securities loan data reported t0 SLATE and information pertaining to the aggregate loan transaction activity and distribution of loan rates for each Reportable Security. The publicly available data would include: (1) next day (T+1) loan-level data dissemination for Initial Covered Securities Loans and Loan Modifications (except for the loan amount); (2) T+20 dissemination of the loan amount for Initial Covered Securities Loans and Loan Modifications; and (3) daily loan statistics (i.e., aggregate loan activity and distribution of loan rates).

T+1 Loan-Level Data Dissemination:

Under proposed Rule 6540(a) (Next Day Dissemination), for each Initial Covered
Securities Loan and Loan Modification reported to SLATE on a given business day, no later than the morning of the next business day, FINRA would make publicly available: (1) the unique identifier assigned by FINRA to the Covered Securities Loan; (2) the security identifier(s) specified in Rule 6530(a)(2)(A) or (B) that FINRA determines is appropriate to disseminate; and (3) the requisite Data Elements.

With respect to each Initial Covered Securities Loan reported to SLATE, proposed Rule 6540(a)(3)(A) would specify that FINRA make publicly available no later than the morning of the next business day all other reported Data Elements, except the amount of Reportable Securities loaned (reported pursuant to Rule 6530(a)(2)(G)) and any modifier or indicator required by either the Rule 6500 Series or the SLATE Participant specification that FINRA determines shall not be publicly disseminated. Thus, for example, if a Covered Person reports an Initial Covered Securities Loan to SLATE on a Tuesday before 8:00:00 p.m. ET, on Wednesday morning, assuming Wednesday is a business day, FINRA would disseminate the unique identifier assigned by FINRA to the loan, the security identifier, and all other reported Data Elements, except the loan amount and any modifier or indicator required by either the Rule 6500 Series or the SLATE Participant specification that FINRA determines shall not be publicly disseminated.

With respect to each Loan Modification to a Covered Securities Loan reported to SLATE on the same or a prior business day, proposed Rule 6540(a)(3)(B) would specify that FINRA make publicly available no later than the morning of the next business day the modified Data Elements reported to SLATE, except the amount of Reportable Securities loaned and any modifier or indicator required by either the Rule 6500 Series or the SLATE Participant specification that FINRA determines shall not be publicly disseminated. For example, if a Covered Person reports a Loan Modification to SLATE on a Tuesday before 8:00:00 p.m. ET increasing the previously reported loan amount from 500 shares to 700 shares and decreasing the previously reported rebate rate from 0.25 percent to 0.15 percent, on Wednesday morning, assuming Wednesday is a business day, FINRA would disseminate the unique identifier assigned by FINRA to the loan, the security identifier, and the modified rebate rate, i.e., 0.15 percent, but would not disseminate the modified loan amount, which would be subject to delayed dissemination (until 20 business days after the date of the modification to the loan amount) under proposed Rule 6540(b), as discussed below.

Finally, in the case of a Loan Modification to a Covered Securities Loan that was not previously required to be reported to SLATE (e.g., because the Initial Covered Securities Loan occurred prior to the effectiveness of the Rule 6500 Series), proposed Rule 6540(a)(3)(C) would specify that FINRA make publicly available the unique loan identifier assigned by FINRA to the loan, the security identifier, and all other reported Data Elements, except the amount of Reportable Securities loaned and any modifier or indicator required by either the Rule 6500 Series or the SLATE Participant specification that FINRA determines shall not be publicly disseminated.

T+20 Loan Amount Dissemination:

Pursuant to Rule 6540(b) (Delayed Dissemination), for each Initial Covered Securities Loan and Loan Modification reported to SLATE, 20 business days after the date on which the Initial Covered Securities Loan was effected or the loan amount was modified, FINRA would make publicly available: (1) the unique identifier assigned by FINRA to the Covered Securities Loan, (2) the security identifier(s) specified in Rule 6530(a)(2)(A) or (B) that FINRA determines is appropriate to disseminate, and (3) the amount of Reportable Securities loaned reported to SLATE. For Initial Covered Securities Loans, the 20-day delay period would begin the day after the Covered Securities Loan is effected (even in the case of late reports). For example, where a Covered Securities Loan is effected on a Monday, the 1st of the month and is reported to SLATE before 8:00:00 p.m. ET that day, the 20-business day period would start to run on the 2nd, and FINRA would disseminate the amount of securities loaned reported to SLATE on the 29th day of the month (20 business days later), along with the unique loan identifier assigned by FINRA and the security identifier. Where a Covered Securities Loan is effected at 10:00 p.m. ET on the 1st of the month and is reported to FINRA the next business day as required by Rule 6530(a)(1)(B), the 20-business day period would still start to run the 2nd of the month (i.e., the ext business day after the loan was effected) and FINRA would disseminate the amount of securities loaned reported to SLATE on the 29th day of the month. In either scenario above, if a modification to the loan amount is effected and reported to SLATE prior to the end of the 20-business day delay period, i.e., prior to the 29th of the month, the modified loan amount would be disseminated 20 business days after such Loan Modification is effected.

Daily Loan Statistics:

In addition to T+1 loan-level data disseminated pursuant to proposed Rule 6540(a), FINRA would disseminate statistics regarding Covered Securities Loans reported to FINRA, including aggregate loan activity and distribution of loan rebate rates and lending fees.

Aggregate Loan Transaction Activity:

Pursuant to paragraph (1) of proposed Rule 6540(c) (Aggregate Loan Transaction Activity), for each Reportable Security for which an Initial Covered Securities Loan or Loan Modification is reported to SLATE on a given business day, FINRA would disseminate, no later than the morning of the next business day, aggregated loan activity in the Reportable Security (along with the security identifier specified in Rule 6530(a)(2)(A) or (B) that FINRA determines is appropriate to identify the relevant Reportable Security). The aggregated data would include, for each Reportable Security, under proposed Rule 6540(c)(1)(A), the aggregate volume of securities (both in total and broken down by collateral type) subject to an Initial Covered Securities Loan or modification to the amount of Reportable Securities loaned reported on the prior business day, and, under proposed Rule 6540(c)(1)(B), the aggregate volume of securities (both in total and broken down by collateral type) subject to a rebate rate or fee modification reported on the prior business day. FINRA believes that these data would provide the public with useful information concerning the daily lending activity in Reportable Securities, including insight into how this activity is distributed across collateral types.

Pursuant to Rule 6540(c)(1)(C), FINRA would also disseminate the aggregate volume of securities subject to an Initial Covered Securities Loan or modification to the amount of Reportable Securities loaned subject to a term loan (i.e., a loan with a specified term) and subject mto an open loan (i.e., a loan without a specified term) reported on the prior business day. FINRA believes that these data would provide the public with useful information concerning the nature of current lending activity. Pursuant to Rule 6540(c)(1)(D), FINRA would also disseminate the aggregate volume of securities subject to an Initial Covered Securities Loan or modification to the amount of Reportable Securities loaned broken down by borrower type (as specified in proposed Rule 6530(a)(2)(N)) on the prior business day. These data may provide market participants with information regarding the degree to which loan activity is retail or wholesale, which, in combination with the other aggregate data may provide insight into short selling sentiment.

Pursuant to proposed Rule 6540(c)(1)(E), FINRA would disseminate the aggregate number of Initial Covered Securities Loans and terminated Covered Securities Loans (both in total and broken down by collateral type) reported on the prior business day. FINRA believes that these data would provide the public with useful information concerning current lending activity.

"These data may provide market participants with information regarding the degree to which loan activity is retail or wholesale, which, in combination with the other aggregate data may provide insight into short selling sentiment."

Loan Rate Distributions:

Pursuant to paragraph (2) of proposed Rule 6540(c) (Loan Rate Distribution Data), for each Reportable Security for which an Initial Covered Securities Loan or Loan Modification is reported to SLATE on a business day, FINRA would also disseminate, not later than the morning of the next business day, the security identifier (specified in Rule 6530(a)(2)(A) or (B)) that FINRA determines is appropriate to identify the relevant Reportable Security and information pertaining to the distribution of loan rebate rates or lending fees, as applicable, including: the highest rebate rate, lowest rebate rate, and volume weighted average of the rebate rates reported to SLATE for Initial Covered Securities Loans collateralized by cash and, separately, for Loan Modifications collateralized by cash (where the Loan Modification involved a change to the rebate rate). FINRA would also disseminate the highest lending fee, lowest lending fee, and volume weighted average of the lending fees reported for Initial Covered Securities Loans not collateralized by cash and, separately, for Loan Modifications not collateralized by cash (where the Loan Modification involved a change to the lending fee). These rate distribution metrics would provide market participants with both an overall view of the range of daily loan pricing for each Reportable Security, as well as insight into the relationship between loan rates/fees and loan amounts.

Proposed Rule 6540(d) (Loan Transaction Information Not Disseminated) would specify the information reported to FINRA that would not be disseminated. As prescribed by SEA Rule 10c-1a(g)(4), proposed Rule 6540(d)(1) provides that the Confidential Data Elements reported to FINRA would not be disseminated. In addition, proposed Rule 6540(d)(2) would provide that FINRA may determine not to publicly disseminate any modifier or indicator required by either the Rule 6500 Series or the SLATE Participant specification. FINRA may determine not to disseminate a modifier or indicator where the use of such information is intended for regulatory purposes only or its public disclosure may otherwise be inappropriate (e.g., where it may result in information leakage)

Finally, as proposed in Rule 6540.02 (Means of Data Dissemination), FINRA would make the data pursuant to proposed Rule 6540(a) through (c) available on FINRA’s website free of charge for personal, non-commercial purposes only. For other uses, FINRA would publish or distribute SLATE data for fees that have been filed with the SEC pursuant to Rule 19b-4 under the Exchange Act.

Other Provisions:

Consistent with FINRA’s rules governing other reporting facilities that it operates, proposed Rule 6550 (Emergency Authority) would provide that, as market conditions may warrant, FINRA, in consultation with the SEC, may suspend the reporting or dissemination of certain Covered Securities Loans, or the reporting of certain Data Elements or Confidential Data Elements or the dissemination of certain Data Elements for such period of time as FINRA deems necessary.

The Commission’s release adopting SEA Rule 10c-1a specified the applicable compliance dates. If the Commission approves the proposed rule change, unless an extension is provided pursuant to Commission order, the implementation date of the proposed FINRA rules establishing the reporting requirements will be January 2, 2026; and the implementation date of the proposed FINRA rules establishing the dissemination requirements will be April 2, 2026. If the SEC extends the compliance dates for SEA Rule 10c-1a’s reporting or dissemination requirements, FINRA’s proposed rules addressing securities loan reporting and data dissemination would become effective consistent with the SEC’s extended timeframe for reporting and data dissemination, respectively.

How to Comment:

Electronic Comments:

• Use the Commission’s Internet comment form (https://www.sec.gov/rules/sro.shtml).
• Or send an e-mail to [email protected] with the subject line including File Number SR-FINRA-2024-007.

Paper Comments:

• Send paper comments in triplicate to Secretary, Securities and Exchange Commission, 100 F Street, NE, Washington, DC 20549-1090.

General Guidelines:

• Do not include personal identifiable information in submissions.
• Submit only information that you wish to make available publicly.
• The Commission may redact or withhold material that is obscene or subject to copyright protection.

TLDRS:

• FINRA is proposing to adopt the new FINRA Rule 6500 Series (Securities Lending and Transparency Engine (SLATE)) to require reporting of securities loans and provide for the public dissemination of loan information.
• Ever been curious on where shorts are getting their lent shares from to short GameStop are coming from?
  • This proposed rule appears aimed to provide more insight and public dissemination of this information.
• Initial Covered Securities Loan reports must contain the below non-confidential data elements:
  • The legal name of the security issuer and the LEI of the issuer (if the issuer
    has a non-lapsed LEI);
  • Security symbol, CUSIP, ISIN, or FIGI, if any;
  • The date the Covered Securities Loan was effected;
  • The time the Covered Securities Loan was effected;
  • The expected settlement date of the Covered Securities Loan;
  • The platform or venue where the Covered Securities Loan was effected;
  • The amount of the Reportable Securities loaned;
  • The type of collateral used to secure the Covered Securities Loan;
  • For a Covered Securities Loan collateralized by cash, the rebate rate;
  • For a Covered Securities Loan not collateralized by cash, the securities
    lending fee;
  • Any other fees or charges;
  • The percentage of collateral to value of Reportable Securities loaned required
    to secure such Covered Securities Loan;
  • For a Covered Securities Loan with a specified term, the termination date of
    the Covered Securities Loan
  • Whether the borrower is a Broker or Dealer, a customer (if the person
    lending securities is a Broker or Dealer), a Clearing Agency, a Bank, a Custodian, or other person
• Reporting Securities Loan Modifications:
  • The unique identifier assigned by FINRA to the Initial Covered Securities Loan, or, if a unique identifier has not yet been assigned by FINRA, the unique internal identifier assigned to the Covered Securities Loan by the Covered Person responsible for reporting the loan to SLATE;
  • If the Covered Securities Loan is an allocation of an omnibus loan effected pursuant to an agency lending agreement, the unique internal identifier for the associated omnibus loan assigned by the Covered Person responsible for reporting the Covered Securities Loan to SLATE;
  • The MPID of the Covered Person;
  • The date of the Loan Modification;
  • The time of the Loan Modification;
  • The expected settlement date for modifications to the loan amount (if the
    expected settlement date is a date other than the date of the Loan Modification), or the
    effective date for all other Loan Modifications (if the effective date is a date other than
    the date of the Loan Modification);
  • Whether the Covered Person is the lender, borrower or intermediary;
  • The modified Data Elements for a Loan Modification to a Covered Securities
    Loan previously reported to SLATE or all Data Elements for a Loan Modification to a
    Covered Securities Loan that was not previously required to be reported to SLATE;and
  • Such modifiers and indicators as required by either the Rule 6500 Series or the
    SLATE Participant specification.
• FINRA, in consultation with the SEC, may suspend the reporting or dissemination of certain Covered Securities Loans, or the reporting of certain Data Elements or Confidential Data Elements or the dissemination of certain Data Elements for such period of time as FINRA deems necessary--this seems bad!
• If the Commission approves the proposed rule change, unless an extension is provided pursuant to Commission order, the implementation date of the proposed FINRA rules establishing the reporting requirements will be January 2, 2026; and the implementation date of the proposed FINRA rules establishing the dissemination requirements will be April 2, 2026.
• Open for Comments:
  • Use the Commission’s Internet comment form (https://www.sec.gov/rules/sro.shtml).
  • Or send an e-mail to [email protected] with the subject line including File Number SR-FINRA-2024-007.

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