SEC Extends SLATE Review Period Due to Industry Concerns

Many Believe FINRA Exceeded its Mandate

The SEC extended the review period for FINRA's proposed SLATE rules, designed to implement securities lending reporting under Rule 10c-1a. Industry participants voiced concerns that the proposed rules exceed the SEC mandate by requiring additional data elements not explicitly outlined in the regulation. These elements, such as expected settlement dates, fee details, and various modifiers, could potentially expose sensitive financial information and proprietary trading strategies. Additionally, concerns were raised about the reintroduction of intraday reporting and the lack of transparency in the rulemaking process. Overall, the industry calls for a more measured approach that balances regulatory requirements with the need to protect confidential information.

Thursday, June 20, 2024/Author: David Schwartz J.D. CPA/Number of views (458)/Comments (0)/