FINRA published an updated SLATE (Securities Lending Aggregated Transaction Engine) draft, a critical step in the ongoing implementation of SEC Rule 10c-1a.
FINRA’s SLATE system is designed to facilitate the collection, validation and dissemination of securities lending transaction data as required under Rule 10c-1a. The updated draft v1.1 provides further clarity on key aspects of the reporting framework, including:
- SLATE reporting hours will be from 6:00 a.m. to 11:59 p.m. ET, with reporting required by system close.
- Loan events affected by 7 p.m. are required to be reported on trade date
- Loan events affected after 7 p.m. are not due until next business day
- Additional clarity on JSON field names and character lengths
- Enhanced Data Standardization & Validation
- Introduction of file recorded for tracking and sequencing loan events
- Stricter validation on MPID, CRD/IARD and LEI identifiers for lenders, borrowers and intermediaries
- Clearer rules on loan identifiers, execution venues and security identifiers
As FINRA finalizes SLATE, EquiLend’s solution will:
- Seamlessly Connect with FINRA’s SLATE System – Enabling automated and accurate transaction reporting
- Adapt to Regulatory Updates – Incorporating the latest technical and operational requirements as they evolve
- Minimize Compliance Burden – Streamlining data submission through efficient and cost-effective workflows
“As the industry prepares for new securities lending transaction reporting requirements, EquiLend remains committed to supporting our clients with a comprehensive, automated and scalable 10c-1a reporting solution that seamlessly integrates with FINRA’s evolving framework,” EquiLend wrote in a statement.