SEC Approves FINRA Rules to Establish Securities Lending Reporting Facility

On January 2, 2025, the Securities and Exchange Commission (SEC) approved the FINRA Rule 6500 Series (the SLATE Rules), which establishes the Securities Lending and Transparency Engine (SLATE), a new facility for the reporting and public dissemination of information about certain securities loans. The SEC approved the SLATE Rules despite a pending legal challenge in the US Court of Appeals for the Fifth Circuit to Rule 10c-1a under the Securities Exchange Act of 1934 (Exchange Act), which directed FINRA to implement the SLATE Rules.