Modifiers & Indicators

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• SEC Approved FINRA Rules: 2nd January 2025


• Modifiers & Indicators

Modifiers & Indicators

Status: SEC APPROVED RULES 2.1.25 Last Updated: 02 Jan 2025

FINRA originally proposed six modifiers and indicators set forth in proposed Rule 6530(c), which would have applied to specific scenarios where additional detail is appropriate to clarify the information required to be reported pursuant to proposed Rule 6530(a)(2) and (b)(2).

These modifiers or indicators would have been appended to all SLATE reports.

FINRA stated that it planned to use these modifiers for data validation purposes (e.g., in instances where FINRA’s data validation logic identified the reported rate as potentially erroneous).

Partial Amendment No. 1 removed the proposed requirement to append to each SLATE report specified modifiers and indicators.

Partial Amendment No. 1 also modified proposed Rule 6510 (Definitions) by removing the definition of the term “affiliate” because that term is no longer needed given the deletion of the related indicator.

See Technical Specifications: 2nd Revision for additional sequence and field insight:

• https://isla.atlassian.net/wiki/spaces/IS1/pages/563642594 page.

Notes and Examples:

Status: FINALISED Last Updated: 04 Jun 2025

• See below the original Modifier and Indicator suggested fields below that have now been removed from the technical specifications v1.1:

1. Exclusive Arrangement:

   1. If the Covered Securities Loan is made pursuant to an exclusive arrangement with the borrower or intermediary, select the appropriate indicator. OPTIONAL 40

2. Loan to Affiliate:

   1. If the Covered Securities Loan is made to an Affiliate of the lender or intermediary, select the appropriate indicator. OPTIONAL 41

3. Unsettled Loan:

   1. If an Initial Covered Securities Loan or a modification to the amount of Reportable Securities loaned did not settle by the close of SLATE System Hours on the expected settlement date, select the appropriate indicator. OPTIONAL 44

4. Terminated Loan:

   1. If a Covered Securities Loan has been terminated, select the appropriate indicator. OPTIONAL 27

5. Rate or Fee Adjustment:

   1. If a loan rebate rate or lending fee accounts for a billing adjustment or correction to amounts previously rebated or charged, select the appropriate modifier; or OPTIONAL 39

   2. If a loan rebate rate or lending fee accounts for the value of a distribution or other economic benefit associated with the Reportable Security, e.g., a corporate action, select the appropriate modifier. OPTIONAL 39

6. Basket Loan:

   1. 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, select the appropriate modifier. OPTIONAL 39 STRING