Reporting Agent Compliance

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Reporting Agent Compliance

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

Partial Amendment No. 1 removed from the proposed rule change the requirement that a Covered Person take reasonable steps to ensure that the Reporting Agent is in fact complying with the securities lending reporting requirements of Rule 10c-1a.

In doing so, FINRA stated that, in its oversight of member compliance with Rule 10c-1a, in addition to reviewing whether members have complied with the requirements of Rule 10c-1a(a)(2) with respect to the use of Reporting Agents, FINRA also will review the timeliness and accuracy of SLATE reports submitted by Reporting Agents in light of a Reporting Agent’s obligations under Rule 10c-1a(b) and the underlying requirements of Rule 10c-1a.

FINRA stated that, after gaining experience with the SLATE program, FINRA will re-evaluate whether any additional measures are appropriate. Any such efforts would be subject to a separate proposed rule change filed with the Commission and subject to notice and comment.