Jun. 12, 2024
To Whom it May Concern, I'm writing to express my opposition to the delay in the decision on the new FINRA Rule 6500 Series (Securities Lending and Transparency Engine, or SLATE). This rule, published for comment on May 7, 2024, was supposed to be decided by June 21, 2024, but has now been postponed until August 5, 2024. The proposed rule aims to provide greater transparency in securities lending, including critical information about loaned securities. This transparency is crucial for understanding where lent shares, particularly those used for shorting stocks, are coming from. However, FINRA, in consultation with the SEC, has the authority to suspend the reporting or dissemination of certain Covered Securities Loans or Data Elements as they see fit. This potential for suspension undermines the rule's goal of transparency and is concerning. The initial reports under this rule would include essential data such as the legal name of the security issuer, security symbol, the date and time of the loan, the expected settlement date, and the type of collateral used. This data is vital for investors to have a clear view of the securities lending market. The delay in deciding on this rule is unacceptable. The market and individual investors deserve timely and transparent information. I urge you to consider the importance of this rule for market fairness and transparency and to move forward without further delays. Carl Hoopingarner II