Sep. 16, 2024
Sent: Tuesday, September 10, 2024 5:07 AM To: Secretarys-Office <Secretarys-Office@SEC.GOV> Subject: Petition for Rulemaking: Amend Clearing Agency Rules for Consistent Close Outs As a household investor, I support the proposed FINRA Rule 6500 Series for the Securities Lending and Transparency Engine (SLATE), which mandates reporting of securities loans and public dissemination of loan information. While the Managed Funds Association (MFA) has expressed concerns, I believe broader transparency measures are necessary and beneficial for the market and investors. Transparency is essential for market integrity, as it helps alleviate information disadvantages, improves price discovery, and reduces monitoring costs. I disagree with MFA's argument that transparency could harm investors and market liquidity. Instead, I believe detailed reporting fosters a competitive and equitable trading environment where all participants can make informed decisions.The comprehensive data elements required for reporting, such as legal names, security symbols, transaction details, and collateral information, are crucial for maintaining a fair and orderly market. However, I have concerns about provisions allowing FINRA to suspend reporting or dissemination of certain loans or data elements. This discretion should be exercised sparingly to avoid creating information asymmetry and undermining the transparency goals of Rule 6500. In conclusion, I support the implementation of FINRA Rule 6500 Series for its potential to enhance market fairness and protect investors through improved transparency. FINRA files to adopt Rule 6500 Series - Securities Finance Times SR-FINRA-2024-007 - Rule Filings FINRA Proposes Rules to Implement New Securities Lending and Transparency Engine FINRA Proposes Rules Regarding SEC-Mandated Reporting of Securities Lending Transactions Securities Lending and Transparency Engine (SLATE) | FINRA.org Kind Regards, A Concerned Investor.