ISLA Americas

?? Save the Date: ISLA Americas - New York Briefing - January 23, 2025 We are thrilled to announce ISLA Americas' first in-person briefing event, taking place in New York on January 23, 2025! This half-day afternoon session will bring together institutional investors, funds, banks, and market participants to explore critical market and regulatory trends shaping the securities finance industry. You’ll also gain insights into ISLA Americas' strategic plans for 2025, with opportunities to engage and get involved. Why Attend? ?? Engage with industry leaders ?? Explore the impact of U.S. regulatory shifts post-election ?? Learn strategies for balance sheet optimization and risk mitigation ?? Dive into key topics like interoperability, digital innovation, and regional developments ?? Network with peers over refreshments and at the evening reception ?? Agenda Highlights: 1:30 – 2:00 PM: ISLA – Progress and Vision for the Americas 2:00 – 2:45 PM: Regulatory Briefing: Impact of U.S. Regulatory Shifts Following the Presidential Election 3:15 – 4:00 PM: Strategic Balance Sheet Management: Adapting for 2025 and Beyond 4:00 – 4:45 PM: Interoperability Challenges in a Cyber-Sensitive Environment 4:45 – 5:30 PM: Outlook for 2025: ISLA Americas Leaders Panel 5:30 – 7:00 PM: Evening Reception Registration is free, but space is limited—stay tuned for details on confirmed speakers and how to secure your spot. Please click through here for more information and to register https://lnkd.in/gMVvycZr We look forward to welcoming you to this exciting milestone for ISLA Americas and to building connections that will shape the future of our industry. #ISLAAmericas #SecuritiesFinance #RegulatoryTrends #Networking #SaveTheDate

As mentioned in our post this past weekend, ISLA Americas is closely monitoring the progress of FINRA’s Partial Amendment No. 1 to the proposed SLATE (Securities Lending and Transparency Engine) rules, which were published in the Federal Register today. https://lnkd.in/gEYFWjwn This amendment reflects significant progress in addressing feedback from ISLA and other industry stakeholders regarding the implementation of SEC Rule 10c-1a. Key Highlights from the Amendment: **Simplified Reporting: Removal of unnecessary modifiers and indicators, such as exclusive arrangements, unsettled loans, and rate adjustments. **Extended Deadlines: Reporting deadlines moved to 11:59 PM ET, with a new cut-off for loans at 7:00 PM ET. **De Minimis Threshold: Aggregate data reporting applies only to securities with 10 or more distinct loans reported on the prior business day. Rebate Rates and Benchmarks: Flexibility to report either a rate/fee or the negotiated spread and benchmark. **SLATE Security List: FINRA to provide a list of reportable securities while maintaining flexibility for participants. ISLA Americas appreciates the responsiveness to operational burdens and data privacy concerns raised in comment letters. The revised approach to aggregate reporting and the removal of certain modifiers address many of the industry’s key concerns. Next Steps: Comments on the amendment are due December 6, 2024, 15 days from today’s publication. ISLA Americas will work with members and counsel to evaluate the amendment to respond to the partial amendment. We encourage members to share feedback or specific concerns that may warrant further advocacy. Stay tuned for updates. For further information, please follow this link to the ISLA Americas and KPMG US Whitepaper on 10C-1a https://lnkd.in/eu_ugTNt #SecuritiesLending #ISLAAmericas Fran Garritt International Securities Lending Association (ISLA) #FINRA #SLATE #10c1a #Regulation

ISLA Americas is closely monitoring FINRA's recent partial amendment to the 10c-1a reporting rule under the Securities Lending and Transparency Engine (SLATE?). https://lnkd.in/euH9GYmF This marks a significant step in enhancing transparency while addressing operational challenges. Key updates include: **Simplified Reporting: Removal of certain modifiers and intraday reporting requirements to reduce complexity for market participants. **Extended Deadlines: Reporting deadlines are now extended to 11:59 PM ET, allowing more time for end-of-day processing. **Enhanced Clarity: Adjustments to the de minimis thresholds and flexibility in reporting loan rates aim to improve data utility while minimizing risks of information leakage. At ISLA Americas, we are committed to staying on top of these developments, reviewing changes, and communicating critical updates to the industry. Our goal is to ensure that our members and stakeholders are informed and well-prepared for the evolving regulatory landscape. Stay tuned for more updates as we continue to engage with regulators and provide guidance on these important changes. International Securities Lending Association (ISLA) #ISLAAmericas #SecuritiesLending Fran Garritt #Transparency #FINRA #SLATE

We are pleased to announce the release of our latest publication, SEC Rule 10c-1a | Paving the path for transparent securities lending markets, in collaboration with KPMG. ? This publication is designed to provide our members with a high-level overview of the SEC’s Rule 10c-1a, highlighting its historical origin, purpose, and a summary of the Rule itself. ? Additionally, we delve into the reporting requirements, analyze key similarities and differences between the Rule and the Securities Financing Transactions Regulation (#SFTR), examine the Rule’s impact to market participants, and provide high-level implementation guidelines, along with a section dedicated to frequented asked questions (FAQs) and suggested next steps for your implementation roadmap. ?? Historical origin and purpose: A look back at the historical context that led to the development and eventual enactment of SEC Rule 10c, tracing back the industry developments, such as the GFC, that paved the way for the introduction of the Rule and set the stage for its key objectives: bolstering market transparency and regulatory oversight, as well as decreasing systemic risk globally. ?? Summary of Rule 10c-1a: A concise yet comprehensive summary of the Rule to ensure a clear understanding of its provisions. This section is the cornerstone of our publication, designed to familiarize readers with the key aspects of the Rule. ?? Comparison to SFTR: A detailed comparison between Rule 10c-1a and the EU and UK’s SFTR, highlighting the similarities and differences between these two regulatory frameworks. ?? Impact to market participants: A deep dive into key operating complexities, financial implications and costs, as well as several unintended consequences, providing insight into how the Rule may affect operations and compliance strategies. ?? High-level implementation considerations: An overview of critical implementation considerations, designed to offer a starting point for your firm’s transformation journey. ?? Key next steps for your Firm’s consideration: Our macro-level suggestions designed to initiate a baseline dialogue amongst the key stakeholders at your firm. We believe this publication will serve as a valuable resource for all ISLA America’s members and wider industry stakeholders, equipping you with the knowledge and tools needed to navigate the evolving regulatory landscape with confidence. Download the paper here: https://lnkd.in/eu_ugTNt For any questions and further discussion on how Rule 10c-1 may affect your operations, or to find out more about ISLA Americas membership, please contact [email protected]. International Securities Lending Association (ISLA)

?? SEC extended the deadline to approve or disapprove FINRA’s Rule 6500 (SLATE) The securities lending industry is at a pivotal moment with FINRA's proposed Securities Lending and Transparency Engine (SLATE?), which aims to enhance market transparency through mandatory reporting and public loan data access. Today, the SEC extended the deadline to approve or disapprove FINRA’s Rule 6500 (SLATE) from November 4 to January 2, 2025. For full details, follow this link to the Notice. https://lnkd.in/eT6MWegT ISLA Americas and International Securities Lending Association (ISLA) EMEA, along with our Legal & Regulatory and Operations & Technology working groups, are closely monitoring these regulatory developments to ensure our members are fully informed and prepared for the changes ahead. ? #ISLA #FINRA #SLATE #SecuritiesLending #Transparency #RegulatoryUpdates Fran Garritt #IndustryLeadership

Last night we informed ISLA members and conference delegates that the inaugural ISLA Americas Annual Securities Finance Conference will no longer take place next week. Hurricane Milton has caused localised disruption, and the area remains without power and under a no-driving curfew.?The hotel will remain closed until further notice, and they have informed us that they will be unable to host the conference. Therefore, regrettably, the conference will not proceed next week. We apologise for the inconvenience caused and we will communicate more information to all delegates in due course. Our thoughts are with those, across Florida, affected by the impact of the hurricane. Thank you for your understanding.

A huge thank you to all of our sponsors—without your support, the ISLA Americas Annual Securities Finance Conference wouldn’t be possible! Your contributions are instrumental in making this event a success, and we’re grateful to have you on board. ISLA Americas Annual Securities Finance Conference, taking place from October 14-17, 2024 in beautiful Naples, Florida! ?? We already have over 550 attendees registered, making this a must-attend event for anyone in the industry. We look forward to an amazing conference and the opportunity to collaborate with such outstanding partners! #ISLAAmericas #SecuritiesFinance #ConferenceSupport #ThankYou #Sponsors #NaplesFL

Please see the following update on the conference. Hope to see you there.

?? **PRA Basel 3.1 Update** ?? Today, the Prudential Regulation Authority (PRA) released its second near-final policy statement on Basel 3.1, addressing credit risk, the output floor, and reporting requirements. This update provides clarity on future capital requirements for PRA-regulated firms and supports UK financial stability and competitiveness. Key changes include: - Lower capital requirements for SMEs, infrastructure, and trade finance - Simplified approach to valuing residential property - Adjusted output floor calculations Implementation begins on 1 January 2026 with a transitional period until 2030. #Basel3 #PRA #FinancialRegulation #CapitalRequirements #UKFinancialStability Fran Garritt #Banking https://lnkd.in/ePcW4Wq3