SEC Proposes Extensive Reporting and Disclosure of Securities Lending Information | Insights

 SEC Proposes Extensive Reporting and Disclosure of Securities Lending Information | Insights

On November 18, 2021, the U.S. Securities and Exchange Commission (SEC) published and requested comment on proposed Rule 10c-1 (the Rule) under the Securities Exchange Act of 1934 (Exchange Act)1, which would for the first time require all lenders2  of securities to provide identifying data and material negotiated terms of securities lending transactions to a registered national securities association (RNSA) — which would likely be the Financial Industry Regulatory Authority (FINRA) — for public dissemination. If adopted, the proposed Rule would require any person that loans a security on behalf of itself or another person to report to an RNSA certain material terms of those loans, information regarding the securities the person has on loan, and information regarding the securities the person has available to lend. The proposed Rule would also require the RNSA to make available to the public securities…

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