SEC confirms new implementation dates for Rules 10c-1a and 13f-2
04 December 2025 US
Image: Tada_Images/stock.adobe.com
The US 网爆吃瓜 and Exchange Commission (SEC) has released the new and extended implementation dates for securities lending and short sale regulations.
An order has granted temporary exemptive relief pursuant to compliance with Rule 13f-2 (Form SHO) to 2 January 2028. The first Form SHO filing will be due in February 2028 for the January 2028 reporting period.
For Rule 10c-1a (securities lending reporting), reporting to a registered national securities association (RNSA) will now begin on 28 September 2028, while public dissemination of securities lending data will start on 29 March 2029.
These changes stem from the Fifth Circuit鈥檚 remand directing the Commission to further assess the cumulative economic impact of the rules.
An extension provides the SEC additional time to consider potential next steps, and gives market participants more room to prepare for any adjustments to the reporting framework.
However, SEC Commissioner Caroline A. Crenshaw expressed her disappointment in the decision and recently stated her concern about 鈥楻epeal by Extension鈥� 鈥� the concept of using compliance date extensions that are 鈥渓ong in duration to indefinitely delay the compliance dates of final rules鈥�.
She comments: 鈥淚 am disappointed that this pattern continues today with the issuance of an exemptive order that provides a two-year compliance date extension for two rules aimed at increasing transparency in the securities lending and short sale markets.鈥�
The Commission adopted both rules in 2023 under rulemaking authority granted by Congress through the Dodd-Frank Wall Street Reform and 2010 Consumer Protection Act.
On 25 August, the Court of Appeals for the Fifth Circuit granted the petition for review in part and remand to the agency for further proceedings to allow the Commission to analyse its cumulative economic impact and respond to further comments.
Within its findings, the Fifth Circuit notes: 鈥淭he Commission erred by failing to consider the economic impact the Short Sale Rule would have on the 网爆吃瓜 Lending Rule when the Rules were promulgated in tandem and were adopted concurrently.鈥�
Crenshaw believes it should not take two years to complete a 鈥渘arrow revision of the Rules鈥� economic analyses鈥� consistent with the Court鈥檚 request.
She continues: 鈥淭his could be done expeditiously and concisely. However, rather than following the Court鈥檚 narrow directive, the Commission not so subtly signals that no one should even bother with implementation; the Rules will be changing.
鈥淭he right and legal thing to do would be to implement the Rules, which are already effective since the Fifth Circuit declined to vacate them. If extra time is truly necessary to allow registrants more runway to prepare for the Rules in light of the Court鈥檚 decision, this could be accomplished by a short compliance date extension.鈥�
According to Crenshaw, any future modifications should be addressed separately, as required by statute, through notice-and-comment rulemaking.
She concludes: 鈥淯nder the guise of compliance date extensions, we are attempting to camouflage a new willingness to repeatedly bend the rules until they break 鈥� eroding the rule of law.鈥�
An order has granted temporary exemptive relief pursuant to compliance with Rule 13f-2 (Form SHO) to 2 January 2028. The first Form SHO filing will be due in February 2028 for the January 2028 reporting period.
For Rule 10c-1a (securities lending reporting), reporting to a registered national securities association (RNSA) will now begin on 28 September 2028, while public dissemination of securities lending data will start on 29 March 2029.
These changes stem from the Fifth Circuit鈥檚 remand directing the Commission to further assess the cumulative economic impact of the rules.
An extension provides the SEC additional time to consider potential next steps, and gives market participants more room to prepare for any adjustments to the reporting framework.
However, SEC Commissioner Caroline A. Crenshaw expressed her disappointment in the decision and recently stated her concern about 鈥楻epeal by Extension鈥� 鈥� the concept of using compliance date extensions that are 鈥渓ong in duration to indefinitely delay the compliance dates of final rules鈥�.
She comments: 鈥淚 am disappointed that this pattern continues today with the issuance of an exemptive order that provides a two-year compliance date extension for two rules aimed at increasing transparency in the securities lending and short sale markets.鈥�
The Commission adopted both rules in 2023 under rulemaking authority granted by Congress through the Dodd-Frank Wall Street Reform and 2010 Consumer Protection Act.
On 25 August, the Court of Appeals for the Fifth Circuit granted the petition for review in part and remand to the agency for further proceedings to allow the Commission to analyse its cumulative economic impact and respond to further comments.
Within its findings, the Fifth Circuit notes: 鈥淭he Commission erred by failing to consider the economic impact the Short Sale Rule would have on the 网爆吃瓜 Lending Rule when the Rules were promulgated in tandem and were adopted concurrently.鈥�
Crenshaw believes it should not take two years to complete a 鈥渘arrow revision of the Rules鈥� economic analyses鈥� consistent with the Court鈥檚 request.
She continues: 鈥淭his could be done expeditiously and concisely. However, rather than following the Court鈥檚 narrow directive, the Commission not so subtly signals that no one should even bother with implementation; the Rules will be changing.
鈥淭he right and legal thing to do would be to implement the Rules, which are already effective since the Fifth Circuit declined to vacate them. If extra time is truly necessary to allow registrants more runway to prepare for the Rules in light of the Court鈥檚 decision, this could be accomplished by a short compliance date extension.鈥�
According to Crenshaw, any future modifications should be addressed separately, as required by statute, through notice-and-comment rulemaking.
She concludes: 鈥淯nder the guise of compliance date extensions, we are attempting to camouflage a new willingness to repeatedly bend the rules until they break 鈥� eroding the rule of law.鈥�
NO FEE, NO RISK
100% ON RETURNS If you invest in only one securities finance news source this year, make sure it is your free subscription to 网爆吃瓜 Finance Times
100% ON RETURNS If you invest in only one securities finance news source this year, make sure it is your free subscription to 网爆吃瓜 Finance Times
