SEC reopens 10c-1 trade reporting consultation
28 February 2022 US
Image: AdobeStock/JHVEPhoto
The US Securities and Exchange Commission (SEC) has reopened consultation for its proposed trade reporting regime for securities lending transactions.
On Friday, the US securities markets regulator voted to extend the comment period for its proposed trade reporting regime, advanced under Exchange Act Rule 10c-1, until 26 April, or 30 days from the publication of the proposal in the Federal Register, whichever is later.
This will provide respondents with roughly 60 days to file their comments.
This is substantially longer than the first round of public consultation, which closed on 7 January. In this initial consultation window, the SEC put forward 97 questions for the industry to address in its consultation document, but gave respondents just 30 days to file their recommendations.
SFT has provided detailed analysis of the proposed Rule 10c-1 framework for securities lending reporting, along with a cross-section of the industry’s reaction through interviews and evaluation of consultation responses.
The first part of this article was published in SFT Issue 296, with the second part appearing tomorrow.
The SEC’s decision to open a second consultation window is indicative of the strong body of feedback received during the first consultation period, which numbered more than 120 responses, and the weight of unanswered questions that have been raised by the Proposed 10c-1 design.
In the same breath that it announced an extension to 10c-1 consultation, the regulator also put forward a new proposal under Exchange Act Rule 13f-2 that aims to provide greater visibility around short selling activities, particularly the behaviour of “large short sellers”.
On Friday, the US securities markets regulator voted to extend the comment period for its proposed trade reporting regime, advanced under Exchange Act Rule 10c-1, until 26 April, or 30 days from the publication of the proposal in the Federal Register, whichever is later.
This will provide respondents with roughly 60 days to file their comments.
This is substantially longer than the first round of public consultation, which closed on 7 January. In this initial consultation window, the SEC put forward 97 questions for the industry to address in its consultation document, but gave respondents just 30 days to file their recommendations.
SFT has provided detailed analysis of the proposed Rule 10c-1 framework for securities lending reporting, along with a cross-section of the industry’s reaction through interviews and evaluation of consultation responses.
The first part of this article was published in SFT Issue 296, with the second part appearing tomorrow.
The SEC’s decision to open a second consultation window is indicative of the strong body of feedback received during the first consultation period, which numbered more than 120 responses, and the weight of unanswered questions that have been raised by the Proposed 10c-1 design.
In the same breath that it announced an extension to 10c-1 consultation, the regulator also put forward a new proposal under Exchange Act Rule 13f-2 that aims to provide greater visibility around short selling activities, particularly the behaviour of “large short sellers”.
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