SEC 10c-1 trade reporting update: comment period extends until 1 April
04 March 2022 US
Image: AdobeStock/sellingpix
As an update to an article published in SFT on 28 February, we clarify that the US Securities and Exchange Commission (SEC) has reopened consultation for its securities lending trade reporting proposal until 1 April.
This was confirmed with publication of the announcement yesterday in the US Federal Register (FR), the daily journal of the US government.
The SEC declared last Friday (25 February) that it will reopen consultation around its Exchange Act Rule 10c-1 proposal relating to trade reporting for securities loans transactions.
It did so in light of its proposed Exchange Act Rule 13f-2 regarding short sale disclosure. This aims to provide greater visibility around short selling activities, particularly the behaviour of “large short sellers”.
On consulting sources in the US market, our understanding was that 10c-1 consultation would reopen until 26 April, or 30 days from the publication of the proposal in the Federal Register, whichever is later.
However, yesterday's announcement in the FR confirms that respondents will have until 1 April to file their comments relating to the 10c-1 Proposed Rule.
This was confirmed with publication of the announcement yesterday in the US Federal Register (FR), the daily journal of the US government.
The SEC declared last Friday (25 February) that it will reopen consultation around its Exchange Act Rule 10c-1 proposal relating to trade reporting for securities loans transactions.
It did so in light of its proposed Exchange Act Rule 13f-2 regarding short sale disclosure. This aims to provide greater visibility around short selling activities, particularly the behaviour of “large short sellers”.
On consulting sources in the US market, our understanding was that 10c-1 consultation would reopen until 26 April, or 30 days from the publication of the proposal in the Federal Register, whichever is later.
However, yesterday's announcement in the FR confirms that respondents will have until 1 April to file their comments relating to the 10c-1 Proposed Rule.
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