SEC Extends Compliance Deadlines For Securities Lending Transparency Rule

Key Takeaways

• On July 28, 2025, the SEC extended compliance deadlines under Rule 10c-1a to September 28, 2026, for reporting and March 29, 2027, for data dissemination.
• Originally adopted by the SEC on October 13, 2023, Rule 10c-1a is intended to enhance transparency by requiring "covered persons" to report securities lending data.
• These extensions aim to help ensure accurate reporting, supporting market stability, fair pricing and investor protection.

On July 28, 2025, the SEC issued an order granting temporary exemptive relief from certain compliance dates under Rule 10c-1a under the Securities Exchange Act of 1934.

As background, the SEC adopted Rule 10c-1a on October 13, 2023, to enhance transparency in the securities lending market. The rule requires certain "covered persons" who agree to a "covered securities loan" on behalf of itself or another person to report detailed information about securities loans to a registered national securities