SEC extends compliance dates for 10c-1a
29 July 2025 US
Image: feelartfeelant/stock.adobe.com
The US Íø±¬³Ô¹Ï and Exchange Commission (SEC) has released an order granting temporary exemption relief, allowing for an extension of 10c-1a compliance dates.
It follows the Financial Industry Regulatory Authority’s (FINRA) decision on 29 April 2025 to request an extension of Rule 10c-1a’s two remaining compliance dates, which concern the reporting date and the dissemination date.
According to the SEC, the reporting date for Rule 10c-1a — pursuant to Section 36(a) of the Exchange Act — will be extended to 28 September 2026 (from 2 January 2026), and the dissemination date to 29 March 2027 (from 2 April 2026).
The decision aims to allow sufficient time for FINRA and market participants to take necessary steps for compliance in an effective and orderly manner, and to work with participants on reporting accuracy and consistency.
This is expected to help facilitate the dissemination of accurate individual and aggregate covered securities loan information and loan rate statistics to the public, FINRA says.
Furthermore, the relief reflects the industry’s need for more time to build and test the infrastructure necessary to support the Íø±¬³Ô¹Ï Lending and Transparency Engine (SLATE) platform.
Rule 10c-1a was first adopted by the commission in October 2023 and was to originally take effect on 2 January 2024.
It requires, among other things, that any covered person who agrees to a covered securities loan on behalf of itself or another person must report, within certain time periods, certain information to a registered national securities association (RNSA) or rely on a reporting agent to fulfil its reporting obligations under certain conditions.
Further, it calls for the RNSA to implement rules regarding the format and manner of its collection of Rule 10c-1a information, make publicly available certain data pertaining to reported securities loans, and comply with certain data retention and availability requirements.
It follows the Financial Industry Regulatory Authority’s (FINRA) decision on 29 April 2025 to request an extension of Rule 10c-1a’s two remaining compliance dates, which concern the reporting date and the dissemination date.
According to the SEC, the reporting date for Rule 10c-1a — pursuant to Section 36(a) of the Exchange Act — will be extended to 28 September 2026 (from 2 January 2026), and the dissemination date to 29 March 2027 (from 2 April 2026).
The decision aims to allow sufficient time for FINRA and market participants to take necessary steps for compliance in an effective and orderly manner, and to work with participants on reporting accuracy and consistency.
This is expected to help facilitate the dissemination of accurate individual and aggregate covered securities loan information and loan rate statistics to the public, FINRA says.
Furthermore, the relief reflects the industry’s need for more time to build and test the infrastructure necessary to support the Íø±¬³Ô¹Ï Lending and Transparency Engine (SLATE) platform.
Rule 10c-1a was first adopted by the commission in October 2023 and was to originally take effect on 2 January 2024.
It requires, among other things, that any covered person who agrees to a covered securities loan on behalf of itself or another person must report, within certain time periods, certain information to a registered national securities association (RNSA) or rely on a reporting agent to fulfil its reporting obligations under certain conditions.
Further, it calls for the RNSA to implement rules regarding the format and manner of its collection of Rule 10c-1a information, make publicly available certain data pertaining to reported securities loans, and comply with certain data retention and availability requirements.
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 Íø±¬³Ô¹Ï 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 Íø±¬³Ô¹Ï Finance Times
