Brokers Must Still Spill Trade Details Under SEC Rule
Published Date: 11/28/2025
Notice
Summary
The SEC wants to keep Rule 10b-10 going, which makes sure brokers give customers clear info about their stock trades—like dates, shares, prices, and fees. This rule affects broker-dealers and helps investors understand their transactions better. No big changes or costs are planned, but the SEC is asking for public feedback before extending the rule’s approval.
Analyzed Economic Effects
2 provisions identified: 1 benefits, 1 costs, 0 mixed.
Large Compliance Burden for Broker-Dealers
The SEC estimates Rule 10b-10 applies to about 3,292 registered broker-dealers and results in about 36,202,574,610 confirmations per year. The Commission estimates an annual time burden of about 301,688,122 hours and total annual costs of about $25,070,282,919 (approximately $20,001,922,473 for 23,531,673,497 paper confirmations at $0.85 each and $5,068,360,446 for 12,670,901,114 electronic confirmations at $0.40 each).
Confirmations Must Show Trade Details
If you own investments, brokers must send a confirmation for each trade that shows the date and time, identity and number of shares, price, whether the broker acted as agent or principal, commissions or mark-ups/mark-downs when required, and, for debt trades, redemption and yield info. Confirmations must also tell you if the broker is not a member of the Securities Investor Protection Corporation (SIPC).
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