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).
Personalized for You
How does this regulation affect your finances?
Personalize government policy and PRIA will tell you what this federal register document means for your household, plus every other regulation we track. PRIA reads each provision against your financial profile to show you exactly what matters to your wallet.
Key Dates
Department and Agencies
Related Federal Register Documents
2026-12163, The Trade-Through Rule and Locked and Crossed Markets Provisions of Regulation NMS
The SEC wants to scrap some old rules that stop stocks from being traded at worse prices and prevent confusing market quotes. This change affects stock traders and exchanges, aiming to simplify trading and possibly speed things up. If you want to share your thoughts, you’ve got until August 17, 2026, so don’t miss out!
2026-10373, Registered Offering Reform
The SEC wants to make it easier and cheaper for more companies to sell their stocks and bonds to the public. They’re opening up special forms and benefits to more businesses, updating rules to be more modern, and cutting red tape by overriding some state rules. If you’re a company planning to raise money, these changes could speed things up and save you money, with feedback due by July 27, 2026.
2026-10222, Enhancement of Emerging Growth Company Accommodations and Simplification of Filer Status for Reporting Companies
The SEC is making it easier for companies that report their finances by simplifying their categories into just two groups: big and small filers. Smaller companies, including emerging growth ones, will get more time to file reports and enjoy simpler rules, while big companies keep stricter standards. These changes aim to save time and money, with feedback open until July 20, 2026.
2026-07651, Concept Release on Consolidated Audit Trail and Other Audit Trails and Data Sources
The SEC wants your thoughts on how it tracks stock market trades using the Consolidated Audit Trail and other data tools. They’re thinking about updating rules to keep up with new tech, privacy, and security needs, and to make sure the system is fair and cost-effective. If you’re involved in the stock market or data tracking, speak up by June 22, 2026!
2026-16936, Eagle Point Credit Management LLC and Eagle Point Trinity Senior Secured Lending Company
2026-16951, Self-Regulatory Organizations; Cboe C2 Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend Its Fees Schedule Regarding Certain Free Trials
Cboe C2 Exchange is changing its free trial offer for certain market data. Instead of letting users pick any six months of past data, everyone will get the same fixed six-month period from July to December 2022. This update starts right away and helps keep things simple for traders and data users.
Previous / Next Documents
Previous: 2025-21390, Agency Information Collection Activities; Submission for OMB Review; Comment Request; Reinstatement Without Change: Rule 23c-2
The SEC is asking to keep a rule that helps closed-end funds tell investors when they plan to buy back or redeem shares. This rule affects fund managers and investors by ensuring fair and clear communication, with no changes or new costs involved. The SEC just wants to extend the current approval to keep things running smoothly without any surprises.
Next: 2025-21392, Agency Information Collection Activities; Proposed Collection; Comment Request; Extension: Regulation S-AM
The SEC is asking for comments on extending a rule that helps protect your privacy by limiting how financial companies can use your info to market to you. About 2,282 companies must give clear notices and easy ways to say no to these marketing calls, spending time and money to keep things fair. This update keeps the rules strong without adding big new costs or delays.