SEC's Mystery Get-Out-of-Jail-Free Card for Wall Street?
Published Date: 12/8/2025
Notice
Summary
The SEC is giving some big investment managers a temporary break from certain new reporting rules about their stock activities and loans. This pause helps them avoid filing complex reports until early 2026, making things easier while the SEC sorts out the details. It mainly affects institutional investors and could save them time and money during this period.
Analyzed Economic Effects
2 provisions identified: 2 benefits, 0 costs, 0 mixed.
Delay of Form SHO Monthly Reporting
If you are an institutional investment manager that meets the Rules' thresholds, the SEC temporarily exempts you from complying with Rule 13f-2 and filing Form SHO (which otherwise requires filing within 14 calendar days after the end of each calendar month). This exemption is effective January 2, 2026, and lasts until January 2, 2028.
Postponed Rule 10c-1a Loan Reporting and Data Dissemination
Covered persons who agree to covered securities loans and registered national securities associations (RNSAs) are temporarily exempt from certain Rule 10c-1a requirements: reporting to an RNSA is delayed until September 28, 2028, and RNSA public dissemination and some data-retention requirements are delayed until March 29, 2029. These exemptions are granted by the SEC order described in this document.
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Key Dates
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