SEC keeps loan data flowing—business as usual.
Published Date: 9/30/2026
Notice
Summary
The SEC is asking to keep collecting info about securities loans to make the market clearer for brokers, dealers, and investors. This rule helps everyone see important details about loans, fixing confusing gaps and making trading fairer. No new costs or deadlines are added, just an extension to keep the good info flowing.
Analyzed Economic Effects
6 provisions identified: 2 benefits, 4 costs, 0 mixed.
Reporting Requirement for Covered Persons
If you are a covered person under Rule 10c-1a, you must capture specified data elements about securities loans and report them to a registered national securities association (RNSA). The Commission estimates initial system development of 3,000 hours per providing covered person (annualized to 1,000 hours) and an ongoing annual burden of 1,350 hours per providing covered person; the notice gives total industry estimates of 259,000 initial hours and 349,650 ongoing hours.
Reporting Agent Compliance Burdens
If you act as a reporting agent, the SEC estimates there are 128 reporting agents and that each would incur 3,000 initial hours (annualized to 1,000 hours) to build systems and 1,350 ongoing annual hours; they also estimate 52 hours per year for record preservation upkeep. The notice also estimates reporting agents will spend about 30 hours to enter agreements with non-providing covered persons.
Burden for Non-Providing Covered Persons
If you rely on a reporting agent to report for you (a non-providing covered person), you still face development and agreement tasks: the Commission estimates each non-providing covered person will assume an initial 1,500 hours (annualized to 500 hours) and an ongoing annual burden of 65 hours. Non-providing covered persons are also estimated to spend about 30 hours (annualized to 10 hours) entering written agreements with reporting agents.
RNSA Infrastructure and Dissemination Duties
RNSAs (currently FINRA) must implement rules to collect Rule 10c-1a information, assign unique identifiers to covered securities loans, and make specified information publicly available. The Commission estimates an average one-time initial PRA burden of 10,924 (annualized industry total of 3,641 hours) and ongoing annual burdens of 7,739.5 hours, plus 52 hours annually to retain collected information.
Temporary Delay of Reporting and Publication Dates
The Commission granted a temporary exemption: covered persons are not required to report Rule 10c-1a information to an RNSA until September 28, 2028, and an RNSA is not required to make certain information publicly available until March 29, 2029. The December 2025 exemption permits voluntary system testing in the interim.
Increased Public Transparency for Securities Lending
Rule 10c-1a will make pricing and material terms of securities lending transactions available to market participants and the public, closing data gaps and reducing information asymmetries. The SEC says this could improve price discovery, lower barriers to entry for new participants, and reduce frictions in the cost of borrowing securities.
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