Bringing Securities Lending Out of the Dark.
On November 18, 2021, the Securities and Exchange Commission proposed broad disclosure rules intended to "provide transparency in the securities lending market." As directed by the Dodd-Frank Act, the Commission proposed these rules to (1) supplement publicly available information, (2) close data gaps in the securities lending market, (3) minimize information asymmetries between market participants, and (5) provide market participants with access to pricing and other material information.
Further, the data elements proposed to be collected are intended to provide regulators with the information necessary to perform effective market surveillance. "This proposal would bring securities lending out of the dark," according to SEC Chair Gary Gensler.