SEC Gets an “Earful” on Securities Lending and Short-selling Disclosure Proposals

And Another Thing - Longer Comment Periods, Please

The Securities and Exchange Commission's controversial securities lending disclosure proposal (Proposal) sought public input on 97 questions and received a substantial body of feedback during the initial 30-day comment period. Drawing sharp rebukes, most responses from trade associations for lenders and borrowers focused on the ambiguous scope of rule 10c-1, the feasibility of the proposed 15-minute reporting regime, lopsided cost and technology burdens, and the risks of reverse engineering posed by the public disclosure provisions. Acquiescing after a month of consideration to the desires of a host of commenters for more time to respond, the Commission extended the Proposal's comment period from January 7, 2022, to April 1, 2022. The securities lending industry took advantage of the extra time to amplify prior criticisms and raise new issues with the Proposal, giving the SEC yet another earful.

Monday, April 18, 2022/Author: David Schwartz J.D. CPA/Number of views (714)/Comments (0)/
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