Notice2026-20056
Agency Information Collection Activities; Submission for OMB Review; Comment Request; Extension: Rule 10c-1a
Primary source
Metadata and text below are from the Federal Register, a public-domain U.S. government work. Always verify the official published version before relying on it for any legal matter.
Published
September 30, 2026
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 91 Issue 188 (Wednesday, September 30, 2026)</title>
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[Federal Register Volume 91, Number 188 (Wednesday, September 30, 2026)]
[Notices]
[Pages 61888-61889]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2026-20056]
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SECURITIES AND EXCHANGE COMMISSION
[OMB Control No. 3235-0788]
Agency Information Collection Activities; Submission for OMB
Review; Comment Request; Extension: Rule 10c-1a
Upon Written Request, Copies Available From: Securities and Exchange
Commission, Office of FOIA Services, 100 F Street NE, Washington, DC
20549-2736
Notice is hereby given that, pursuant to the Paperwork Reduction
Act of 1995 (44 U.S.C. Sec. 3501 et seq.), the Securities and Exchange
Commission (``SEC'' or ``Commission'') is submitting to the Office of
Management and Budget (``OMB'') this request for approval of extension
of the previously approved collections of information provided in Rule
10c-1a (17 CFR 240.10c-1a), under the securities Act of 1934 (15 U.S.C.
78a et seq.).
To increase the transparency of information available to brokers,
dealers, and investors with respect to the loans or borrowing of
securities, Rule 10c1-a requires, among other things, covered persons
to report (or to rely on a reporting agent to fulfill its reporting
obligations under certain conditions) to a registered national
securities association (``RNSA'') within certain time periods,
specified data elements concerning covered securities loans (``Rule
10c-1a information''). Rule 10c-1a also requires an RNSA to implement
rules regarding the format and manner of its collection of Rule 10c-1a
information, make publicly available certain data pertaining to
reported securities loans, and comply with certain data retention and
availability requirements. To implement the required rules, the
Financial Industry Regulatory Authority (``FINRA''), currently the only
RNSA, adopted its Rule 6500 Series to require the reporting of
securities loans and provide for the public dissemination of certain
loan information.
Currently, the securities lending market is opaque and has data
gaps that create inefficiencies. The information collections are
necessary to remediate these issues by giving investors, market
participants, and regulators access to the material terms of securities
lending transactions.
Rule 10c-1a will provide market participants with access to pricing
and other material information regarding securities lending
transactions, which will supplement the publicly available information
involving securities lending, close data gaps in the market, and
minimize information asymmetries between market participants. The gaps
in securities lending data make it difficult for borrowers and lenders
to ascertain market conditions and to know whether the terms that they
receive for their loans are consistent with market conditions. These
gaps also impact the ability of the Commission and other regulators to
oversee transactions that are vital to fair, orderly, and efficient
markets.
The data collected and made available through the respondents'
compliance with Rule 10c-1a will improve price discovery in the
securities lending market and reduce the information asymmetry in the
market. Increasing the accessibility of data could lower barriers to
entry for would-be participants in the securities lending market, as
well as the securities markets more broadly, because all market
participants, not just counterparties to a trade or those that
subscribe to certain services, will be able to view and analyze
transaction that are taking place in the securities lending market. As
a result, the disclosure of the specified material terms of securities
lending transactions might improve the efficiency and resiliency of the
securities market by reducing frictions in the coat of borrowing
securities, which may also have effects on the markets for the
securities themselves.
Additionally, enhancing the transparency of data on securities
lending transactions will allow market participants to determine
whether the terms that they receive for their loans are consistent with
market conditions. Such benefits would not accrue to the securities
lending market or the broader securities markets if the information
collections required by Rule 10c-1a are not implemented.
In December 2025, the Commission granted a temporary exemption from
compliance with Rule 10c-1a regarding the date by which covered persons
must report the applicable Rule 10c-1 information, and from compliance
with Rules 10c-1a(g) and (h)(3) regarding the dissemination date. While
Rule 10c-1a is effective, at this present time, covered persons are not
yet required by Rule 10c-1a to report Rule 10c-1a information to an
RNSA until September 28, 2028. An RNSA is not required to make certain
information publicly available until March 29, 2029. During the time
period covered by the Commission's order, covered persons and an RNSA
may incur PRA burdens, voluntarily, as part of system testing and other
measures to facilitate an orderly implementation of Rule 10c-1a. As
such, the estimated burdens below take account of voluntary information
collections.
The information collection burdens in Rule 10c-1a are directly
related to either (1) covered persons capturing Rule 10c-1a information
and reporting it to an RNSA either directly or by using a reporting
agent); or (2) an RNSA collecting the Rule 10c-1 information reported
to it and subsequently making certain data publicly available. Given
the differences in the information collections appliable to the
parties, the burdens applicable to covered persons, reporting agents,
and RNSAs are separated in the discussion below.
Providing Covered Persons: Systems Development and Monitoring
Initial Burden
The Commission estimates that providing covered persons \1\ each
will assume 3,000 PRA burden hours in developing and reconfiguring
their current systems to capture the required data elements, which is
annualized to 1,000 PRA burden hours per entity, for a total estimated
initial annual industry burden of 259,000 hours.
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\1\ The term ``providing covered person'' refers to a covered
person that reports Rule 10c-1a information directly to an RNSA
pursuant to Rule 10c-1a(a)(1).
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Ongoing Annual Burden
The Commission estimates that the ongoing annual PRA burden will be
equivalent to the ongoing burden estimated for non-providing OATs
reporters in the CAT Approval Order. Thus, the Commission estimates
that each providing covered person will assume 1,350 PRA burden hours
per year, for a total estimated ongoing annual industry burden of
349,650 hours.
Non-Providing Covered Persons: Systems Development and Monitoring
Initial Burden
The Commission estimates that a non-providing covered person \2\
will assume half of the initial burden hours that a providing covered
person will assume to develop and reconfigure their current
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systems to capture the Rule 10c-1a information. Therefore, the
Commission estimates that each non-providing covered person will assume
an initial PRA burden of 1,500 hours, which is annualized to 500 PRA
burden hours per entity, for a total estimated initial annual industry
burden of 121,000 hours.
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\2\ The term ``non-providing covered person'' refers to a
covered person that relies on a reporting agent to fulfill its
reporting obligations under Rule 10c-1a(a)(1), subject to
conditions.
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Ongoing Annual Burden
The Commission estimates that a non-providing covered person will
assume shape of the ongoing annual PRA burden that a providing covered
person will assume with regard to the development and reconfiguration
of current systems to capture the Rule 10c-1a information. Therefore,
the Commission estimates that each non-providing person will assume an
ongoing annual PRA burden of 65 hours, for a total estimated ongoing
annual industry burden of 163,350 hours.
Non-Providing Covered Person: Entering Into Written Agreement with
Reporting Agent
Initial Burden
Because these agreements are estimated to be standardized across
the industry, the Commission estimates that the only terms that may
require negotiation are price and the format in which the information
will be provided. Therefore, to account for negotiation and any
administrative tasks related to processing and executing agreements,
the Commission estimates that non-providing covered persons will spend
30 hours on this task, which is annualized to 10PRA burden hours per
entity, for a total estimated initial annual industry burden of 2,420
hours.
Reporting Agents
Initial Burden
The Commission estimates that there are 128 reporting agents. This
estimate is based on the number of broker-dealers that lent securities
as of December 2025 (119), as well as the number of registered clearing
agencies in 2026. Three requirements of Rule 10c-1a would subject
reporting agents that assume the reporting obligation on behalf of a
covered person subject to Rule 10c-1a(2) to initial and ongoing annual
PRA burdens: (1) the development and monitoring of systems that would
facilitate the provision of information to an RSNSA; (2) the written
agreements with the persons who would be providing the reporting gent
information; (3) entering into an agreement with an RNSA to provide the
Rule 10c-1a information. These burdens are third-party disclosure
burdens.
Systems Development and Monitoring
Initial Burden
The Commission estimates that each reporting agent would incur
3,000 hours of initial burdens to develop and reconfigure their current
systems to capture the required data elements, which is annualized to
1,000 PRA burden hours per entity, for a total estimated initial annual
industry burden of 128,000 hours.
Ongoing Annual Burden
As with the initial burden for this requirement, reporting agents
would provide the same information to the RNSA as a non-providing
covered person, so the Commission believes that the burden estimates
should be consistent. Therefore, the Commission estimates that each
reporting agent would incur 1,350 hours of ongoing annual burden hours
on this requirement, for a total estimated ongoing annual industry
burden of 172,800 hours.
Entering Into Written Agreements With Non-Providing Covered Persons
The Commission estimates that the only terms that may require
negotiation are price and the format of the information that will be
required to be provided. However, the Commission believes that this
process will be highly automated. The Commission estimates that it will
take reporting agents the dame amount of time to comply with this
requirement of time as a non-providing covered person. Therefore, the
Commission estimates that it will take reporting agents the same amount
of time to comply with this requirement of time as non-providing
covered persons. Therefore, the Commission estimates that each
reporting agent would spend 30 hours on this task, which is annualized
to 10 hours per entity, for a total estimated initial annual industry
burden of 1,280 hours.
Entering Into Written Agreement With an RNSA
The Commission anticipates that reporting agents that enter into
written agreements with RNSAs will not incur any ongoing annual burden
to comply with the requirement once the agreement is signed because
there will be no need to modify the written agreement or take
additional action because the information will not vary. Therefore, the
Commission estimates an initial annual industry burden for this
requirement of 42 hours.
Record Preservation Agreement
The Commission anticipates that this recordkeeping requirement will
be highly automated Accordingly, the Commission estimates that
reporting agents will spend on hour per week on upkeep and testing of
records to ensure accuracy to comply with this requirement, resulting
in a total of 52 hours per year of annual burden per reporting agent,
for a total estimated ongoing annual industry burden of 6,656 hours.
RNSAs
Initial Burden
The Commission estimates that the average one-time initial PRA
burden related to developing the infrastructure to enable non-providing
covered persons and reporting agents to provide the Rule 10c-1a
information, assign a unique identifier to the covered securities
loans, and make the rule's specified information publicly available is
10,924, for a total initial annualized industry burden of 3,641 hours.
Ongoing Annual Burden
The Commission estimates that an RNSA will assume ongoing annual
PRA burdens of 7,739.5 hours related to ensuring that the
infrastructure is up-to-date and remains in compliance with the rule,
for a total estimated ongoing annual industry burden of 7,739.5 hours.
RNSA Retention of Collected Information
The Commission estimates that an RNSA will assume an ongoing annual
PRA burden of 52 hours to retain the collected information, for a total
estimated ongoing annual industry burden of 52 hours.
An agency may not conduct or sponsor, and a person is not required
to respond to a collection of information unless it displays a
currently valid OMB Control Number.
The public may view and comment on this information collection
request at: <a href="https://www.reginfo.gov/public/do/PRAViewICR?ref_nbr=202607-3235-014">https://www.reginfo.gov/public/do/PRAViewICR?ref_nbr=202607-3235-014</a> or email comment to
<a href="/cdn-cgi/l/email-protection#337e716b1d7c7e711d7c7a61721d6076706c575640586c5c55555a505641735c5e511d565c431d545c45"><span class="__cf_email__" data-cfemail="e3aea1bbcdacaea1cdacaab1a2cdb0a6a0bc87869088bc8c85858a808691a38c8e81cd868c93cd848c95">[email protected]</span></a> within 30 days of the day
after publication of this notice, by November 2, 2026.
Dated: September 28, 2026.
Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2026-20056 Filed 9-29-26; 8:45 am]
BILLING CODE 8011-01-P
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