SEC seeks OMB extension of Rule 10c-1a information collection

On September 30, 2026, the Securities and Exchange Commission filed with the Office of Management and Budget a request to extend the information-collection approvals previously granted for Rule 10c-1a (17 CFR 240.10c-1a), OMB Control No. 3235-0788 (FR Doc No. 2026-20056).

Rule 10c-1a obligates covered persons to report specified securities-loan data to a registered national securities association (RNSA) and requires the RNSA to format, retain, and publicly disseminate that data. FINRA, as the sole RNSA, has implemented Rule 6500 Series to meet those requirements. The collections are intended to close data gaps, improve price discovery, and reduce information asymmetries in the securities-lending market.

In December 2025 the Commission issued a temporary exemption that delayed the reporting deadline for covered persons to September 28 2028 and postponed the RNSA's public-availability requirement to March 29 2029. The current extension request seeks OMB approval for the burdens associated with those delayed obligations.

The Commission estimates that a providing covered person will incur an initial 3,000-hour system-development burden (annualized to 1,000 hours per entity) for a total industry estimate of 259,000 hours, and an ongoing 1,350-hour annual burden totaling 349,650 hours. A non-providing covered person is estimated to face an initial 1,500-hour burden (annualized to 500 hours per entity) and a 65-hour ongoing annual burden, yielding industry totals of 121,000 and 163,350 hours respectively. Negotiating written agreements with reporting agents adds 30 hours per non-providing entity (total 2,420 hours).

The Commission projects 128 reporting agents. Each agent is expected to bear an initial 3,000-hour system-development burden (annualized to 1,000 hours per agent) for a collective 128,000 hours, and an ongoing 1,350-hour annual burden for 172,800 hours. Agreement-related tasks add 30 hours per agent (total 1,280 hours).