The Financial Industry Regulatory Authority (FINRA) made a request to the US Securities and Exchange Commission (SEC) for an extension of the remaining Rule 10c-1a compliance dates.
The extension would see covered persons required to report Rule 10c-1a information starting on September 28, 2026, and a registered national securities association (RNSA) to publicly report starting on March 29, 2027.
As impacted parties have begun preparing for compliance, they have uncovered additional issues related to reporting requirements under Rule 10c-1a that FINRA and market participants continue to seek to resolve and clarify. These issues can impact system design given that technical and operational issues often require adjustments to programming and processes.
For example, these efforts have brought to light additional securities loan reporting scenarios which, once fully analyzed and mapped can necessitate corresponding systems changes and process refinements, including potentially the information captured and the scope of contracts and arrangements with third-parties.
“Allowing additional time to complete these efforts is necessary to facilitate preparedness and a successful launch of the new reporting regime,” FINRA wrote in a letter to the SEC.