Overview
- The SEC’s December 3 exemptive order moves Rule 13f-2/Form SHO compliance to January 2, 2028, making the first monthly filings due February 14, 2028.
- Compliance for the related securities‑lending rule, Rule 10c-1a, is now September 28, 2028, with public lending data dissemination slated for March 29, 2029.
- A Fifth Circuit panel on August 25, 2025 remanded the rules without vacatur, directing the SEC to reassess cumulative economic effects and the interplay of the two regimes.
- The SEC said the delay serves the public interest by allowing time to respond to the court’s opinion and to consider further actions, including potential amendments.
- Industry groups have flagged significant operational and technical burdens, and the rules remain on the books but are effectively paused pending the agency’s response.