SEC 10c-1a (Securities Lending Transparency)

New SEC Final Rules for Reporting of SFT Data

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SEC 10c-1a Reporting Solution

On October 13, 2023, the SEC voted to adopt a new rule to increase the transparency of securities lending transactions in the U.S. There are several key areas in the incoming regulation that will impact reporting requirements:

  • Submissions need to be made to FINRA
  • Lenders, lending agents or brokers (only one side of the trade) are required to report
  • Submissions are required by the end of day
  • FINRA will publish anonymized data to the general public
  • Reportable products include those currently required under CAT, TRACE & MSRB RTRS regimes
  • A third party can be used to assist firms

Cappitech will continue to collaborate with Pirum to deliver a reporting solution tailored to meet the unique requirements and workflows of the incoming SEC 10c-1a regulation.

The solution combines Cappitech’s rigorous data validation, event creation, and regulatory connectivity with Pirum’s UTI generation, exchange, and reconciliation abilities to form an efficient and streamlined reporting solution.

Let us simplify your reporting and provide you the peace of mind that comes with knowing that over 550 customers worldwide are using our solutions daily.

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How Cappitech can solve your SEC reporting obligations

Deep expertise in SFT data, trading and reporting
Largest provider in SFT reporting under SFTR
Community of over 200 sell/buy side firms already using Cappitech for SFT reporting
Real time robust infrastructure to support timely submissions
Ability to manage exceptions, assign tasks, run reporting and review MIS from dashboard
Around the clock support

How the Cappitech Solution Works

Trade, product and entity data from customer
Data is validated for reporting eligibility and field content
Reports enriched with static and dynamic data
Report is submitted to a FINRA and review notifications are updated to the web dashboard

See it in action

Timeliness 933x446
Monitor the timeliness of your reporting and drill down into the details of late submissions to identify any underlying problems in your reporting process.
Gain insights into your transaction reporting; improve KPIs on accuracy, completeness and timeliness of your submissions. Monitor and improve your rejection rates by viewing the top reasons for rejections. Historical reports for rejected trades can be viewed and analyzed, enabling firms to improve their reporting.
Automate and monitor your reporting with our multi-regulation platform, a single platform for all your transaction reporting needs. From a single dashboard you can get a visual status overview of your reported trades and review complete transaction lifecycles. Use our sophisticated filtering and search functionality to easily investigate individual trade submissions.

What is SEC 10c-1a reporting?

What is the purpose of SEC 10c-1a?

As part of the G20 mandate to increase transparency in capital markets the main financial jurisdictions around the world have instituted rules to require the disclosure/reporting of various types of financial instruments including SFT, and securities, fixed income and derivatives.

SFTR in Europe/United Kingdom was the first regulation to require reporting of SFT transactions to a trade repository and has been live since 2019.

The SEC is instituting its own SFT requirements under this final rule, which aims to increase the transparency of the SFT market in the U.S.

What are the differences between SEC 10c-1a and SFTR?

  • A single sided reporting regime, instead of the dual-reporting requirement under SFTR
  • EOD/T+0 submissions, instead of a T+1 requirement
  • Submissions need to be made to FINRA, instead of a trade repository
  • Reportable products include those currently required under CAT, TRACE & MSRB RTRS regimes (listed stocks, OTC equity securities, listed options, OTC fixed income securities & municipal securities)
  • A limited number of data fields (12) will be reported for 10c-1a, compared with 155 data fields under SFTR
  • ISO 20022 XML standards exist for SFTR, but the data standards are currently unknown for 10c-1a

Key timelines for implementation

Important Timelines:
  • Final Rules will be published in the Federal Register within 60 days of October 13th, 2023
  • FINRA will have 4 months after the publication in the Federal register to publish their requirements
  • Firms will have 12 months after FINRA publishes their rules for a go live (compliance date)
  • Go live of Jan 2026

Learn More


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