Washington, D.C., October 13, 2023 – SIFMA today issued the following statement from president and CEO Kenneth E. Bentsen on the securities lending rule approved today by the Securities and Exchange Commission (SEC):

“SIFMA appreciates the SEC’s efforts to improve the transparency and efficiency of the securities lending market.  While we are still reviewing the final rule, as an initial response, we appreciate the SEC’s modification of its securities lending proposal based on public input, including our comment letter.  This includes the provision for lending data to be reported to FINRA at the end of the trading day rather than on a rolling 15-minute basis throughout the day as originally proposed, and the delays in reporting the loan amount.  These modifications decrease the possibility, as noted in our comments on the proposal, that public dissemination of incomplete, inaccurate, and misleading information that could have a severe adverse impact on the securities lending market as well as the overall securities markets.”

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SIFMA is the leading trade association for broker-dealers, investment banks and asset managers operating in the U.S. and global capital markets. On behalf of our industry’s one million employees, we advocate on legislation, regulation and business policy affecting retail and institutional investors, equity and fixed income markets and related products and services. We serve as an industry coordinating body to promote fair and orderly markets, informed regulatory compliance, and efficient market operations and resiliency. We also provide a forum for industry policy and professional development.  SIFMA, with offices in New York and Washington, D.C., is the U.S. regional member of the Global Financial Markets Association (GFMA).