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.”
