On August 25, 2025, a three-judge panel of the U.S. Court of Appeals for the Fifth Circuit issued an opinion in National Association of Private Fund Managers v. SEC , 1 remanding without vacatur Exchange Act Rule 10c-1a (Rule 10c-1a or the Securities Lending Reporting Rule) and Rule 13f-2 (Rule 13f-2 or the Short Position Reporting Rule) to the U.S. Securities and Exchange Commission (Commission or SEC) to further consider their cumulative economic impact.

Both rules now head back to the Commission, where their futures are uncertain.

Background

On October 13, 2023, the SEC finalized two rules intended to increase transparency in the securities lending and short sale markets, both of which had been long-outstanding mandates under the Dodd-Frank Wall Street Reform and Consumer Protect

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