Federal Register / Vol. 87, No. 41 / Wednesday, March 2, 2022 / Proposed Rules 11659 

1See Reporting of Securities Loans, Exchange Act 

Release 93613 (Nov. 18, 2021), 86 FR 69802 (Dec. 

8, 2021). 

2Proposed Rule 10c–1 would also require the 

RNSA to publicly disseminate certain information. 

3Short Position and Short Activity Reporting by 

Institutional Investment Managers, Exchange Act 

Release 94313, Feb. 25, 2022. 

4As defined in Section 13(f)(6)(A) of the 

Exchange Act and for purposes of proposed Rule 

13f–2, ‘‘institutional investment manager’’ includes 

any person, other than a natural person, investing 

in or buying and selling securities for its own 

account, and any person exercising investment 

discretion with respect to the account of another 

person. 15 U.S.C. 78m(f)(6)(A). 

5 In addition to proposed Rule 13f–2 and 

proposed Form SHO, the Commission proposed: (i) 

Rule 205, which would establish a new ‘‘buy to 

cover’’ order marking requirement for certain 

purchase orders; and (ii) proposed amendments to 

the national market system plan governing the 

Consolidated Audit Trail (‘‘CAT’’), which would 

require CAT reporting firms to report ‘‘buy to 

cover’’ order marking information and reliance on 

the bona fide market making exception in the 

Commission’s short sale rules. 

6See Exchange Act Release No. 93613 (Nov. 18, 

2021), 86 FR 69802 (Dec. 8, 2021). 

Paragraph 6009(d) Colored Federal Airway 

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Issued in Washington, DC, on February 24, 

2022. 

Michael R. Beckles, 

Manager, Rules and Regulations Group. 

[FR Doc. 2022–04290 Filed 3–1–22; 8:45 am] 

BILLING CODE 4910–13–P 

SECURITIES AND EXCHANGE 

COMMISSION 

17 CFR Part 240 

[Release No. 34–94315; File No. S7–18–21] 

RIN 3235–AN01 

Reopening of Comment Period for 

Reporting of Securities Loans 

AGENCY: Securities and Exchange 

Commission. 

ACTION: Proposed rule; reopening of 

comment period. 

SUMMARY: On November 18, 2021, the 

Securities and Exchange Commission 

issued for comment a proposed rule 

under the Securities Exchange Act of 

1934 (‘‘Exchange Act’’) in Release No. 

34–93613 (Nov. 18, 2021), 86 FR 69802 

(Dec. 8, 2021) regarding the reporting of 

securities loans. The Commission is 

reopening the comment period for the 

proposed rule in light of the proposed 

Exchange Act rule regarding short sale 

disclosure. In particular, the 

Commission is soliciting comment on 

any potential effects of the proposed 

Exchange Act rule regarding short sale 

disclosure that the Commission should 

consider in determining whether to 

adopt the proposed Exchange Act rule 

regarding the reporting of securities 

loans. 

DATES: The comment period for the 

proposed rule published in the Federal 

Register on December 8, 2021, at 86 FR 

69802, is reopened. Comments should 

be received on or before April 1, 2022. 

ADDRESSES: Comments may be 

submitted by any of the following 

methods: 

Electronic Comments 

• Use the Commission’s internet 

comment form (http://www.sec.gov/ 

rules/submitcomments.htm); or 

• Send an email to rule-comments@

sec.gov. Please include File Number S7– 

18–21 on the subject line. 

Paper Comments 

• Send paper comments to Vanessa 

A. Countryman, Secretary, Securities 

and Exchange Commission, 100 F Street 

NE, Washington, DC 20549–1090. 

All submissions should refer to File 

Number S7–18–21. This file number 

should be included on the subject line 

if email is used. To help the 

Commission process and review your 

comments more efficiently, please use 

only one method of submission. The 

Commission will post all comments on 

the Commission’s website (http://

www.sec.gov/rules/proposed.shtml). 

Comments are also available for website 

viewing and printing in the 

Commission’s Public Reference Room, 

100 F Street NE, Washington, DC 20549 

on official business days between the 

hours of 10 a.m. and 3 p.m. Operating 

conditions may limit access to the 

Commission’s Public Reference Room. 

All comments received will be posted 

without change. Persons submitting 

comments are cautioned that we do not 

redact or edit personal identifying 

information from comment submissions. 

You should submit only information 

that you wish to make available 

publicly. 

Studies, memoranda, or other 

substantive items may be added by the 

Commission or staff to the comment file 

during this rulemaking. A notification of 

the inclusion in the comment file of any 

such materials will be made available 

on our website. To ensure direct 

electronic receipt of such notifications, 

sign up through the ‘‘Stay Connected’’ 

option at www.sec.gov to receive 

notifications by email. 

FOR FURTHER INFORMATION CONTACT: 

Theresa Hajost, Special Counsel, John 

Guidroz, Branch Chief, Josephine J. Tao, 

Assistant Director, Office of Trading 

Practices, Division of Trading and 

Markets, Securities and Exchange 

Commission, 100 F Street NE, 

Washington, DC 20549, at (202) 551– 

5777. 

SUPPLEMENTARY INFORMATION: 

I. Background 

In November 2021, the Commission 

issued for comment proposed 17 CFR 

240.10c–1 (‘‘Rule 10c–1’’), Reporting of 

Securities Loans, under the Exchange 

Act.1 The proposed rule is designed to 

increase the transparency and efficiency 

of the securities lending market by 

requiring any person that loans a 

security on behalf of itself or another 

person to report the material terms of 

those securities lending transactions 

and related information regarding the 

securities the person has on loan and 

available to loan to a registered national 

securities association (‘‘RNSA’’).2 The 

comment period for proposed Rule 

10c–1 ended on January 7, 2022. 

II. Reopening of Comment Period 

On February 25, 2022, the 

Commission proposed 17 CFR 

240.13f–2 (‘‘Rule 13f–2’’) 3 which is 

designed to provide greater 

transparency through the publication of 

short sale related data to investors and 

other market participants. Proposed 

Rule 13f–2 and related Proposed Form 

SHO would require that institutional 

money managers 4 file via the 

Commission’s Electronic Data 

Gathering, Analysis, and Retrieval 

System (EDGAR), on a monthly basis, 

certain short sale related data, some of 

which would be aggregated and made 

public.5

The Commission is reopening the 

comment period for proposed Rule 

10c–1 so that commenters may consider 

whether there would be any effects of 

proposed Rule 13f–2 that the 

Commission should consider in 

connection with proposed Rule 10c–1. 

The Commission is reopening the 

comment period for proposed Rule 

10c–1 Reporting of Securities Loans 6

until April 1, 2022. 

By the Commission. 

Dated: February 25, 2022. 

Eduardo A. Aleman, 

Deputy Secretary. 

[FR Doc. 2022–04384 Filed 3–1–22; 8:45 am] 

BILLING CODE 8011–01–P 


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