On October 13, 2023, the SEC adopted Rule 10c-1a requiring the reporting of securities loan information to a registered national securities association (RNSA) and the subsequent public disclosure by the RNSA of most of that information. Specifically, Rule 10c-1a requires any “covered person” (or a “reporting agent” acting on its behalf) who agrees to a “covered securities loan” on behalf of itself or another person to report to an RNSA, by the end of the same day, that such covered securities loan is effected (or modified).The RNSA then must disclose publicly most of the Rule 10c-1a information by the morning of the next business day, except for the loan amount, which must be made public after 20 business days, and certain other elements, which are not publicly disclosed but must be made available to the SEC. Rule 10c-1a will be effective 60 days following the date of publication of the adopting release in the Federal Register. The compliance date for covered persons to begin reporting information to an RNSA will be on the first business day 24 months after the effective date and the RNSA must start to make specified information publicly available within 90 calendar days thereafter.