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B-335730 Nov 20, 2023 1 (2023-11-20)

handle is hein.gao/gaopmp0001 and id is 1 raw text is: U.S. GOVERNMENT ACCOUNTABILITY OFFICE 441 G St. N.W. Washington, DC 20548 B-335730 November 20, 2023 The Honorable Sherrod Brown Chairman The Honorable Tim Scott Ranking Member Committee on Banking, Housing, and Urban Affairs United States Senate The Honorable Patrick McHenry Chairman The Honorable Maxine Waters Ranking Member Committee on Financial Services House of Representatives Subject: Securities and Exchange Commission: Reporting of Securities Loans Pursuant to section 801(a)(2)(A) of title 5, United States Code, this is our report on a major rule promulgated by the Securities and Exchange Commission (SEC or the Commission) entitled Reporting of Securities Loans (RIN: 3235-AN01). We received the rule on October 17, 2023. It was published in the Federal Register as a final rule on November 3, 2023. 88 Fed. Reg. 75644. The effective date is January 2, 2024. According to SEC, the Commission adopted this final rule under the Securities Exchange Act of 1934, 15 U.S.C. §§ 78a-78rr, to increase the transparency and efficiency of the securities lending market by requiring certain persons to report information about securities loans to a registered national securities association (RNSA). SEC stated that the rule requires certain confidential information to be reported to an RNSA to enhance an RNSA's oversight and enforcement functions. Further, SEC stated that the rule requires that an RNSA make certain information it receives, along with daily information pertaining to the aggregate transaction activity and distribution of loan rates for each reportable security, available to the public. Enclosed is our assessment of SEC's compliance with the procedural steps required by section 801(a)(1)(B)(i) through (iv) of title 5 with respect to the rule. If you have any questions about this report or wish to contact GAO officials responsible for the evaluation work relating to the subject matter of the rule, please contact Shari Brewster, Assistant General Counsel, at (202) 512-6398. Shirley A. Jones Managing Associate General Counsel

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