Alerts8.29.25
Fifth Circuit Remands SEC Securities Lending and Short Sale Disclosure Rules
Court requires SEC to conduct collective economic analysis if flawed adoption process is to be remedied
In an Aug. 25 opinion that many will consider a victory for the hedge fund community, the U.S. Court of Appeals for the Fifth Circuit upheld a challenge to two Biden-era Securities and Exchange Commission (SEC) rules requiring disclosure of securities lending and short sale activity. If the SEC wishes to save the rules, it now will have to conduct a new analysis of their cumulative economic impact. (National Association of Private Fund Managers v. SEC, No. 23-60626, 5th Cir. Aug. 25, 2025).
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