On 25 August 2025, the Fifth Circuit Court issued its opinion on the case of National Association of Private Fund Managers (NAPF) v. SEC.

Background

• lawsuit brought against SEC after SEC approved both the 13f-2 short position reporting rules and Rule 10c-1a Securities Lending Rules back in 2023
• the Court has remanded both Rules in their entirety back to the SEC for further explanation
• neither of the Rules have been vacated in the interim
• the Fifth Circuit did not provide a timeframe for when the SEC is to issue new orders.

Important to note, the Fifth Circuit decision included rejecting the challenge to 13f-2 on its own.