[U.S. SEC Again Delays Implementation Deadline for Short Selling Disclosure Rules Until 2028] On December 4, the U.S. Securities and Exchange Commission (SEC) postponed the implementation deadline for short selling and securities lending disclosure rules for the second time. According to SEC directives, large investment management institutions must comply with the final deadline for short selling reporting requirements, which has been extended to January 2, 2028, while the disclosure obligations for securities lending transactions have been delayed until September 28, 2028. The SEC stated that these temporary exemptions align with public interest and are consistent with investor protection objectives. In October 2023, the SEC introduced new regulations requiring asset management institutions to report short position data monthly. Pension funds, banks, and institutional investors lending stocks must report transactions the following day. In August, the U.S. Fifth Circuit Court of Appeals ruled that the SEC had not adequately assessed the economic impact of the rules and demanded a reassessment. SEC Democratic Commissioner Crenshaw expressed concerns regarding this matter.