Borealis Foods NT 10-K Late Filing Notice
Borealis Foods Inc. filed Form 12b-25 with the SEC notifying that its Annual Report on Form 10-K for the period ended December 31, 2025 will not be filed by the prescribed due date. The company cited the need for additional time to complete year-end reporting procedures and final review of the Form 10-K. The notification was signed by Chief Legal Officer Pouneh Rahimi on March 31, 2026.
Eightco Holdings NT 10-K Late Filing Notice
Eightco Holdings Inc. filed Form 12b-25 Notification of Late Filing with the SEC for its Annual Report on Form 10-K for fiscal year ended December 31, 2025. The company cited need for additional time to complete final review of financial statements and disclosures. The company intends to file within the fifteen-day grace period under Rule 12b-25.
Form 12b-25 Late Filing Notification - Basanite Inc
Basanite, Inc. (BASA) filed SEC Form 12b-25 Notification of Late Filing on March 31, 2026, indicating it cannot file its Annual Report on Form 10-K for the period ended December 31, 2025 by the prescribed deadline. The company cites limited accounting and finance personnel as the reason for the delay and commits to filing within the permitted 15-day extension period.
CONX Corp. Notification of Late Filing Form 10-K
CONX Corp. filed Form 12b-25 with the SEC notifying the Commission of its inability to timely file its Annual Report on Form 10-K for the fiscal year ended December 31, 2025. The company cites the recent acquisition of Red Technologies SAS (France) completed on December 5, 2024, and associated accounting requirements as the reason it cannot file within the prescribed time period without unreasonable effort or expense. The company acknowledges it will likely be unable to file even within the Rule 12b-25 extension period.
Late Filing Notification - Lomond Therapeutics Holdings
The SEC received Form 12b-25 Notification of Late Filing from Lomond Therapeutics Holdings, Inc., a Delaware public company, indicating it cannot timely file its Annual Report on Form 10-K for the period ended December 31, 2025. The company cited the need for additional time to finalize audited consolidated financial statements and allow its auditors to complete the audit.
Late Filing Notification - Embrace Change Acquisition Corp
Embrace Change Acquisition Corp (SEC File No. 001-41397) submitted Form 12b-25 Notification of Late Filing to the SEC, citing inability to complete its Form 10-K for the period ending December 31, 2025 without unreasonable effort or expense. The company requires additional time to compile and verify financial data and expects to file within the extension period permitted under SEC Rule 12b-25.
Late Filing Notification - CapForce Inc. Form 10-K
CapForce Inc. filed Form 12b-25 Notification of Late Filing with the SEC for its Annual Report on Form 10-K for the year ended December 31, 2025. The company cited delays from valuation and purchase price allocation related to its acquisition of iCapX Sdn. Bhd. and limited internal accounting resources as reasons for the late filing. The company expects to file within the 15-day extension period permitted under Rule 12b-25.
NT 10-K Late Filing Notice - Slam Corp
Slam Corp (SLAMF) filed Form 12b-25 notification with the SEC indicating it cannot file its Annual Report on Form 10-K for fiscal year ended December 31, 2025 by the prescribed deadline. The company cites need for additional time to finalize financial statements for auditor review. The notification also reveals the company has not filed its Q2 and Q3 2025 10-Q reports and anticipates a significant change in results of operations.
Healthcare Triangle NT 10-K late filing notice
Healthcare Triangle NT 10-K late filing notice
NT 10-K Late Filing Notification - BYRN Inc.
BYRN Inc. filed Form 12b-25 with the SEC notifying of its inability to file Form 10-K for the fiscal year ended December 31, 2025 by the prescribed deadline. The company states it was unable to compile the necessary financial information required to complete the annual filing without unreasonable effort or expense. The notification invokes Rule 12b-25 to obtain an automatic extension period.
NT 10-K late filing, Data443 Risk Mitigation, December 2025
NT 10-K late filing, Data443 Risk Mitigation, December 2025
NT 10-K Late Filing Notice - Gaucho Group Holdings
Gaucho Group Holdings, Inc. filed Form 12b-25 notification of late filing with the SEC for its Annual Report on Form 10-K for the fiscal year ended December 31, 2025. The company cited ongoing Chapter 11 bankruptcy reorganization proceedings (filed November 12, 2024; emerged June 16, 2025) as the reason it cannot file by the prescribed March 31, 2026 due date without unreasonable effort or expense. Contact: Scott L. Mathis, 212-739-7700.
TCW Direct Lending VII LLC Late 10-K Filing Notification
TCW Direct Lending VII LLC filed Form 12b-25 Notification of Late Filing with the SEC regarding its Annual Report on Form 10-K for fiscal year ended December 31, 2025. The company cannot file timely due to delays in receiving audited financial statements from a significant subsidiary portfolio company required under Rule 4-08(g) of Regulation S-X. The company expects to file within the permitted 15-day extension period.
Late Filing Notification for Arboretum Silverleaf Income Fund
The SEC received a Form 12b-25 notification from Arboretum Silverleaf Income Fund, L.P., a limited partnership, indicating it cannot file its Annual Report on Form 10-K for the period ended December 31, 2025 by the prescribed due date. The filing is being delayed due to the resignation of the partnership's independent registered public accounting firm, which has created an unreasonable effort and expense to complete the audit.
TCW Direct Lending LLC Late Filing Notification
TCW Direct Lending LLC filed Form 12b-25 with the SEC notifying inability to timely file its Form 10-K for the fiscal year ended December 31, 2025. The delay is due to pending audited financial statements from a significant subsidiary portfolio company required under Rule 4-08(g) of Regulation S-X. The company seeks relief under Rule 12b-25(b), with the Form 10-K expected to be filed within 15 calendar days of the prescribed due date.
NT 10-K Late Filing Notification for Salamander Innisbrook LLC
Salamander Innisbrook, LLC filed a Form 12b-25 Notification of Late Filing with the SEC on March 31, 2026, indicating it cannot file its Form 10-K for the period ended December 31, 2025 by the prescribed deadline. The company states it needs additional time to complete the filing. Under Rule 12b-25, the company has until the 15th calendar day following the original due date to file.
Late Filing Notification - IGTA Merger Sub Limited Form 10-K
SEC received Form 12b-25 notification from IGTA Merger Sub Limited indicating the company cannot file its Annual Report on Form 10-K for fiscal year ended December 31, 2025 by the March 31, 2026 deadline. The company cites a delay in completing its financial statements and anticipates filing within 15 calendar days following the prescribed due date.
Late 10-K Filing Notification - iSpecimen Inc.
iSpecimen Inc. filed Form 12b-25 with the SEC on March 31, 2026, notifying of a delayed 10-K annual report for the fiscal year ended December 31, 2025. The company cited inability to obtain and compile required information without unreasonable effort and expense. The filing states the 10-K will be submitted no later than the 15th calendar day following the prescribed due date.
NT 10-K Late Filing Notification
Advent Technologies Holdings, Inc. filed Form 12b-25 notification with the SEC indicating it cannot file its Annual Report on Form 10-K for the period ended December 31, 2025 by the prescribed due date. The company cites the need for additional time to complete the final review of its financial statements and other disclosures. The company anticipates filing within fifteen calendar days following the prescribed due date in compliance with Rule 12b-25(b).
Late Filing Notification - Elvictor Group Form 10-K
Elvictor Group, Inc. filed Form 12b-25 with the SEC notifying the Commission that its Annual Report on Form 10-K for the fiscal year ended December 31, 2025 cannot be filed by the prescribed deadline due to unanticipated delays in completing its audit. The company indicates it will file on or before the fifteenth calendar day following the prescribed due date. Contact: Konstantinos Galanakis, (646) 491-6601.
Bespoke Extracts Late 10-K Filing Notification
Bespoke Extracts, Inc. filed a Form 12b-25 Notification of Late Filing with the SEC indicating the company's Form 10-K for fiscal year ended December 31, 2025 will not be filed by the prescribed due date. The company cited the need for additional time to complete compilation, review, and finalization of financial statements in coordination with its independent registered public accounting firm. The anticipated filing is expected within 15 calendar days of the original due date.
High Wire Networks Form 12b-25 Notification of Late Filing
High Wire Networks, Inc. filed Form 12b-25 Notification of Late Filing with the SEC for its Annual Report on Form 10-K for the fiscal year ended December 31, 2025. The company cited compilation and review time constraints as the reason it could not file by the prescribed due date and committed to filing within 15 days of the original deadline.
Late Form 10-K Filing Notification - Bravo Multinational Inc
SEC received Form 12b-25 notification from Bravo Multinational Inc (SEC File No. 000-53505) indicating late filing of Form 10-K for the fiscal period ending December 31, 2025. The company cites delays in assembling annual report information and commits to filing within 15 calendar days of the prescribed due date. The notification confirms all other periodic reports have been filed and no significant change in results of operations is anticipated.
Late 10-K Filing Notification - Guochun International Inc.
Guochun International Inc. filed Form 12b-25 Notification of Late Filing with the SEC, citing the need for additional time to compile financial documentation and complete auditor review for its Form 10-K annual report for the fiscal year ended December 31, 2025. The company undertakes to file the annual report within 15 calendar days following its prescribed due date.
Patriot Gold Corp Late Filing Notice for Form 10-K
Patriot Gold Corp filed Form 12b-25 Notification of Late Filing with the SEC, notifying the Commission that its Annual Report on Form 10-K for the fiscal year ended December 31, 2025 cannot be filed by the prescribed deadline. The company cites that additional time, resources, and effort are required to complete financial reporting and close procedures.
Late 10-K Filing Notification - MediXall Group
MediXall Group, Inc. filed Form 12b-25 with the SEC notifying the agency that the company's annual report on Form 10-K for the period ended December 31, 2025 cannot be filed within the prescribed time period. The company cited that certain financial and other information necessary for full completion could not be provided without unreasonable effort or expense.
NT 10-K Late Filing Notice for Mosaic ImmunoEngineering Inc.
Mosaic ImmunoEngineering Inc. filed a Form 12b-25 Notification of Late Filing with the SEC for its Annual Report on Form 10-K for fiscal year ended December 31, 2025. The company cited that additional time is required to complete financial reporting and close procedures, and expects to file within 15 calendar days of the prescribed due date.
Allbirds IP Asset Sale to Allbirds IP LLC
Allbirds, Inc., a Delaware public benefit corporation, sold substantially all its intellectual property assets, inventory, accounts receivable, and related business assets to Allbirds IP LLC, a Delaware limited liability company, on March 29, 2026. The transaction includes all global trademarks, patents, copyrights, domain names, social media accounts, customer lists, and other IP listed on the disclosure schedules. The asset purchase agreement was filed as Exhibit 2.1 with the Securities and Exchange Commission.
Jasper Therapeutics Internal Investigation - No Drug Product Issues
Jasper Therapeutics filed an SEC Form 8-K exhibit disclosing completion of an internal investigation into anomalous clinical response data from the July 2025 BEACON study cohorts 8 and 9. The investigation confirmed no issues with the drug product (briquilimab), and a key opinion leader panel recommended enhanced site selection and patient screening criteria for future studies.
IO Biotech Inc Chapter 7 Bankruptcy Filing
SEC Form 8-K filed by IO Biotech, Inc. disclosing Chapter 7 bankruptcy filing on March 31, 2026. The company ceased operations and filed a voluntary petition in the U.S. Bankruptcy Court for the District of Delaware. A Chapter 7 trustee has been appointed to liquidate assets and pay claims. The filing triggers an event of default on a €22.5 million finance contract with the European Investment Bank.
Investor Alert: Relationship Scams and Impersonation Fraud
The SEC's Office of Investor Education and Assistance issued an Investor Bulletin on March 31, 2026 warning investors about relationship investment scams (long cons using friendship or romance to lure victims into fake investments) and impersonation schemes (fraudsters posing as legitimate investment professionals or registered firms). The bulletin, issued during Financial Literacy Month, directs investors to existing resources on Investor.gov covering asset allocation, diversification, tax-advantaged accounts, and fee disclosures. The bulletin explicitly states it represents staff views and is not an SEC rule, regulation, or statement.
Lipella Pharmaceuticals - Chapter 11 Bankruptcy Filing Disclosure
Lipella Pharmaceuticals Inc. filed a Form 8-K with the SEC disclosing that the company and certain subsidiaries filed voluntary petitions for Chapter 11 bankruptcy relief in the United States Bankruptcy Court for the Western District of Pennsylvania on March 30, 2026. The filing is required under Item 1.03 of Form 8-K to report material events affecting the registrant. The company cautions that trading in its common stock during the pendency of the Chapter 11 case is highly speculative.
Exemptive Order Application for BDC and Closed-End Fund Co-Investment
SEC published notice of an application by Lord Abbett Private Credit Fund and 18 affiliated entities requesting an exemptive order under sections 17(d) and 57(i) of the Investment Company Act of 1940. The application seeks permission for certain business development companies (BDCs) and closed-end management investment companies to co-invest in portfolio companies with each other and affiliated entities. Interested persons have until April 21, 2026 to request a hearing on the application.
Cboe C2 Exchange Clock Service
The SEC published notice of Cboe C2 Exchange's proposed rule change to introduce a new optional Clock Service for time synchronization between the Exchange and subscribers. The service would allow TPHs and non-TPHs to synchronize their time recording systems to the Exchange's clock for more precise latency measurements related to orders and messages. Comments are being solicited from interested persons.
Cboe Exchange Auction Response Processing Rule Change
The SEC published a Notice and Order on March 25, 2026, approving Cboe Exchange's proposed rule change (SR-CBOE-2025-074, Amendment No. 1) to amend the maximum processing time for auction responses in non-FLEX options classes. The proposal provides additional support and minor textual changes without substantive modifications to the original filing. The SEC is soliciting public comment on Amendment No. 1 on an accelerated approval timeline.
Extension of OMBPRA Submission for Ombudsman Matter Management System
The SEC's Office of the Ombudsman is seeking an extension of its Paperwork Reduction Act approval for the Ombudsman Matter Management System (OMMS) Submission Form without any changes to the form or its requirements. The OMMS is a voluntary electronic form used by retail investors to contact the SEC regarding complaints, questions, tips, or feedback about the agency or self-regulatory organizations. Approximately 1,500 investor contacts are received annually through this system.
Extension of Review Period for Cboe DPM Appointments
The SEC issued an order on March 25, 2026, extending its review period for Cboe Exchange's proposed rule change (SR-CBOE-2026-016) regarding Designated Primary Market-Maker appointments across multiple trading sessions. The extension pushes the SEC's decision deadline to May 14, 2026. The original proposed rule change was published February 13, 2026, and no public comments were received.
NSCC New Net Margin Account Option for Agent Clearing Members
SEC published NSCC's proposed rule change to offer a new net margin account option for Agent Clearing Members in its SFT Clearing Service. The proposal would allow Agent Clearing Members to elect a net margin treatment for Agent Clearing Member Transactions, potentially reducing margin requirements. Comments are being solicited from interested persons.
Rule SHO Information Collection Extension Request
The SEC has submitted to the Office of Management and Budget a request for extension of the information collection requirements under Rule 201 (17 CFR 242.201) and Rule 200(g) (17 CFR 242.200(g)) under the Securities Exchange Act of 1934. Rule 201 imposes short sale circuit breaker restrictions while Rule 200(g) allows broker-dealers to mark qualifying orders as 'short exempt.' The estimated aggregate annual burden is 1,446,553 hours with $248,000 in external costs.
MIAX Sapphire proposes fee schedule amendments for non-transaction fee waivers
MIAX Sapphire proposes fee schedule amendments for non-transaction fee waivers
Nasdaq Texas Dual Listing Fee Changes
The SEC published notice of Nasdaq Texas LLC's proposed rule change to establish dual listing fees under new Rule 5920. The proposal sets a single entry fee of $10,000 and annual fee of $2,500 for companies dually listing securities on the exchange, with fee waivers available through December 31, 2026. The SEC is soliciting comments from interested persons on this proposed fee structure.
ETF Exemptive Relief Applications for Multi-Class ETF Fund Structures
The SEC published notice of exemptive relief applications from Advisors Series Trust/Pzena Investment Management (File No. 812-15841) and Axonic Capital/Axonic Funds (File No. 812-15934). The applications request exemptions under the Investment Company Act of 1940 to permit Multi-Class ETF Fund structures that would combine exchange-traded shares (ETF Shares) with non-exchange-traded shares (Mutual Fund Shares) in a single registered investment company.
NYSE American adopts fees for MSCI index options
NYSE American LLC filed with the SEC to adopt fees for trading options overlying the MSCI EAFE Index and MSCI Emerging Markets Index. The proposed rule change was granted immediate effectiveness upon filing. The SEC published this notice in the Federal Register (91 FR 16055) under Release No. 34-105087.
SIPC Standard Maximum Cash Advance Inflation Adjustment Determination
The SEC published a notice approving the Securities Investor Protection Corporation (SIPC) board's determination not to adjust the Standard Maximum Cash Advance (SMCA) amount for inflation. The current SMCA remains at $250,000 per customer. This is a routine administrative determination confirming the existing coverage limit for SIPC-protected customer accounts.
NYSE Arca Options Fee Schedule - Non-Customer and Floor Broker Fees and Rebates
The SEC received a filing from NYSE Arca, Inc. (Release No. 34-105085, File No. SR-NYSEARCA-2026-28) notice of a proposed rule change to modify the NYSE Arca Options Fee Schedule. The amendment adjusts certain fees and rebates applicable to non-customers and floor brokers. The rule change was filed with immediate effectiveness and does not require a comment period as it is a notice of filing rather than a proposed rule.
Wide Market Protection Mechanism - Trading Session Application
The SEC published notice that Cboe Exchange filed proposed rule change SR-CBOE-2026-027 to apply its Wide Market Protection mechanism on a trading session-by-trading session basis. The filing was granted immediate effectiveness under Release No. 34-105098. This affects how wide market protection triggers are applied across different trading sessions for options traded on the exchange.
Extended Trading Hours for Equity and Index Options
The SEC published a notice of filing for Nasdaq MRX's proposed rule change to adopt extended trading hours for eligible equity and index options. The proposal (SR-MRX-2026-11) was published for public comment in the Federal Register. Comments are due within 21 days of publication.
NYSE Arca QCC Broker Credit Cap Waiver
The SEC published notice that NYSE Arca filed to waive the combined cap on broker credits for QCC trades and floor broker rebates under the Manual Billable Rebate Program for March 2026 only. The filing (SR-NYSEARCA-2026-32) was granted immediate effectiveness under Section 19(b)(3)(A) of the Exchange Act. This temporary fee modification affects member firms executing QCC trades and floor broker transactions on NYSE Arca options.
Sunshine Act Meeting Notice
The SEC published a Sunshine Act Meeting Notice (91 FR 16044) announcing a closed Commission meeting scheduled for 2:00 p.m. on Thursday, April 2, 2026. The one-page notice follows standard Federal Register format with placeholder sections for time, place, status, and matters to be considered.
NYSE American Options Fee Schedule - Fees and Rebates for Non-Customers and Floor Brokers
The SEC published notice that NYSE American filed SR-NYSEAMER-2026-19 to modify its options fee schedule, changing certain fees and rebates applicable to non-customers and floor brokers. The rule change was filed with immediate effectiveness. Broker-dealers trading on NYSE American should review updated transaction costs and rebate calculations.
KonaTel Inc. Form 10-K Late Filing Notification
KonaTel Inc. filed a Form 12b-25 notification with the SEC on March 31, 2026, informing the Commission that its Form 10-K for the fiscal year ended December 31, 2025, cannot be filed by the prescribed deadline. The company states it is still completing its audited financial statements and expects to file on or before April 15, 2026. The late filing is attributed to the inability to complete the work without unreasonable effort or expense.
Late Filing Notification - Abpro Holdings Form 10-K
Abpro Holdings, Inc. filed a Form 12b-25 Notification of Late Filing with the SEC for its Annual Report on Form 10-K for the fiscal year ended December 31, 2025. The company cites recent material transactions, governance matters, and Nasdaq compliance issues as reasons why the filing could not be completed without unreasonable effort and expense. The notification invokes the 15-day extension period under Rule 12b-25.
IT Tech Packaging Late 10-K Filing Notification
SEC received a Form 12b-25 Notification of Late Filing from IT Tech Packaging, Inc., a Chinese recycled paper manufacturer (CUSIP 46527C 20 9, SEC File 001-34577). The company cited inability to finalize financial results and disclosure requirements for its Form 10-K covering the period ended December 31, 2025, without unreasonable effort or expense. The filing grants an extension to submit the annual report.
NT 10-K Late Filing Notification - DynaResource Inc
DynaResource Inc filed a Form 12b-25 Notification of Late Filing with the SEC for its Annual Report on Form 10-K for the fiscal year ended December 31, 2025. The company cited its transition from an exploration-stage to a production-stage issuer as requiring additional time for auditors to complete procedures and finalize financial statements. Under Rule 12b-25, the company is granted a 15-day extension to file.
Inception Growth Acquisition Limited - Form 10-K Late Filing Notification
SEC filing notifies that Inception Growth Acquisition Limited was unable to file its Form 10-K for fiscal year ended December 31, 2025 by the March 31, 2026 deadline. The company cites a delay in completing its financial statements and anticipates filing within 15 calendar days of the prescribed due date. No significant change in operations is anticipated.
Qualified Client Thresholds for Performance-Based Investment Advisory Fees
The SEC intends to issue an order under Release No. IA-6955 adjusting inflation-indexed thresholds in Rule 205-3 of the Investment Advisers Act, which permits investment advisers to charge performance-based fees to 'qualified clients.' The order would increase the minimum net worth and minimum dollar amount of assets under management thresholds required for clients to qualify for performance fee arrangements. Comments and hearing requests must be submitted by April 27, 2026.
Sky Quarry Inc - Delisting Notice 8-K Filing
Sky Quarry Inc filed a Form 8-K current report with the SEC on March 24, 2026, under Item 3.01 regarding delisting or threatened delisting from a national securities exchange. The filing serves as a disclosure notification to shareholders and the market of material corporate events. No new regulatory requirements or penalties are associated with this disclosure filing.
AEP Fund Administrator Appointment and $19M Penalty Distribution
The SEC issued an order appointing Epiq Class Action and Claims Solutions, Inc. as fund administrator for the $19,000,000 Fair Fund created from the civil penalty assessed against American Electric Power Company, Inc. The administrator's bond is set at $19,000,000, and the Office of Financial Management is authorized to pay administrator fees from the Fair Fund. The Fair Fund will be distributed to harmed investors pursuant to Section 308(a) of the Sarbanes-Oxley Act.
Final Consent Judgments - Southern California Residents Charged with Insider Trading
The SEC obtained final consent judgments against Brent Cranmer and Daniel McCormick, two Southern California residents, for insider trading in Kaman Corporation securities ahead of its acquisition announcement. Cranmer was ordered to pay a $50,000 civil penalty and is prohibited from serving as an officer or director of a public company for five years. McCormick was ordered liable for disgorgement of $115,598, satisfied by parallel criminal forfeiture. Combined profits from the scheme exceeded $1 million.
SEC Charges Ronald Smith Insider Trading
The SEC filed insider trading charges against Ronald Smith, a Connecticut resident and registered representative for a New York-based broker-dealer, alleging he traded on material nonpublic information misappropriated from a New York investment bank. Smith generated approximately $530,000 in illicit profits and, with a colleague, recommended trades to customers resulting in millions in customer profits and hundreds of thousands in split commissions.
Titanium Capital LLC and Henry Abdo - Ponzi Scheme Enforcement
The SEC obtained final judgments against Titanium Capital LLC and its founder Henry Abdo for operating a multi-million dollar Ponzi scheme that defrauded at least 162 investors out of over $5.3 million. The court entered permanent injunctions and ordered disgorgement of $2,920,668 plus prejudgment interest of $467,933. Abdo, who pleaded guilty to wire fraud in parallel criminal proceedings, received a 168-month prison sentence.
No Cash Distribution Announced; Whistleblower Retaliation Lawsuit to Proceed Against PCEC
Pacific Coast Oil Trust announced no cash distribution to unitholders for January 2026 due to insufficient net profits and ongoing concerns about asset retirement obligations. The Trust disclosed that a federal whistleblower retaliation lawsuit by former employee Brendan Potyondy against PCEC will proceed after the U.S. District Court for the Central District of California denied PCEC's motion to dismiss on April 11, 2025.
PHP Holdings & Rhode Island Market Financial Statements
SEC EDGAR filing of unaudited condensed combined and consolidated financial statements for PHP Holdings, LLC and Rhode Island Market for the nine months ended June 30, 2025 and 2024. The filing includes balance sheets, statements of operations, statements of cash flows, and notes. Total assets reported at $336.5 million as of June 30, 2025.
ISLA/SIFMA No-Action Letter - Rule 15c3-3 Equity Collateral Designation
The SEC Division of Trading and Markets issued a no-action letter granting ISLA Americas and SIFMA relief under Rule 15c3-3, permitting broker-dealers to use certain equity securities as collateral when borrowing fully-paid or excess margin securities from customers. The relief also allows broker-dealers to record a debit under item 11 of the customer Reserve Formula for the market value of such borrowed securities, subject to specified conditions.