CISO files no-action request with SEC for investor-consent share loan program

CISO Global (CISO) announced the filing of a no-action request with the U.S. Securities and Exchange Commission seeking regulatory clarity for a proposed investor-consent share loan program designed to give shareholders a direct voice in whether their shares may be made available for securities lending. The filing follows the company’s review of short-volume data, publicly reported fails-to-deliver during late 2025, and shareholder-record discrepancies that the company believes warrant greater transparency and investor choice. The company notes that short sale volume data and fails-to-deliver data have important interpretive limitations as described by FINRA and the SEC, and their presence does not by itself establish abusive or unlawful activity. The company is not alleging in its no-action request that any specific intermediary or market participant engaged in unlawful conduct.