Effective Date Set for SEC Rule to Exempt Certain SBSEFs and SBSDs from Registering as Clearing Agencies

An SEC final rule that conditionally exempts certain security-based swap execution facilities (or "SBSEFs") and security-based swap dealers (or "SBSDs") from also registering as a "clearing agency" (see previous coverage) was published in the Federal Register. The rule will go into effect on April 2, 2021.