SEC Final Rule: Amendment to Rule Filing Requirements for Dually Registered Clearing Agencies (Pre-Fed. Reg. Version)

The SEC adopted a final rule that streamlines the SEC rule approval process for clearing agencies that are registered with both the SEC and the CFTC. The final rule, which adopts and expands upon an interim rule, allows rule changes filed with dually registered clearing agencies to become effective without SEC action when the rule is related to products that are not securities, including securities futures, swaps that are not securities-based swaps or mixed swaps, and forwards that are not security forwards. The rule change does not significantly affect the clearing agencies' securities clearing operations.

The final rule also includes a new provision that, under certain conditions, permits temporary immediate effectiveness for rule changes that significantly affect the clearing agency's securities-clearing operations with respect to products that are not securities.

Cross-Reference(s): Exchange Act Rule 19b-4 ("Filings with Respect to Proposed Rule Changes by Self-Regulatory Organizations") and Dodd-Frank Section 763(b) ("Amendments to the Securities Exchange Act of 1934 - Clearing Agency Requirements").

Effective Date: The amendments will become effective 60 days after the date of publication of the release in the Federal Register.

Click here to view rule release in full (links externally to SEC website).