The SEC adopted a rule that any SEC-registered central clearing agency that provides central clearing of U.S. Treasury securities ("USTs") shall require its members to centrally clear (i) most repurchase and reverse repurchase transactions in USTs to which it is a counterparty and (ii) certain cash market purchases and sales of USTs.
News & Insights
The SEC set an effective date of January 2, 2024 and accompanying compliance dates for new Exchange Act Rule Rule 10c-1. The final rule was published in the Federal Register.
The SEC adopted a new rule under the Securities Exchange Act which imposes reporting requirements on persons who lend "reportable securities."
The SEC proposed (i) amendments to current requirements on clearing agencies’ risk-based margin systems and (ii) a new rule on the content of clearing agencies' recovery and wind-down plans. On May 24, representatives from J.P. Morgan, Wells Fargo, Sia Partners and Fried Frank will address the implications of this rulemaking and the SEC's separate proposal on mandatory central clearing.
Comments on a Treasury Department Office of Financial Research proposal to require certain institutions to submit daily reports on outstanding non-centrally cleared bilateral repurchase agreement transactions are due by March 10, 2023.