On October 22, the SEC adopted rule 17Ad-22 to establish standards for how registered clearing agencies should manage their risks and run their operations. Among other things, the rule sets standards for measurement and management of credit exposures, margin requirements, financial resources, and margin model valuation. The rule will be effective 60 days after publication in the Federal Register. SEC Release. Final Rule.
registered clearing agencies
SEC Final Rules on Procedures for Reviewing Clearing Submissions
On June 28, in accordance with Section 763(a) of the Dodd-Frank Act, the SEC adopted final rules regarding submissions of security-based swaps for clearing with registered clearing agencies. The SEC also adopted rules to define and describe when notices of proposed changes to rules, procedures or operations are required to be filed by designated financial market utilities in accordance with Section 806(e) of Title VIII of the Dodd-Frank Act. Most of the rules will become effective 60 days after publication in the Federal Register. Release. Final Rules.
Rule on Review of Security-Based Swaps
On December 15, in accordance with the Dodd-Frank Act, the SEC proposed a rule to specify the process registered clearing agencies must use to submit security-based swaps for review and the type of notice the clearing agencies must provide. Proposed Rule.