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SEC RIN: 3235-AK74 Publication ID: Fall 2022 
Title: Clearing Agency Governance 

The Division is considering recommending that the Commission adopt rules under the Securities Exchange Act of 1934 to help improve the governance of clearing agencies registered with the Commission by reducing the likelihood that conflicts of interest may influence the board of directors or equivalent governing body of a registered clearing agency. The Commission proposed rules that would identify certain responsibilities of the board, increase transparency into board governance, and, more generally, improve the alignment of incentives among owners and participants of a registered clearing agency. In support of these objectives, the proposed rules would establish new requirements for board and committee composition, independent directors, management of conflicts of interest, and board oversight.

Agency: Securities and Exchange Commission(SEC)  Priority: Substantive, Nonsignificant 
RIN Status: Previously published in the Unified Agenda Agenda Stage of Rulemaking: Final Rule Stage 
Major: Undetermined  Unfunded Mandates: No 
CFR Citation: 17 CFR 242   
Legal Authority: Pub. L. 111-203, sec. 765    Pub. L. 111-203, sec. 763    15 U.S.C. 78c    15 U.S.C. 78f    15 U.S.C. 78k-1    15 U.S.C. 78q-1    15 U.S.C. 78w(a)   
Legal Deadline:
Action Source Description Date
Final  Statutory  Pub. L. 111-203, sec. 765.   01/18/2011 

Overall Description of Deadline: Pub. L. 111-203, sec. 765. The Dodd-Frank Act requires the Commission to adopt rules to mitigate conflicts of interest for security-based swap clearing agencies, security-based swap execution facilities, and security-based swap exchanges.

Action Date FR Cite
NPRM  10/26/2010  75 FR 65881   
NPRM Comment Period End  11/26/2010    
NPRM Comment Period Extended  03/08/2011  76 FR 12654   
NPRM Comment Period Extended End  04/29/2011    
NPRM Comment Period Reopened  05/23/2013  78 FR 30800   
NPRM Comment Period Reopened End  07/22/2013 
Final Action  02/01/2021  86 FR 7637   
Final Action Effective  04/02/2021 
Second NPRM  08/23/2022  87 FR 51812   
Second NPRM Comment Period End  10/07/2022 
Final Action  10/00/2023 
Regulatory Flexibility Analysis Required: No  Government Levels Affected: None 
Small Entities Affected: No  Federalism: No 
Included in the Regulatory Plan: No 
RIN Information URL:  
RIN Data Printed in the FR: No 
Related RINs: Merged with 3235-AL13, Related to 3235-AK93 
Agency Contact:
Matthew Lee
Assistant Director, Division of Trading and Markets
Securities and Exchange Commission
100 F Street NE,
Washington, DC 20549
Phone:202 551-5794