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SEC RIN: 3235-AN09 Publication ID: Spring 2023 
Title: Standards for Covered Clearing Agencies for U.S. Treasury Securities and Application of the Broker-Dealer Customer Protection Rule With Respect to U.S. Treasury Securities 
Abstract:

The Division is considering recommending that the Commission adopt requirements for registered clearing agencies for government securities regarding the clearance of certain trades and repo transactions involving government securities. The Commission proposed to amend the standards applicable to covered clearing agencies for U.S. Treasury securities to require that such covered clearing agencies have written policies and procedures reasonably designed to require that every direct participant of the covered clearing agency submit for clearance and settlement all eligible secondary market transactions in U.S. Treasury securities to which it is a counterparty. In addition, the Commission proposed additional amendments to the Covered Clearing Agency Standards, with respect to risk management. These requirements are designed to protect investors, reduce risk, and increase operational efficiency. Finally, the Commission proposed to amend the broker-dealer customer protection rule to permit margin required and on deposit with covered clearing agencies for U.S. Treasury securities to be included as a debit in the reserve formulas for accounts of customers and proprietary accounts of broker-dealers ("PAB"), subject to certain conditions.

 
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 240.17Ad-22    17 CFR 240.15c3-3a   
Legal Authority: 15 U.S.C. 78q-1    12 U.S.C. 5461 et seq.    15 U.S.C. 78o    15 U.S.C. 78w(a)   
Legal Deadline:  None
Timetable:
Action Date FR Cite
NPRM  10/25/2022  87 FR 64610   
NPRM Comment Period End  12/27/2022 
Final Action  10/00/2023 
Regulatory Flexibility Analysis Required: No  Government Levels Affected: None 
Federalism: No 
Included in the Regulatory Plan: No 
RIN Data Printed in the FR: No 
Agency Contact:
Elizabeth Fitzgerald
Assistant Director
Securities and Exchange Commission
100 F Street NE,
Washington, DC 20549
Phone:202 551-6036
Email: fitzgeraldel@sec.gov