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The Division is considering recommending that the Commission adopt rules to expand requirements regarding recovery and wind-down plans and to revise certain risk management requirements for clearing agencies. The Commission proposed to amend certain portions of the Covered Clearing Agency Standards under the Securities Exchange Act of 1934 to strengthen the existing rules regarding margin with respect to intraday margin and the use of substantive inputs to a covered clearing agency’s risk-based margin system. The Commission also proposed a new rule to establish requirements for the contents of a covered clearing agency’s recovery and wind- down plan.