Filing requirements eased for dually registered clearing agencies

Interim rule adopted in 2011

The Securities and Exchange Commission today announced a final rule that streamlines the process for rulemaking by clearing agencies that are registered with both the SEC and the Commodity Futures Trading Commission (CFTC).

The final rule amends an interim rule adopted in 2011 that allowed rule changes filed with the SEC by clearing agencies to become effective as soon as they were filed when they were not related primarily to securities futures and did not significantly affect the clearing agencies’ securities clearing operations.

The final rule expands upon the interim rule to permit effectiveness upon filing for rule changes that concern other products that are not securities — including swaps that are neither mixed swaps nor security-based swaps, and forwards that are not security forwards — provided those rule changes do not significantly affect the clearing agencies’ securities clearing operations.

The final rule also includes a new provision that under certain conditions permits temporary immediate effectiveness for rules that significantly affect the clearing agency’s securities-clearing operations when the products themselves are not securities.

The final rule is intended to ensure that clearing agencies registered with both the SEC and the CFTC can avoid unnecessary delays in implementing rule changes that relate primarily to products that are not securities. At the same time, the final rule ensures that such rule changes continue to be filed with the SEC, so that the Commission can carry out its statutory duty to supervise all registered clearing agencies.

The amendments will become effective 60 days after the date of publication of the release in the Federal Register.

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