📈Extension of Compliance Dates for Treasury Securities Regulations
Extension of Compliance Dates for 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
Summary
The Securities and Exchange Commission ("Commission" or "SEC") is extending the compliance date for the amendments to the rules applicable to covered clearing agencies for U.S. Treasury securities ("U.S. Treasury securities CCAs"), which 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 and to identify and monitor its direct participants' submission of transactions for clearing, including how the U.S. Treasury securities CCA would address a failure to submit transactions, that were adopted on December 13, 2023. Specifically, the Commission is extending the compliance dates by one year, from December 31, 2025, to December 31, 2026, for eligible cash market transactions, and from June 30, 2026, to June 30, 2027, for eligible repo transactions.
Agencies
- Securities and Exchange Commission
Business Impact
$$$ - High
The text outlines an extension of compliance dates for regulations affecting covered clearing agencies for U.S. Treasury securities, which requires businesses involved in these transactions to prepare for compliance by the new deadlines. This affects their operational and legal frameworks.