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
Abstract
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.
Federal Register Source
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Frequently Asked Questions
What is the 2025-03351 Federal Register document?
Document 2025-03351 is a Final Rule published by the Securities and Exchange Commission in the Federal Register on March 4, 2025, with an effective date of March 4, 2025. 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. View the original at https://www.federalregister.gov/documents/2025/03/04/2025-03351/extension-of-compliance-dates-for-standards-for-covered-clearing-agencies-for-us-treasury-securities.
Is document 2025-03351 an economically significant rule?
No. Document 2025-03351 is not classified as economically significant under Executive Order 12866. Economically significant rules require OIRA review and are estimated to have impacts of $100 million or more per year.