The Securities and Exchange Commission issued exemptive relief covering certain inter-affiliate repo transactions and non-U.S. repo transactions, following its adoption of the Treasury clearing rules in December 2023 and an extension of the original compliance dates.
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The Securities and Exchange Commission said it issued exemptive relief related to inter-affiliate repo transactions and non-U.S. repo transactions, describing the action as another step to assist broker-dealers and other market participants on the path to central clearing of U.S. Treasury securities.
The SEC adopted the Treasury clearing rules in December 2023, extended the original compliance dates to allow additional time for engagement on compliance, operational and interpretive questions, and launched a one-stop webpage in September 2025 consolidating implementation updates, FAQs, Commission and staff statements and other resources.
SEC Commissioner Mark T. Uyeda, whom Chairman Paul S. Atkins has designated to lead the agency's initiative to oversee the transition to central clearing of U.S. Treasury security transactions, said the Commission had listened carefully to market participants about implementation challenges and that successful implementation requires a thoughtful approach accounting for the realities of cross-border transactions. He described the relief as targeted, addressing practical concerns while preserving the important benefits of central clearing.
Specifically, the exemptive relief excludes from the definition of eligible secondary market transactions certain repo transactions involving non-U.S. counterparties, subject to specified limits and conditions, and certain repo transactions between a direct participant of a U.S. Treasury securities clearing agency and any affiliated entity that is not an investment company as defined in Section 3 of the Investment Company Act of 1940, provided the affiliate otherwise meets the definition of an affiliated counterparty in Rule 17ad-22(a).
The agency said market participants preparing for compliance during the implementation period can contact SEC staff in the Division of Trading and Markets directly with questions by emailing [email protected] or calling 202-551-5777.
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