In remarks at the Institute of International Bankers 2026 Annual Washington Conference, U.S. Securities and Exchange Commission Commissioner Mark T. Uyeda reviewed ongoing SEC work to implement mandatory central clearing for U.S. Treasury cash and repo transactions and to reassess the regulatory framework for foreign private issuers. He also flagged near-term operational implications from the SEC’s recent rule amendments implementing the Holding Foreign Insiders Accountable Act. On Treasury clearing, Uyeda noted that the SEC extended the original compliance dates by 12 months and that the first implementation date for cash transactions is now less than ten months away. He highlighted a recently published request for exemptive relief and request for comment aimed at limiting the Treasury Clearing Rule’s trade submission requirement for transactions that occur entirely outside the United States where the only U.S. nexus is that a foreign institution is also a direct participant of a U.S. Treasury clearing agency, citing potential legal, operational and market risks. The update also pointed to potential further SEC work on clarifying or modifying the inter-affiliate exemption, recent approvals of CME Securities Clearing Inc. and ICE Clear Credit LLC as Treasury securities clearing agencies alongside the Fixed Income Clearing Corporation, and SEC action on Fixed Income Clearing Corporation proposals to broaden client access, including a collateral-in-lieu model, expansion of agent clearing to triparty repos, and ongoing public comment processes related to customer cross-margining between Fixed Income Clearing Corporation and CME. Uyeda encouraged market participants to raise remaining implementation issues with SEC staff, including questions involving registered investment companies and client clearing models, and indicated that possible public changes to the inter-affiliate exemption could be released in the very near future. On foreign issuers, he referenced the SEC’s concept release on foreign private issuer eligibility, which has generated more than 80 comment letters, including discussion of U.S. GAAP reporting and continued use of IFRS without U.S. GAAP reconciliation. He also noted that directors and officers of foreign private issuers will be required to file Section 16 reports on EDGAR starting March 18, 2026, and that the SEC has granted exemptions for Canada, the United Kingdom, Chile, the 27 European Union countries, Iceland, Liechtenstein, Norway, Switzerland and South Korea, with the SEC’s Division of Corporation Finance available to consider additional jurisdictional relief requests.
U.S. Securities & Exchange Commission 2026-03-10
U.S. Securities and Exchange Commission updates on Treasury Clearing Rule rollout and new Section 16 filing requirements for foreign private issuers
SEC Commissioner Mark T. Uyeda discussed implementing mandatory central clearing for U.S. Treasury transactions and reassessing the regulatory framework for foreign private issuers at the Institute of International Bankers 2026 Annual Washington Conference. Uyeda highlighted extended compliance dates for Treasury clearing, potential legal and market risks, and recent clearing agency approvals. He also addressed foreign issuer reporting requirements and exemptions, urging market participants to engage with the SEC on remaining implementation issues.