The U.S. Securities and Exchange Commission has reopened comment periods on two requests for relief from the Treasury Clearing Rule and is considering addressing them through a single order. The potential combined approach would cover relief for certain non-U.S. transactions and modifications to the inter-affiliate exclusion’s outward-facing condition for certain repo transactions involving non-U.S. affiliates. Comments are expected by Aug. 31, 2026. The SEC is also reviewing a proposed exemption that would allow broker-dealers to include a debit in customer reserve computations for U.S. Treasury clearing margin deposited on a net omnibus basis with a qualified clearing agency. Comments on that proposal are also expected by Aug. 31. The implementation update also reviews conditional relief for private funds using captive clearing subsidiaries and staff guidance on bilateral trading during clearing agency outages. Work continues on unresolved matters, including failed trades, as firms prepare for mandatory clearing of eligible Treasury cash transactions by Dec. 31, 2026, and eligible repo transactions by June 30, 2027.
U.S. Securities & Exchange Commission2026-08-08
U.S. Securities and Exchange Commission reopens Treasury clearing exemption comments and considers combined relief for non-U.S. transactions
The U.S. Securities and Exchange Commission has reopened comments on Treasury clearing relief for certain non-U.S. and inter-affiliate transactions while considering a combined order. Comments on these requests and a separate net omnibus margin proposal are expected by Aug. 31, 2026. The mandatory clearing deadlines remain Dec. 31, 2026, for eligible cash transactions and June 30, 2027, for eligible repo transactions.