Securities Law Prof Blog

Editor: Eric C. Chaffee
Univ. of Toledo College of Law

Thursday, June 28, 2012

SEC Adopts Procedures for Review of Clearing Agency Actions

The SEC adopted rules that establish procedures for its review of certain clearing agency actions. The rules were required by Dodd-Frank, which called for a new regulatory framework for trading in over-the-counter derivatives, including swap agreements.

The rules detail how clearing agencies will provide information to the SEC about security-based swaps that the clearing agencies plan to accept for clearing. The information is intended to aid the SEC in determining whether such security-based swaps are required to be cleared.

The SEC also adopted rules requiring clearing agencies that are designated as "systemically important" to submit advance notice of changes to their rules, procedures, or operations if the changes could materially affect the nature or level of risk at those clearing agencies.

Most of the final rules will become effective 60 days after the date of publication in the Federal Register.

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