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“Clearing agencies that have been designated as systemically important or that clear security-based swaps are a backbone of the US financial markets", said SEC Chair Mary Jo White. “The enhanced regulatory regime proposed today reflects the importance of effective regulation of these entities.”
The Dodd-Frank Wall Street Reform and Consumer Protection Act called for an enhanced regulatory framework for certain clearing agencies. The SEC’s proposal would apply to SEC-registered clearing agencies that have been designated as systemically important by the Financial Stability Oversight Council or that take part in more complex transactions, such as clearing security-based swaps.
Clearing agencies covered by the proposed rules would be subject to new requirements regarding their financial risk management, operations, governance, and disclosures to market participants and the public. The proposal also would establish procedures for the Commission to apply the new requirements to additional clearing agencies.