The SEC published in the Federal Register its proposed rules that would enhance the oversight of clearing agencies that are deemed to be systemically important by the Financial Stability Oversight Council (“FSOC”) or that are involved in complex transactions, such as security-based swaps (“covered clearing agencies”).
The covered clearing agencies would be subject to new and “more robust” requirements regarding their financial risk management, operations, governance and disclosures to market participants and the public. The proposal also would establish procedures for the SEC to use to apply the new requirements to additional clearing agencies.
Comments regarding the proposed rule must be submitted by May 27, 2014.
See: 79 FR 16866.
Related news: SEC Proposes Rules for Systemically Important and Security-Based Swap Clearing Agencies (March 12, 2014).