Regulatory Alerts2014-05-22 | R1-2014-05806Added · Updated
Standards for Covered Clearing Agencies
The Securities and Exchange Commission proposes to amend Rule 17Ad-22 and add Rule 17Ab2-2 to establish comprehensive operational, governance, and risk management standards for registered clearing agencies designated as covered clearing agencies. These proposed rules implement requirements under the Clearing Supervision Act and Dodd-Frank Act, specifically targeting entities that are systemically important or provide central counterparty services for security-based swaps. The proposal defines the scope of covered clearing agencies and mandates rigorous standards for financial risk management, settlement finality, default procedures, and disclosure to enhance market stability.
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