SEC grants Treasury repo clearing exemptions
02 November 2026 US
Image: Kateryna_Kordubailo/stock.adobe.com
The US Securities and Exchange Commission (SEC) has issued exemptive relief from certain Treasury clearing requirements for inter-affiliate repo transactions and non-US repo transactions.
The move is intended to support broker-dealers and other market participants as the industry prepares for the implementation of mandatory central clearing for US Treasury securities.
The SEC adopted its Treasury clearing rules in December 2023 and has since engaged with market participants on compliance, operational, and interpretive issues linked to implementation.
Earlier, the Commission extended the original compliance deadlines to provide additional time for engagement with industry participants and to support an orderly transition to the new framework.
The SEC highlighted ongoing efforts to support implementation of the Treasury clearing regime, including the launch of a dedicated webpage in September 2025 containing regulatory updates, frequently asked questions, Commission and staff statements, and other resources for market participants.
The relief follows extensive public engagement regarding the scope of the Treasury clearing rules and how they apply to inter-affiliate and non-US repo transactions, including requests for relief submitted on behalf of market participants and published by the SEC for comment.
Paul S. Atkins, Chairman at SEC, has designated Mark T. Uyeda, Commissioner at SEC, to lead the agency’s initiative to oversee the transition to central clearing of US Treasury security transactions.
Uyeda states: “The Commission has listened carefully to market participants about the challenges of implementing our Treasury clearing rules.
“Successful implementation requires a thoughtful approach that must account for the realities of cross-border transactions.
“Today’s targeted relief addresses practical concerns while preserving the important benefits of central clearing.”
The move is intended to support broker-dealers and other market participants as the industry prepares for the implementation of mandatory central clearing for US Treasury securities.
The SEC adopted its Treasury clearing rules in December 2023 and has since engaged with market participants on compliance, operational, and interpretive issues linked to implementation.
Earlier, the Commission extended the original compliance deadlines to provide additional time for engagement with industry participants and to support an orderly transition to the new framework.
The SEC highlighted ongoing efforts to support implementation of the Treasury clearing regime, including the launch of a dedicated webpage in September 2025 containing regulatory updates, frequently asked questions, Commission and staff statements, and other resources for market participants.
The relief follows extensive public engagement regarding the scope of the Treasury clearing rules and how they apply to inter-affiliate and non-US repo transactions, including requests for relief submitted on behalf of market participants and published by the SEC for comment.
Paul S. Atkins, Chairman at SEC, has designated Mark T. Uyeda, Commissioner at SEC, to lead the agency’s initiative to oversee the transition to central clearing of US Treasury security transactions.
Uyeda states: “The Commission has listened carefully to market participants about the challenges of implementing our Treasury clearing rules.
“Successful implementation requires a thoughtful approach that must account for the realities of cross-border transactions.
“Today’s targeted relief addresses practical concerns while preserving the important benefits of central clearing.”
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