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SEC grants clearing exemptions for certain affiliate and non-U.S. repos
The relief covers specified transactions involving overseas counterparties and affiliates as the agency implements its Treasury clearing rules.
The Securities and Exchange Commission on October 30, 2026, granted exemptions from its U.S. Treasury clearing requirements for certain repurchase transactions involving affiliates or non-U.S. counterparties. The agency said the action followed public consultation on how the rules apply to those transactions.
The exemptions remove qualifying repos from the transactions defined as eligible for secondary-market clearing. For transactions involving non-U.S. counterparties, the relief is subject to specified conditions and limits.
The affiliate exemption covers certain repos between a Treasury securities clearing agency’s direct participant and an affiliated entity. That affiliate must fall outside the definition of an investment company under Section 3 of the Investment Company Act of 1940 and otherwise qualify as an affiliated counterparty under Rule 17ad-22(a).
The SEC adopted its Treasury clearing rules in December 2023 and subsequently pushed back the original compliance deadlines to allow more engagement on operational, compliance and interpretive issues. In September 2025, it created a webpage bringing together implementation guidance and updates.
SEC Commissioner Mark T. Uyeda said the exemptions address practical implementation concerns, including those arising from cross-border transactions. Chairman Paul S. Atkins designated Uyeda to lead the agency’s oversight of the transition to central clearing for Treasury securities transactions.