SEC- Proposed Rules for Systemically and Security-Based Clearing

The SEC has published its proposed rules that seek to enhance the oversight of clearing counterparties assessed by the FSOC as “systemically important” or that transact deals with a “more complex risk profile”, such as security-based swaps (“covered clearing agencies”).

The covered clearing agencies would be subject to new and “more robust” requirements with respect to: financial risk management, operations, governance and disclosures to market participants and the public.

Comments must be submitted by May 27, 2014

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