The Securities and Exchange Commission issued exemptive relief today from Treasury clearing requirements for certain inter-affiliate repo transactions and non-U.S. repo transactions, providing broker-dealers and market participants with targeted relief as they prepare to comply with central clearing rules adopted in December 2023.
The exemptions exclude specific categories of transactions from the definition of eligible secondary market transactions subject to the clearing mandate. SEC Commissioner Mark T. Uyeda, designated by Chairman Paul S. Atkins to lead the agency's central clearing initiative, stated that "successful implementation requires a thoughtful approach that must account for the realities of cross-border transactions."
The SEC has extended original compliance dates multiple times to allow market participants time to address operational and interpretive questions. In September 2025, the agency launched a webpage consolidating implementation updates, FAQs, and resources for firms preparing for the transition.
Market participants with questions can contact SEC staff in the Division of Trading and Markets at tradingandmarkets@sec.gov or 202-551-5777.