SEC Issues Exemptive Relief from Treasury Clearing Requirements for Certain Inter-Affiliate and Non-U.S. Repo Transactions
The Securities and Exchange Commission took another step forward today to assist broker-dealers and other market participants on the path to central clearing of U.S. Treasury securities by issuing exemptive relief related to inter-affiliate repo…
On <date>, the Securities and Exchange Commission (SEC) announced exemptive relief from Treasury clearing requirements for specific inter-affiliate and non-U.S. repurchase agreements (repos). This decision comes as part of the agency's ongoing efforts to ease the transition to central clearing of U.S. Treasury securities. The SEC had previously established the Treasury clearing rules in December 2023, but recognized the need for additional time to address compliance, operational, and interpretive concerns.
To facilitate this process, the commission extended the original compliance dates and launched a dedicated webpage in September 2025, providing up-to-date resources and updates for market participants. Commissioner Mark T. Uyeda emphasized the importance of considering the complexities of cross-border transactions when implementing these rules, stating that successful implementation requires a thoughtful approach.
The exemptive relief specifically excludes inter-affiliate repo transactions and non-U.S. repos from the definition of eligible secondary market transactions under the Treasury clearing rules. Market participants seeking further clarification or assistance with compliance can reach out to SEC staff in the Division of Trading and Markets via email or by calling 202-551-5777.
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