On February 25, the SEC released updates regarding a compliance date extension and a temporary exemption, both for U.S. Treasury securities clearing agencies. The Commission issued a final rule extending the compliance dates for clearing agencies; the rule would require written policies for submitting secondary market transactions and monitoring participants’ submissions of transactions. The compliance dates for cash market transactions moved from Dec. 31, 2025, to Dec. 31, 2026, and for eligible repo transactions from June 30, 2026, to June 30, 2027.

The SEC also issued an order granting temporary exemptive relief from certain aspects of Rule 17ad-22(e)(6)(i) under the Securities Exchange Act. The order allows U.S. Treasury securities clearing agencies to delay the enforcement of written policies to calculate, collect and hold margin amounts from a direct participant’s securities positions separately from margin amounts collected from that direct participant in connection with transactions by an indirect participant until Sept. 30, 2025. The temporary relief does not affect the requirement for clearing agencies to establish and maintain such policies but allows covered clearing agencies not to enforce such policies on participants that are not ready to comply.