Notice2026-07776
Reopening of Comment Period; Notice of Request for Exemptive Relief, Pursuant to Section 36(a) of the Securities Exchange Act of 1934, From Certain Aspects of Rule 17ad-22(e)(18)(iv) of the Securities Exchange Act of 1934 and Request for Comment
Primary source
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Published
April 22, 2026
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 91 Issue 77 (Wednesday, April 22, 2026)</title>
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[Federal Register Volume 91, Number 77 (Wednesday, April 22, 2026)]
[Notices]
[Pages 21584-21585]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2026-07776]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-105261; File No. S7-2026-07]
Reopening of Comment Period; Notice of Request for Exemptive
Relief, Pursuant to Section 36(a) of the Securities Exchange Act of
1934, From Certain Aspects of Rule 17ad-22(e)(18)(iv) of the Securities
Exchange Act of 1934 and Request for Comment
April 17, 2026.
I. Introduction
On December 13, 2023, the Commission adopted,\1\ among other
things, Rule 17ad-22(e)(18)(iv)(A) (the ``Trade Submission
Requirement'') \2\ under the Exchange Act. The Trade Submission
Requirement requires a covered clearing agency that provides central
counterparty services for transactions in U.S. Treasury securities
(``U.S. Treasury securities CCA'') \3\ to establish, implement,
maintain and enforce written policies and procedures reasonably
designed to require that any direct participant must submit for
clearance and settlement all ``eligible secondary market transactions''
to which that direct participant is a counterparty. An ``eligible
secondary market transaction'' is, in turn, defined as (i) a repurchase
or reverse repurchase agreement collateralized by U.S. Treasury
securities, in which one of the counterparties is a direct participant
(``repo''); or (ii) a purchase or sale, between a direct participant
and: (A) any counterparty, if the direct participant of the covered
clearing agency brings together multiple buyers and sellers using a
trading facility (such as a limit order book) and is a counterparty to
both the buyer and seller in two separate transactions; or (B) a
registered broker-dealer, government securities broker, or government
securities dealer.\4\
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\1\ Standards for Covered Clearing Agencies for U.S. Treasury
Securities and Application of the Broker-Dealer Customer Protection
Rule With Respect to U.S. Treasury Securities, Exchange Act Release
No. 99149 (Dec. 13, 2023), 89 FR 2714, 2737 (Jan. 16, 2024).
\2\ 17 CFR 240.17ad-22(e)(18)(iv)(A).
\3\ The U.S. Treasury securities CCAs are the Fixed Income
Clearing Corporation, the CME Securities Clearing Corp., and ICE
Clear Credit, LLC.
\4\ 17 CFR 240.17ad-22(a).
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On February 27, 2026, a trade association submitted a letter to the
Commission requesting exemptive relief from the Trade Submission
Requirement for certain Non-U.S. Transactions, specifically, the
transactions of foreign financial institutions who are direct
participants of a U.S. Treasury securities
[[Page 21585]]
CCA when transacting with non-U.S. clients. On March 6, 2026, the
Commission published the Notice to request and encourage interested
persons to comment on the request for exemptive relief pursuant to
Section 36 of the Exchange Act, including whether the Commission should
grant the request.\5\ As part of the Notice, the Commission included
specific questions to which it is soliciting comments.
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\5\ Notice of Request for Exemptive Relief, Pursuant to Section
36(a) of the Securities Exchange Act of 1934, From Certain Aspects
of Rule 17ad-22(e)(18)(iv) of the Securities Exchange Act of 1934
and Request for Comment, Exchange Act Release No. 104944 (Mar. 6,
2026), 91 FR 12030 (Mar. 11, 2026) (``Notice'').
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The comment period for the Notice closed on April 10, 2026. The
Commission believes that providing the public with additional time to
consider and comment on the matters addressed in the Notice would
benefit the Commission in its consideration of whether to grant the
request for exemptive relief. Specifically, the Commission requests
comments on (i) whether the relief requested interacts, if at all, with
the relief requested by the Securities Industry and Financial Markets
Association (``SIFMA''),\6\ and (ii) whether there are any competitive
concerns that could arise if the Commission granted the relief
requested as noticed, including, but not limited to, the potential
impact on liquidity in the U.S. Treasury market. Therefore, the
Commission is reopening the comment period for the Notice until May 29,
2026.
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\6\ Notice of Request for Exemptive Relief, Pursuant to Section
36(a) of the Securities Exchange Act of 1934, From Certain Aspects
of Rule 17ad-22(e)(18)(iv) of the Securities Exchange Act of 1934
and Request for Comment, Exchange Act Release No. 105262 (Apr. 17,
2026).
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II. Request for Comment
We request and encourage any interested person to submit comments
on the requested relief, including whether the Commission should grant
exemptive relief.
Comments may be submitted by any of the following methods:
Electronic Comments
<bullet> Use the Commission's internet comment form (<a href="https://www.sec.gov/rules/sro.shtml">https://www.sec.gov/rules/sro.shtml</a>); or
<bullet> Send an email to <a href="/cdn-cgi/l/email-protection#e89a9d848dc58b8785858d869c9ba89b8d8bc68f879e"><span class="__cf_email__" data-cfemail="2d5f584148004e4240404843595e6d5e484e034a425b">[email protected]</span></a>. Please include
file number S7-2026-07 on the subject line.
Paper Comments
<bullet> Send paper comments in triplicate to Vanessa A. Coutryman,
Secretary, Securities and Exchange Commission, 100 F Street NE,
Washington, DC 20549-1090.
All submissions should refer to File Number S7-2026-07. This file
number should be included on the subject line if email is used. To help
the Commission process and review your comments more efficiently,
please use only one method. The Commission will post all comments on
the Commission's internet website (<a href="https://www.sec.gov/rules-regulations/exchange-act-exemptive-notices-orders">https://www.sec.gov/rules-regulations/exchange-act-exemptive-notices-orders</a>). Do not include
personal identifiable information in submissions; you should submit
only information that you wish to make available publicly. We may
redact in part or withhold entirely from publications submitted
material that is obscene or subject to copyright protection.
For further information, you may contact Elizabeth Fitzgerald,
Assistant Director, at (202) 551-6036, or Heather Percival, Senior
Special Counsel, at (202) 551-3498, in the Division of Trading and
Markets; U.S. Securities and Exchange Commission, 100 F Street NE,
Washington, DC 20549.
By the Commission.
Dated: April 17, 2026.
Vanessa A. Countryman,
Secretary.
[FR Doc. 2026-07776 Filed 4-21-26; 8:45 am]
BILLING CODE 8011-01-P
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