Notice2026-09128
Self-Regulatory Organizations; LCH SA; Order Approving Proposed Rule Change Relating to the CDS Clearing Rules (AMF Outsourcing; EMIR SITG; EU CCPRR)
Primary source
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Published
May 8, 2026
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 91 Issue 89 (Friday, May 8, 2026)</title>
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[Federal Register Volume 91, Number 89 (Friday, May 8, 2026)]
[Notices]
[Pages 25421-25425]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2026-09128]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-105374; File No. SR-LCH SA-2026-002]
Self-Regulatory Organizations; LCH SA; Order Approving Proposed
Rule Change Relating to the CDS Clearing Rules (AMF Outsourcing; EMIR
SITG; EU CCPRR)
May 5, 2026.
I. Introduction
On March 10, 2026, Banque Centrale de Compensation, which conducts
business under the name LCH SA (``LCH SA''), filed with the Securities
and Exchange Commission (the ``Commission''), pursuant to Section
19(b)(1) of the Securities Exchange Act of 1934 (the ``Act'') \1\ and
Rule 19b-4 thereunder,\2\ a proposed rule change to submit for
Commission approval to amend its CDS Clearing Rule Book (``Rule
Book''). The proposed rule change was published for comment in the
Federal Register on March 26, 2026.\3\ The Commission did not receive
comments regarding the proposed rule change. For the reasons discussed
below, the Commission is approving the proposed rule change.
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\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
\3\ Securities Exchange Act Release No. 105066 (March 23, 2026),
91 FR 14731 (March 26, 2026) (File No. SR-LCH SA-2026-002)
(``Notice'').
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II. Description of the Proposed Rule Change
LCH SA is a clearing agency registered with the Commission.
[[Page 25422]]
Through its CDSClear business unit, LCH SA provides central
counterparty services for security-based swaps, including credit
default swaps (``CDS'') and options on CDS. LCH SA is an affiliate of
LCH, Ltd, through common ownership by LCH Group Holdings Limited (``LCH
Group''). LCH SA's ultimate parent company is London Stock Exchange
Group.
As an entity based in France, LCH SA is subject to relevant
provisions of French and European Union law. LCH SA is proposing to
amend its CDS Clearing Rule Book (``Rule Book'') \4\ to be consistent
with certain provisions of French and European Union law, as discussed
below.
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\4\ In order to formalize the relationship between LCH SA and
its clearing members, LCH SA adopted the Rule Book. See LCH SA's
website for the latest version of the LCH SA CDS Clearing Rule Book.
<a href="https://www.lseg.com/en/post-trade/clearing/clearing-resources/rulebooks/lch-sa#t-over-the-counter-credit-default-swaps">https://www.lseg.com/en/post-trade/clearing/clearing-resources/rulebooks/lch-sa#t-over-the-counter-credit-default-swaps</a>.
Capitalized terms not otherwise defined herein have the meanings
assigned to them in Rule Book.
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A. Outsourcing by Clearing Members
LCH proposes to amend the Rule Book in order to modify the
conditions under which LCH SA's Clearing Members may outsource clearing
operations, including to certain providers who are not themselves
clearing members. LCH SA states that it is proposing these changes to
ensure it complies with regulations belonging to the French Financial
Markets Authority.\5\ Currently, Articles 2.2.5.2 and 2.2.5.3 set out
the conditions under which clearing members may outsource clearing
operations. LCH SA proposes to amend these articles and adopt new
articles 2.2.5.4 and 2.2.5.5.
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\5\ Notice, 91 FR at 14732. The Autorit[eacute] des
March[eacute]s Financiers, or AMF, regulates the French financial
market and is the securities commission of France. See <a href="https://www.amf-france.org/en">https://www.amf-france.org/en</a>.
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LCH SA proposes to change a provision in its Rule Book, Article
2.2.5.2, which currently authorizes clearing members to outsource the
``performance of all or part of [their] clearing activities'' subject
to certain restrictions. Currently, Article 2.2.5.2 permits Clearing
Members to outsource their clearing activities, subject to remaining
responsible for the performance of all such activities and complying
with certain other conditions. Although current Article 2.2.5.2 imposes
certain conditions on Clearing Members seeking to outsource, it does
not apply any specific conditions to the entities providing the
outsourcing. Accordingly, LCH SA proposes to allow Clearing Members to
outsource their activities to only certain entities, as described in
amended Article 2.2.5.2. These entities include other Clearing Members;
legal entities controlled by, or controlling, Clearing Members; or any
other third-party legal entity, subject to complying with the
conditions in Articles 2.2.5.2 through 2.2.5.5.
Additionally, LCH SA proposes to amend Article 2.2.5.3 of the Rule
Book to require LCH SA to give prior consent to the outsourcing of
clearing operations, a change from the current rule requiring only that
LCH SA give such consent when a Clearing Member outsources a ``material
part'' of its clearing activities. Amendments to Article 2.2.5.3 state
that LCH SA may deny authorization for outsourcing activities or
withdraw its authorization in the event that conditions of, or a
failure in, the outsourcing arrangement could result in the Clearing
Member unable to comply with its obligations under the Rule Book.
Currently, Article 2.2.5.3 does not specify that LCH SA may withdraw
already-given consent, but instead only explains when LCH SA may refuse
consent in the first place (where failure in such an arrangement could
materially impair the ongoing financial soundness, or performance
expectations, of the CDS Clearing Service). LCH SA further proposes to
include within Article 2.2.5.3 that an authorization request by a
Clearing Member must be sufficiently detailed as to the activities
outsourced and the means of control and supervision which the clearing
member would exercise. Where the outsourcing provider is not a Clearing
Member itself, the Clearing Member outsourcing the activity must ensure
that relevant risks are assessed, a written agreement is entered into,
and a formalized policy for control over the outsourcing provider and
an outsourcing register, are in place.
Other relevant changes to the Rule Book include the addition of two
new articles, Articles 2.2.5.4 and 2.2.5.5. The former states that
Clearing Members are liable for outsourced activities, including
obligations to their own clients. The latter requires that Clearing
Members and their outsourcing providers sign an agreement, through a
template written by LCH SA, requiring the outsourcing provider to grant
access of information related to outsourced activities to certain
regulatory bodies, including the AMF, the Autorite de Controle
Prudentiel et de Resolution (``ACPR''),\6\ which is the financial
supervisory authority of the Bank of France, and other recognized
equivalent foreign authorities. Additionally, new Article 2.2.5.5
requires that, where the outsourcing provider is not itself a Clearing
Member, the Clearing Member outsourcing the activity must ensure that
the provider follows a set of requirements, such as having adequate
capabilities to provide the outsourcing activities, protecting the
confidentiality of information, and informing the Clearing Member of
events that could materially impact the ability to perform the
outsourcing activities.
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\6\ The Autorite de Controle Prudential et de Resolution, or
ACPR, exercises oversight over the French banking and insurance
sectors. See <a href="https://acpr.banque-france.fr/en">https://acpr.banque-france.fr/en</a>.
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Finally, LCH SA is making technical changes to Article 2.3.3.3 to
conform to these amendments related to outsourcing.
B. LCH SA Contribution
LCH SA also proposes to amend the definition of the term ``LCH SA
Contribution''. The LCH SA Contribution is an amount of money that LCH
SA can use to offset Damage incurred by LCH SA resulting from a
declaration of an Event of Default by a clearing member in certain
circumstances. Under the current definition, the LCH SA Contribution is
fixed at [euro]20 million. LCH SA proposes that while it will still be
at least [euro]20 million, LCH SA will adjust the amount periodically
in line with other regulatory regimes. These regulatory regimes include
the European Market Infrastructure Regulation (``EMIR''),\7\ which is
European Union legislation designed to regulate certain derivative
products, and a European Commission Delegated Regulation No 153/
2013,\8\ which deals with regulatory standards involving central
counterparties.
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\7\ The European Market Infrastructure Regulation, or EMIR, lays
down rules on over the counter derivatives, central counterparties
and trade repositories. See <a href="https://finance.ec.europa.eu/financial-markets/financial-markets-policy/post-trade-services/derivatives-emir_en">https://finance.ec.europa.eu/financial-markets/financial-markets-policy/post-trade-services/derivatives-emir_en</a>.
\8\ See <a href="https://eur-lex.europa.eu/legal-content/EN/TXT/PDF/?uri=CELEX:02013R0153-20240307&qid=1763483974839">https://eur-lex.europa.eu/legal-content/EN/TXT/PDF/?uri=CELEX:02013R0153-20240307&qid=1763483974839</a>.
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Finally, LCH SA is making technical changes to Articles 4.3.3.1 and
4.4.3.6 to conform to these amendments to the definition of LCH SA
Contribution.
C. Recovery and Resolution Related Amendments
LCH SA also is proposing amendments, including new definitions and
new articles, to its Rule Book to implement certain provisions of
Regulation (EU) 2021/23 of the European Parliament and of the Council
of 16 December 2020 (``CCP Recovery and Resolution Regulation'').\9\
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\9\ Notice, 91 FR at 14372. The EU CCP Recovery and Resolution
Regulation creates a framework for managing central counterparty
failures. See <a href="https://finance.ec.europa.eu/regulation-and-supervision/financial-services-legislation/implementing-and-delegated-acts/ccp-recovery-and-resolution-regulation_en">https://finance.ec.europa.eu/regulation-and-supervision/financial-services-legislation/implementing-and-delegated-acts/ccp-recovery-and-resolution-regulation_en</a>. See also
the latest consolidated version at: <a href="https://eur-lex.europa.eu/legal-content/EN/TXT/PDF/?uri=CELEX:32021R0023">https://eur-lex.europa.eu/legal-content/EN/TXT/PDF/?uri=CELEX:32021R0023</a>.
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[[Page 25423]]
Beginning with definitions, LCH SA is adding the new defined term
``Non Default Event'' to refer to scenarios where LCH SA incurs losses
for events other than an Event of Default, including business, custody,
investment, legal, operational, and fraud. LCH SA is also adding a new
defined term for ``Resolution Authority'' and specifying that the
relevant ``Resolution Authority'' is the ACPR. LCH SA also proposes to
add a defined term ``Resolution Measure'', which means certain
resolution tools or resolution powers decided or exercised by the
Resolution Authority.
LCH SA also proposes adding new articles to the Rule Book related
to the CCP Recovery and Resolution Regulation. LCH SA proposes
including these new articles in a new Chapter 4 to Title I of the Rule
Book.
Article 1.4.1.1 requires that LCH SA establish and maintain a
recovery plan pursuant to the CCP Recovery and Resolution Regulation.
Article 1.4.1.1 also requires that LCH SA receive approval from its
Board of Directors when it proposes to take, or proposes to refrain
from taking, certain measures provided for in its recovery plan.
Article 1.4.2.1 sets the conditions in which Non-Defaulting
Clearing Members can be required by the Resolution Authority to
contribute additional cash funds to LCH SA. Overall, the amount that
the Resolution Authority can require Non-Default Clearing Members to
contribute is limited to up to twice the amount equivalent to their
Contribution.\10\ The actual amount of the contribution will depend on
whether the contribution is being applied to address an Event of
Default or a Non-Default Event. As LCH SA has stated, the CCP Recovery
and Resolution Regulation allows for cash to be raised provisionally
until a definitive valuation is determined, with new Article 1.4.2.1
providing for the return of excess funds, as appropriate, once a
definitive valuation is made.\11\ Article 1.4.2.1 also allows the
Resolution Authority to require LCH SA to declare an Event of Default
with respect to a Non-Defaulting Clearing Member that does not pay the
required contribution in cash. In that case, LCH SA may use that
Clearing Member's Initial Margin and Default Fund Contribution to make
up the deficit.
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\10\ Contribution is a defined term the Rule Book and generally
means the amount calculated by LCH SA and payable by each Clearing
Member to LCH SA to fund the CDS Default Fund.
\11\ Notice, 91 FR at 14733.
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Article 1.4.2.2 sets the conditions wherein the Resolution
Authority, in accordance with the CCP Recovery and Resolution
Regulation, can reduce the amounts LCH SA is obligated to pay Non-
Defaulting Clearing Members. This authority only applies to amounts
that arise from gains due to Variation Margin, net present value
payments, or a payment that has a similar economic effect. LCH SA
refers to this as the ``VM Haircut Tool.'' \12\ Article 1.4.2.2 sets
governance surrounding the use of the VM Haircut Tool, include how
amounts are calculated and communicated to Non-Defaulting Clearing
Members. The article also obligates Non-Defaulting Clearing Members to
notify their own clients regarding the application of the tool and how
it may affect them. Like the additional cash contribution described
above, the Resolution Authority may base a reduction in payment
obligations on a provisional valuation and require LCH SA to reimburse
Non-Defaulting Clearing Members, as appropriate, once a definitive
valuation is made.
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\12\ Notice, 91 FR at 14733.
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Articles 1.4.2.3 through 1.4.2.5 allow the Resolution Authority to
alter rights belonging to parties who contract with LCH SA under
certain circumstances. Article 1.4.2.3 allows the Resolution Authority
to suspend any payment or delivery obligations of LCH SA if it is
placed under resolution, for a certain period as provided for in
Article 72 of the CCP Recovery and Resolution Regulation, with payments
that would have been due during the suspension period becoming
immediately payable upon expiry of the suspension period. Article
1.4.2.4 allows the Resolution Authority to suspend the termination
rights of any party to a contract with LCH SA under the same
circumstances, although payment, delivery, and collateral obligations
would still be in effect. Article 1.4.2.5 allows the Resolution
Authority to reduce or eliminate LCH SA debt in certain circumstances,
if it were placed under resolution.
Finally, LCH SA is also proposing to add Articles 1.4.2.6 and
1.4.2.7. Article 1.4.2.6 lists tools the Resolution Authority could
empower LCH SA to use under the CCP Recovery and Resolution Regulation,
such as position and loss allocation, write down mechanisms, or sale of
business. Prior to using any of these tools, the Resolution Authority
is required to enforce any existing and outstanding rights of LCH SA,
including any contractual obligations by Non-Defaulting Clearing
Members to meet recovery cash calls, to provide additional resources to
LCH SA, or to take on positions of Defaulting Clearing Members. New
Article 1.4.2.7 states that Clearing Members agree to be bound by the
use of tools undertaken by the Resolution Authority under certain
circumstances outlined in the CCP Recovery and Resolution Regulation
without such actions constituting an LCH SA default so long as
substantive obligations by LCH SA continue to be performed.
III. Discussion and Commission Findings
Section 19(b)(2)(C) of the Act requires the Commission to approve a
proposed rule change of a self-regulatory organization if it finds that
the proposed rule change is consistent with the requirements of the Act
and the rules and regulations thereunder applicable to the
organization.\13\ Under the Commission's Rules of Practice, the
``burden to demonstrate that a proposed rule change is consistent with
the Exchange Act and the rules and regulations issued thereunder . . .
is on the self-regulatory organization [`SRO'] that proposed the rule
change.'' \14\
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\13\ 15 U.S.C. 78s(b)(2)(C).
\14\ Rule 700(b)(3), Commission Rules of Practice, 17 CFR
201.700(b)(3).
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The description of a proposed rule change, its purpose and
operation, its effect, and a legal analysis of its consistency with
applicable requirements must all be sufficiently detailed and specific
to support an affirmative Commission finding,\15\ and any failure of an
SRO to provide this information may result in the Commission not having
a sufficient basis to make an affirmative finding that a proposed rule
change is consistent with the Exchange Act and the applicable rules and
regulations.\16\ Moreover, ``unquestioning reliance'' on an SRO's
representations in a proposed rule change is not sufficient to justify
Commission approval of a proposed rule change.\17\
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\15\ Id.
\16\ Id.
\17\ Susquehanna Int'l Group, LLP v. Securities and Exchange
Commission, 866 F.3d 442, 447 (D.C. Cir. 2017).
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After carefully considering the proposed rule change, the
Commission finds that the proposed rule change is consistent with the
requirements of the Act and the rules and regulations thereunder
applicable to LCH SA. More specifically, for the reasons given below,
the Commission finds that the proposed rule change is consistent with
Section
[[Page 25424]]
17A(b)(3)(F) of the Act,\18\ and Rules 17Ad-22(e)(1), 17Ad-
22(e)(3)(ii), and 17Ad-22(e)(17)(i) thereunder, as described in detail
below.\19\
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\18\ 15 U.S.C. 78q-1(b)(3)(F).
\19\ 17 CFR 240.17ad-22(e)(1), (e)(3)(ii), and (e)(17)(i).
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A. Consistency With Section 17A(b)(3)(F) of the Act
Section 17A(b)(3)(F) of the Act requires, among other things, that
the rules of LCH SA be designed to promote the prompt and accurate
clearance and settlement of securities transactions and, to the extent
applicable, derivative agreements, contracts, and transactions, as well
as to assure the safeguarding of securities and funds which are in the
custody or control of LCH SA or for which it is responsible.\20\
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\20\ 15 U.S.C. 78q-1(b)(3)(F).
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As discussed above, rules governing LCH SA's relationship to
outsourcing providers, and specifically the requirements imposed on
these providers and the oversight by LCH SA on their compliance help
maintain the resiliency of LCH SA operations and thereby contribute to
the prompt and accurate clearance and settlement of securities
transactions. For example, amendments to the Rule Book require that LCH
SA must give consent to outsourcing of activities, allow LCH SA to
withdraw such consent, and require outsourcing activities to be
detailed, including with information regarding the control and
supervision exercised on outsourcing providers by Clearing Members.
These requirements give both LCH SA and its Clearing Members greater
control, and thereby make them accountable, over outsourcing activities
that can create risk to clearing operations. Additional risk controls
mandated by LCH SA's amendments make Clearing Members liable for
outsourced activities, and require that outsourcing providers provide
relevant records to certain regulatory bodies, both of which would
foster greater oversight of outsourcing activities.
Outsourcing arrangements, if not properly managed, could disrupt
LCH SA's clearing services. For example, an outsourcing provider that
lacks sufficient operational controls or capacity may be unable to
perform as expected, therefore disrupting a Clearing Member's
submission of transactions to LCH SA and LCH SA's clearance and
settlement of those transactions. In helping to improve the oversight
of outsourced activities, the amendments described above help LCH SA to
manage and mitigate these risks, consistent with the prompt and
accurate clearance and settlement of securities transactions.
Accordingly, the Commission finds that the proposed rule change is
consistent with the requirements of Section 17A(b)(3)(F) of the
Act.\21\
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\21\ Id.
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B. Consistency With Rule 17ad-22(e)(1)
Exchange Act Rule 17ad-22(e)(1) requires, among other things, that
each covered clearing agency establish, implement, maintain and enforce
written policies and procedures reasonably designed to provide for a
well-founded, clear, transparent, and enforceable legal basis for each
aspect of its activities in all relevant jurisdictions.\22\
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\22\ 17 CFR 240.17Ad-22(e)(1).
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Amendments proposed by LCH SA are designed, in part, to comply with
regulatory obligations and oversight in its home jurisdiction, as it
falls under both French, and more broadly, European Union authority.
For example, new Article 2.2.5.5 would require that outsourcing
providers grant access of information to the ACPR and the AMF, as well
as other recognized foreign authorities. Similarly, proposed new
Articles 1.4.1.1 and 1.4.2.1 through 1.4.2.7 have been designed to
accommodate the requirements of the CCP Recovery and Resolution
Regulation and the Resolution Authority to which LCH SA must answer.
The Resolution Authority, as outlined by LCH SA, must adhere to the CCP
Recovery and Resolution Regulation. Additionally, LCH SA has proposed
amending the LCH SA Contribution in order to conform to EMIR standards,
as well as to the European Commission Delegated Regulation. In so
drafting its amendments, LCH SA has ensured that it has a well-founded,
clear, transparent, and enforceable legal basis for its operations in
its home jurisdiction.
Accordingly, the Commission finds that the proposed rule change is
consistent with the requirements of Exchange Act Rule 17ad-
22(e)(1).\23\
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\23\ Id.
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C. Consistency With Rule 17ad-22(e)(3)(ii)
Exchange Act Rule 17ad-22(e)(3)(ii) requires, among other things,
that each covered clearing agency establish, implement, maintain and
enforce written policies and procedures reasonably designed to maintain
a sound risk management framework for comprehensively managing legal,
credit, liquidity, operational, general business, investment, custody,
and other risks that arise in or are borne by the LCH SA, which
includes plans for the recovery and orderly wind-down of the covered
clearing agency necessitated by credit losses, liquidity shortfalls,
losses from general business risk, or any other losses.\24\
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\24\ 17 CFR 240.17Ad-22(e)(3)(ii).
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LCH SA's proposed Article 1.4.1.1 requires that LCH SA establish
and maintain a recovery plan pursuant to the CCP Recovery and
Resolution Regulation. Articles 1.4.2.1 through 1.4.2.7 contemplate
strenuous financial conditions and losses affecting LCH SA which
require the Resolution Authority to relieve LCH SA of certain financial
obligations and limit the rights of parties to whom LCH SA has
obligations. For example, the VM Haircut Tool would reduce the amounts
LCH SA is obligated to pay Clearing Members from events including
market gains and net present value changes. Article 1.4.2.3
specifically would allow the Resolution Authority to broadly suspend
all payments and delivery of obligations of LCH SA under a resolution.
These provisions are designed to grant LCH SA an opportunity to recover
from adverse financial affects, such as credit losses, liquidity
shortfalls, and other losses. More specifically, they preserve LCH SA's
liquidity during extreme and plausible stress scenarios, and prevent
the depletion of assets, which promotes LCH SA's operational capacity
and thereby allows for continuing clearing and settlement services,
fulfillment of obligations, and, ultimately, its viability as a
clearing firm.
Accordingly, the Commission finds that the proposed rule change is
consistent with the requirements of Exchange Act Rule 17ad-
22(e)(3)(ii).\25\
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\25\ Id.
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D. Consistency With Rule 17ad-22(e)(17)(i)
Exchange Act Rule 17ad-22(e)(17)(i) requires, among other things,
that each covered clearing agency establish, implement, maintain and
enforce written policies and procedures reasonably designed to manage
its operational risks by identifying the plausible sources of
operational risk, both internal and external, and mitigating their
impact through the use of appropriate systems, policies, procedures,
and controls.\26\
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\26\ 17 CFR 240.17Ad-22(e)(17)(i).
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LCH SA has identified risks posed by outsourcing providers to its
operations and established written rules, through article amendments to
its Rule Book. Outsourcing arrangements present operational risk
because an outsourcing
[[Page 25425]]
provider's failure could disrupt the systems of a Clearing Member, and,
consequently, the Clearing Member's ability to perform tasks relevant
to the clearing relationship with LCH SA. This would impair LCH SA's
ability to perform clearing and settlement operations in a timely and
accurate manner. By creating a system where LCH SA must obtain details
on outsourced operations, grant or withhold approval, withdraw
previously agreed approval, and hold Clearing Members liable for
activities they outsource, LCH SA has created an oversight system where
it retains a degree of control and oversight of activities that have
been outsourced. In this way, it is able to assess provider resiliency
as well as enforce necessary standards, which ultimately mitigates
operational risk to LCH SA in providing accurate and timely clearing
and settlement services.
Accordingly, the Commission finds that the proposed rule change is
consistent with the requirements of Exchange Act Rule 17ad-
22(e)(17)(i).\27\
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\27\ Id.
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IV. Conclusion
On the basis of the foregoing, the Commission finds that the
proposed rule change is consistent with the requirements of the Act,
and in particular, with the requirements of Section 17A(b)(3)(F) of the
Act,\28\ and Rules 17Ad-22(e)(1),\29\ 17Ad-22(e)(3)(ii),\30\ and 17Ad-
22(e)(17)(i) \31\ thereunder.
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\28\ 15 U.S.C. 78q-1(b)(3)(F).
\29\ 17 CFR 240.17Ad-22(e)(1).
\30\ 17 CFR 240.17Ad-22(e)(3)(ii).
\31\ 17 CFR 240.17Ad-22(e)(17)(i).
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It is therefore ordered pursuant to Section 19(b)(2) of the Act
\32\ that the proposed rule change (SR-LCH SA-2026-002) be, and hereby
is, approved.\33\
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\32\ 15 U.S.C. 78s(b)(2).
\33\ In approving the proposed rule change, the Commission
considered the proposal's impact on efficiency, competition, and
capital formation. 15 U.S.C. 78c(f).
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\34\
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\34\ 17 CFR 200.30-3(a)(12).
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J. Matthew DeLesDernier,
Deputy Secretary.
[FR Doc. 2026-09128 Filed 5-7-26; 8:45 am]
BILLING CODE 8011-01-P
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This is legal information, not legal advice. Laws vary by jurisdiction and change frequently. Always verify current law with official sources and consult a licensed attorney in your jurisdiction for advice on your specific situation.