Notice2026-21931
Order Under Section 36 of the Securities Exchange Act of 1934 Granting Conditional Exemptive Relief Regarding the Treatment of Customer Margin Under Item 13 and Note F of Exhibit A to Rule 15c3-3
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Published
October 28, 2026
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 91 Issue 207 (Wednesday, October 28, 2026)</title>
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[Federal Register Volume 91, Number 207 (Wednesday, October 28, 2026)]
[Notices]
[Pages 67881-67884]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2026-21931]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-106726; File No. 4-930]
Order Under Section 36 of the Securities Exchange Act of 1934
Granting Conditional Exemptive Relief Regarding the Treatment of
Customer Margin Under Item 13 and Note F of Exhibit A to Rule 15c3-3
October 23, 2026.
I. Introduction
A. Overview of the Exemptive Order
On September 18, 2026, Cboe Clear U.S., LLC (``CCUS''), a clearing
agency now temporarily registered with the Securities and Exchange
Commission (``Commission'') pursuant to Rule 17Ab2-1(c) \1\ under the
Securities Exchange Act of 1934 \2\ (``Exchange Act'') for a period of
18 months,\3\ filed an application with the Commission
(``Application'') \4\ to obtain an exemption pursuant to section
36(a)(1) \5\ of the Exchange Act, in accordance with the procedures set
forth in Exchange Act Rule 0-12.\6\ Specifically, CCUS requested
exemptive relief on behalf of broker-dealers that are CCUS clearing
members (``Clearing Members'') from the limitation in Item 13 and Note
F of Exhibit A to Rule 15c3-3 \7\ that confines the Item 13 debit to
the amount of margin required and on deposit with the Options Clearing
Corporation (``OCC'') for all option contracts written or purchased in
customer accounts. This would afford Clearing Members the same
treatment for margin required and on deposit at CCUS for purposes of
the reserve computation requirements under Item 13 and Note F of Rule
15c3-3a as is currently afforded to margin required and on deposit with
the OCC.\8\
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\1\ 17 CFR 240.17Ab2-1(c).
\2\ 15. U.S.C. 78a et seq.
\3\ See Exchange Act Rel. No. 34-106723 (October 22, 2026)
(``CCUS Temporary Registration Order'') (granting CCUS's request for
temporary registration with an exemption from certain requirements
for a period of 18 months). Pursuant to the CCUS Temporary
Registration Order, CCUS is registered to provide central
counterparty services for cash-settled binary security options,
including security options overlying key performance indicators
reported by certain issuers of stock. Id.
\4\ Letter from Dale Michaels, Head of Clearing, CCUS, to
Vanessa A. Countryman, Secretary, Commission (Sept. 18, 2026): See
also infra note 9.
\5\ 15 U.S.C. 78mm. Section 36(a)(1) of the Exchange Act gives
the Commission the authority to exempt any person, security or
transaction or any class or classes of persons, securities or
transactions, conditionally or unconditionally, from any Exchange
Act provision by rule, regulation or order, to the extent that the
exemption is necessary or appropriate in the public interest and
consistent with the protection of investors.
\6\ 17 CFR 240.0-12. Exchange Act Rule 0-12 sets forth the
procedures for filing applications for orders for exemptive relief
pursuant to section 36.
\7\ 17 CFR 240.15c3-3a (``Rule 15c3-3a'').
\8\ See Application, at 1.
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On September 25, 2026, the Commission published a notice of an
application for an exemption and requested comment regarding the
Application and the proposed conditions set forth therein.\9\ The
Notice was published in the Federal Register on September 29, 2026.\10\
The Commission received one comment on the Notice of an
Application.\11\ For the reasons discussed below, this order grants
Clearing Members conditional exemptive relief from the limitation in
Item 13 and Note F of 15c3-3a that confines the Item 13 debit to margin
required and on deposit with the OCC for all option contracts written
or purchased in customer accounts.
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\9\ See Notice of an Application of Cboe Clear U.S., LLC for an
Exemption Pursuant to Section 36 of the Securities Exchange Act of
1934 Regarding the Treatment of Customer Margin Under Item 13 and
Note F of Exhibit A to Rule 15c3-3, Exchange Act Release No. 106493
(Sep. 25, 2026), 91 FR 61528 (Sep. 29, 2026) (``Notice of an
Application''). The Application is attached as an appendix to the
Notice of an Application and is available at: <a href="https://www.sec.gov/files/rules/other/2026/34-106493.pdf">https://www.sec.gov/files/rules/other/2026/34-106493.pdf</a>.
\10\ Id.
\11\ See Letter from Shawn SN, dated October 13, 2026. The
public comment file is available at <a href="https://www.sec.gov/rules-regulations/public-comments/4-930">https://www.sec.gov/rules-regulations/public-comments/4-930</a>.
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B. Overview of Rule 15c3-3 and Rule 15c3-3a
Rule 15c3-3, the broker-dealer customer protection rule, requires,
among other things, broker-dealers that hold customer cash and
securities (``carrying broker-dealers'') to compute the net amount of
cash owed to customers under a formula in Rule 15c3-3a (``customer
reserve computation'').\12\ Generally, carrying broker-dealers must
perform this customer reserve computation and make any required deposit
into special reserve bank account daily or weekly. The rule also
requires a carrying broker-dealer to perform a PAB reserve computation
for the proprietary securities and cash it holds for other broker-
dealers, known as proprietary accounts of broker-dealers (``PAB
accounts'').\13\ Item 13 of the customer reserve computation in Rule
15c3-3a includes as a debit in the computation the amount of margin
required and on deposit with OCC for all option contracts written or
purchased in customer accounts. Note F to Item 13 states that Item 13
must include the amount of margin required and on deposit with the OCC
to the extent such margin is represented by cash, proprietary qualified
securities and letters of credit collateralized by customers'
securities.\14\ Under that framework, the permitted debit is based on
the margin amount posted by the broker-dealer to OCC that is calculated
by OCC across all of the broker-dealer's customers with listed options
(i.e., on an omnibus basis).
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\12\ 17 CFR 240.15c3-3.
\13\ Broker-dealers use the formula in Rule 15c3-3a for the
purposes of computing the PAB reserve requirement, except that
references to ``accounts,'' ``customer accounts,'' or ``customers''
will be treated as references to PAB accounts. See Note 1 to Rule
15c3-3a. For the purposes of this order, references to ``accounts,''
``customer,'' or ``customer accounts'' will also include ``PAB'' or
``PAB accounts.''
\14\ See Note F to Rule 15c3-3a.
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C. Request for Exemptive Relief From CCUS
In its Application, CCUS requested, pursuant to section 36(a)(1) of
the Exchange Act, and in accordance with the procedures set forth in
Rule 0-12, that the Commission issue an order exempting its Clearing
Members from the limitation in Item 13 and Note F of Rule 15c3-3a that
confines the Item 13 debit to the amount of margin required and on
deposit with OCC for option contracts written or purchased in customer
accounts. CCUS also requested that the exemptive relief apply with
respect to the PAB reserve computation.\15\ In effect, CCUS is seeking
comparable treatment for its Clearing Members under the customer
reserve computation with respect to the margin that is required and on
deposit at CCUS as has been afforded broker-dealers that are clearing
members of OCC.
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\15\ See Application, at 3-4.
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In support of its request, CCUS stated that when the Commission
adopted Item 13, and Note F thereto, OCC was the only clearing agency
registered with the Commission to provide central counterparty services
for securities options. CCUS stated that it does not
[[Page 67882]]
believe that the Exchange Act requires or warrants different treatment
for margin held on similar terms for security option products at
different registered clearing agencies. Further, CCUS stated that
section 17A(a)(2) of the Exchange Act \16\ directs the Commission, with
due regard for the maintenance of fair competition among clearing
agencies, to facilitate a national system for the prompt and accurate
clearance and settlement of securities transactions and to assure equal
regulation under the Exchange Act of registered clearing agencies.
Consequently, CCUS stated that reading Item 13 to exclude margin held
at a second registered options clearing agency because it did not exist
when the rule was amended would be inconsistent with this statutory
mandate.\17\
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\16\ 15 U.S.C. 78q-1(a)(2).
\17\ See Application at 4.
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To further support its position, CCUS stated that Item 14 \18\ and
Item 15 \19\ of the customer reserve computation do not name any
particular clearing agency, and do not distinguish between registered
clearing agencies.\20\ CCUS stated that where the Commission
anticipated that more than one clearing agency could hold margin, it
framed the customer reserve computation treatment of such margin by
reference to a registered category rather than name a specific existing
clearing agency.\21\ Consequently, CCUS stated that permitting broker-
dealers to treat margin held at other registered clearing agencies
would treat functionally equivalent margin on equivalent terms.\22\
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\18\ Item 14 of the customer reserve computation is a debit item
for margin that is required and on deposit with a registered
clearing agency under section 17A of the Exchange Act (15 U.S.C.
78q-1), or a derivatives clearing organization (``DCO'') registered
with the Commodity Futures Trading Commission (``CFTC'') under
section 5b of the Commodity Exchange Act (``CEA'') (7 U.S.C. 7a-1)
related to positions written, purchased or sold in customer accounts
with respect to security futures products, and futures contracts
(and options thereon) carried in a securities account pursuant to a
self-regulatory organization (``SRO'') margining rule. See 17 CFR
240.15c3-3a, Item 14.
\19\ Item 15 of the customer reserve computation is a debit item
for margin required and on deposit with a clearing agency registered
with the Commission under section 17A of the Exchange Act resulting
from specified transactions in U.S. Treasury securities in customer
accounts that have been cleared, settled and novated by the clearing
agency. See 17 CFR 240.15c3-3a, Item 15.
\20\ See Application at 4-5.
\21\ See id.
\22\ See id.
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Additionally, CCUS stated that its proposed rules contemplate
customer protection standards that satisfy the same regulatory
requirements as those under which OCC operates. Specifically, CCUS
stated that it will offer separate customer, firm, and market-maker
accounts, and that its rules require all funds and assets held for
securities customers of a Clearing Member be maintained in a segregated
Securities Customer Account. Further, CCUS stated that the binary
options it proposed to clear will be fully margined and that its risk
management framework provides for daily and intraday margin collection,
guaranty fund resources, and a default waterfall.\23\
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\23\ See Application at 2-3. CCUS's margin requirements for
binary options, discussed in Exhibit J to its Form CA-1 application
seeking temporary registration and known as its ``margin model,''
are contained in its Margin Model and Stress Scenarios document (Ex.
E-1.86 to Form CA-1).
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In its Application, CCUS stated that a failure to provide
equivalent treatment under the customer reserve computation to margin
required and on deposit at CCUS would result in its Clearing Members
facing a customer reserve computation penalty for clearing customer
security options at CCUS. CCUS stated that this result could hinder the
development of a cleared securities environment for trading in binary
options that CCUS expects to clear.\24\
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\24\ See Application at 5.
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In connection with its request for an exemption, CCUS proposed
certain conditions that would apply in connection with its Clearing
Members being able to include margin required and on deposit with CCUS
with respect to customer binary options transactions in the Item 13
debit.\25\
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\25\ See Application at 3-4.
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IV. Discussion
A. Statement of Relief
Section 36(a)(1) of the Exchange Act authorizes the Commission to
conditionally or unconditionally exempt any person, security, or
transaction, or any class or classes of persons, securities, or
transactions, from certain provisions of the Exchange Act or certain
rules or regulations thereunder, by rule, regulation, or order, to the
extent that such exemption is necessary or appropriate in the public
interest, and is consistent with the protection of investors.\26\ As
described below, the Commission finds that the conditional exemptive
relief granted herein to permit Clearing Members to include an Item 13
debit for margin required and on deposit with CCUS in the customer and
PAB reserve computations is appropriate in the public interest, and is
consistent with the protection of investors.
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\26\ 15 U.S.C. 78mm(a)(1).
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In particular, it is appropriate to permit Clearing Members to
include an Item 13 debit in the customer and PAB reserve computations
for margin required and on deposit at CCUS for customer binary options.
Without the availability of an Item 13 debit, increases in the amounts
of required customer margin as a result of the clearance of binary
options at CCUS would result in corresponding increases in the need for
Clearing Members to use their own cash and securities to meet CCUS
customer margin requirements. This relief also may avoid potential
increases in a Clearing Member's required deposits in its special
reserve bank accounts (because there is no permitted Item 13 debit for
CCUS to offset credits).\27\ This relief would also help to reduce any
capital constraints and inefficiencies for Clearing Members, which may
affect their liquidity and reduce their willingness to intermediate
customer access to cleared binary options at CCUS. Additionally, it is
in the public interest to permit an Item 13 debit to help promote
competition in the development of a cleared securities market for
trading binary security options of the type anticipated to be cleared
by CCUS and facilitate access to the central clearing and settlement of
securities options.
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\27\ See section I.B. (discussing customer reserve computation
and special reserve bank account).
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Further, the Commission adopted amendments to Rule 15c3-3a to add
the Item 13 debit in 1977, when the OCC was the only clearing agency
registered with the Commission that provided central counterparty
services for options contracts.\28\ The rule's specific reference to
OCC therefore identifies the single qualifying clearing agency that
existed at that time. However, circumstances have changed. CCUS has
been approved as a second clearing agency for options.\29\ Providing
this relief will help ensure that the same margin treatment under the
Item 13 debit applies to both CCUS and OCC, and to their broker-dealer
members, thereby facilitating fair competition among Commission-
registered options clearing agencies which is in the public interest.
Finally, permitting the Item 13 debit for CCUS will support a broker-
dealer's customer facilitation activity in securities options
[[Page 67883]]
clearing, in light of the increased number of securities clearing
agencies.
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\28\ See Uniform Net Capital Rule and Customer Protection Rule;
Final Rule, Exchange Act Release No. 13565 (May 23, 1977), 42 FR
27221 (May 27, 1977).
\29\ See CCUS Temporary Registration Order, supra note 3.
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The conditions in this order, discussed below in section II.B, are
designed to permit the Item 13 debit only in circumstances that provide
protections to customers consistent with the customer protection
objectives of Rules 15c3-3 and 15c3-3a and the current approach for
margin required and on deposit at OCC. For example, Rule 15c3-3
requires broker-dealers to take steps to safeguard customer assets by
segregating their securities and cash from the carrying broker-dealer's
proprietary business activities.\30\ The conditions in this order are
designed to ensure that customer margin is appropriately segregated and
that a broker-dealer cannot use customer cash and securities to finance
its proprietary business activities. Further, consistent with the
existing Item 13 debit for margin required and on deposit at OCC, the
conditions of this order explicitly limit the exemption to customer
margin required and deposit with CCUS with respect to customer
positions in binary options. These conditions help reduce the
likelihood of certain risks that may undermine the customer protection
objectives of Rule 15c3-3, including that broker-dealers may not
appropriately safeguard customer cash and securities or may improperly
include debits in their customer reserve computation.
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\30\ See section I.B. of this order.
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The one comment letter that the Commission received on the Notice
of an Application generally supported the request for an exemption,\31\
but recommended that the Commission impose additional conditions in
connection with granting the request. Specifically, the commenter
pointed to the conditions contained in Note G to the Item 14 debit
related to margin required and on deposit at a registered clearing
agency for security futures products and futures contracts, as well as
Note H to the Item 15 debt related to margin required and on deposit as
a registered clearing agency for transactions in Treasury securities
and recommended that the Commission impose the conditions therein on
CCUS in connection with the requested exemption to the extent that such
conditions ``fit'' binary options.\32\ The Commission has considered
the comment letter, and is declining to incorporate the suggested
conditions. The conditions proposed by CCUS, and outlined below, are
robust and reasonably designed to protect investors.
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\31\ See letter from Shawn SN, at 2.
\32\ Id. at 2-3 and 11-15.
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Accordingly, after careful consideration of the Application and the
comment received, the Commission is issuing, pursuant to section
36(a)(1) of the Exchange Act, conditional exemptive relief to exempt
Clearing Members from the limitation in Item 13 and Note F of Rule
15c3-3a that confines the Item 13 debit to the amount of margin
required and on deposit with the OCC, and as such, Clearing Members may
include a debit in Item 13 of their customer and PAB reserve
computations for margin required and on deposit with CCUS for all
binary options contracts written or purchased in customer accounts,
subject to the conditions discussed below.
B. Discussion of Conditions
The first condition provides that CCUS must be registered with the
Commission as a clearing agency in accordance with section 17A(b) \33\
of the Exchange Act and Rule 17ab2-1 \34\ thereunder. This condition is
designed to ensure that the relief provided in this order remains
consistent with the customer protection objectives of Rule 15c3-3, and
specifically those provided by the limitations in Item 13 and Note F of
Exhibit A to Rule 15c3-3, by ensuring that CCUS operates subject to the
same regulatory framework as the OCC, which is a registered clearing
agency.\35\
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\33\ 15 U.S.C. 78q-1.
\34\ 17 CFR 240.17ab2-1.
\35\ A list of registered clearing agencies is available at:
<a href="https://www.sec.gov/rules-regulations/self-regulatory-organization-rulemaking">https://www.sec.gov/rules-regulations/self-regulatory-organization-rulemaking</a>.
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The second condition requires that the relief provided by this
order will apply solely to margin required and on deposit with CCUS
with respect to customer positions in binary options. This condition is
designed to ensure that the relief provided is limited to only margin
applicable to options transactions in customer accounts, the same type
of transactions covered under Item 13 of Rule 15c3-3a. This condition
also will ensure that margin required and on deposit at CCUS as a
result of a Clearing Member's proprietary positions may not be included
as a debit in the reserve computations. Therefore, this condition is
designed to effectuate a fundamental aspect of Rule 15c3-3 that a
broker-dealer cannot use customer cash or securities to finance its
proprietary business activities.
The third condition provides that the binary options that CCUS
clears will be margined by CCUS consistent with the requirements of
Rule 17Ad-22(e) and Clearing Members will collect such margin from
their customers, with any proposed changes to CCUS's margin system
subject to Commission review, and, as appropriate, approval pursuant to
section 19(b) of the Exchange Act and Rule 19b-4 thereunder. CCUS has
stated that the binary options will be fully margined at the clearing
agency level.\36\ This condition ensures that the Clearing Members hold
sufficient customer collateral to cover the required margin amounts at
CCUS, and that proposed changes to CCUS's margin system would need to
be filed with the Commission through a rule filing under section 19(b)
of the Exchange Act. The purpose of this condition is to help ensure
that the exemption provided under this order is only available when
regulatory requirements are appropriately followed.
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\36\ Broker-dealers are also subject to margin requirements in
rules promulgated by the Federal Reserve (12 CFR 220.1, et seq.) and
SROs (see, e.g., FINRA Rule 4210 and Cboe Rule 10.3).
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The fourth condition requires that, for the purposes of Rule 15c3-
3a, CCUS will maintain margin required and on deposit with CCUS for
binary options contracts written or purchased in customer accounts
separately and independently from margin required and on deposit for
proprietary positions of Clearing Members. This condition will increase
customer protection by ensuring that customer margin is clearly
identifiable and segregated from margin related to the Clearing
Member's proprietary positions.\37\ In doing so, this condition,
similar to the second condition, is designed to further effectuate the
fundamental aspect of Rule 15c3-3 that prohibits a broker-dealer from
using customer cash or securities to finance its proprietary business
activities.
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\37\ See, e.g., OCC By-Laws, Article 1 (Definitions) (defining
the term ``customers' account'' in respect of a Clearing Member to
mean ``an account of the Clearing Member on the records of the
Corporation which is confined to confirmed trades cleared and
positions carried by the Clearing Member on behalf of its securities
customers . . .'').
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The fifth condition limits the scope of relief provided by this
order to the same conditions set forth in Note F to Item 13 of Rule
15c3-3a that apply to margin required and on deposit with OCC for all
option contracts written or purchased in customer accounts.
Specifically, Note F to Item 13 states that Item 13 must include the
amount of margin required and on deposit with the OCC to the extent
such margin is represented by cash, proprietary qualified securities
and letters of credit collateralized by customers' securities. This
condition is thus designed to protect investors by ensuring that
[[Page 67884]]
Clearing Members can only include the Item 13 debit where they deposit
with CCUS the full amount of margin required for all binary options
contracts written or purchased in customer accounts. Further, this
condition will ensure the permitted debit under Item 13 will remain
limited to the same scope of assets that are permissible to use as
collateral delivered to the OCC under Note F to Rule 15c3-3a, to remain
consistent with established customer protections under the rule.
The sixth condition states that the rules of CCUS must have been
amended, as necessary to reflect the conditions of this order. This
condition is designed to require that Clearing Members may only include
an Item 13 debit in their reserve computations pursuant to this order
where the rules of CCUS have been amended to conform to the conditions
of this exemptive order. This will also ensure that the rules of CCUS
that are amended in accordance with the conditions of this order
adequately implement the customer protection objectives of Rule 15c3-3
and Rule 15c3-3a.
For the reasons discussed above, the Commission finds that granting
Clearing Members conditional exemptive relief from the limitation in
Item 13 and Note F to Rule 15c3-3a that confines the Item 13 debit to
the amount of margin required and on deposit with the OCC for all
option contracts written or purchased in customer accounts is
appropriate in the public interest, and consistent with the protection
of investors.
III. Conclusion
Accordingly, it is hereby ordered pursuant to section 36(a)(1) of
the Exchange Act, Clearing Members are exempt from the limitation in
Item 13 and Note F of Rule 15c3-3a that confines the Item 13 debit to
the amount of margin required and on deposit with the OCC for all
option contracts written or purchased in customer accounts, and as
such, Clearing Members may include a debit in Item 13 of their customer
and PAB reserve computations for margin required and on deposit with
CCUS for all binary options contracts written or purchased in customer
accounts, subject to the following conditions:
1. Registration: CCUS is registered with the Commission as a
clearing agency in accordance with section 17A(b) \38\ of the Exchange
Act and Rule 17ab2-1 \39\ thereunder.
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\38\ 15 U.S.C. 78q-1.
\39\ 17 CFR 240.17ab2-1.
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2. Eligibility Limitation: The relief will apply solely to margin
required and on deposit with CCUS with respect to customer positions in
binary options.
3. Margined Customer Positions: The binary options that CCUS clears
will be margined by CCUS consistent with the requirements of Rule 17Ad-
22(e) \40\ and Clearing Members will collect such margin from their
customers, with any proposed changes to CCUS's margin system subject to
Commission review, and, as appropriate, approval pursuant to section
19(b) \41\ of the Exchange Act and Rule 19b-4 \42\ thereunder.
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\40\ 17 CFR 240.17ad-22(e).
\41\ 15 U.S.C. 78s.
\42\ 17 CFR 240.19b-4.
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4. Segregation of Customer Margin: For purposes of Rule 15c3-3a,
CCUS will maintain margin required and on deposit with CCUS for binary
options contracts written or purchased in customer accounts separately
and independently from margin required and on deposit for proprietary
positions of Clearing Members.
5. The relief would be subject to the same conditions set forth in
Note F to Item 13 of Rule 15c3-3a that apply to margin required and on
deposit with OCC for all option contracts written or purchased in
customer accounts.
6. The rules of CCUS must have been amended to reflect the
conditions of this order.
By the Commission.
J. Matthew DeLesDernier,
Deputy Secretary.
[FR Doc. 2026-21931 Filed 10-27-26; 8:45 am]
BILLING CODE 8011-01-P
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