证监会对部分关联方与非美国回购交易给予国债清算规则豁免：为经纪商推进中央清算铺路
美国证券交易委员会（SEC）10月30日宣布，就美国国债中央清算的实施再向前推进一步：该委员会已就某些关联方之间以及非美国回购（repo）交易，发布针对国债清算要求的豁免，以协助经纪商及其他市场参与者走上国债证券中央清算之路。
据证监会说明，此次豁免涉及关联方回购交易等安排。国债清算规则于2023年12月通过，要求提供美国国债中央对手方服务的受监管清算机构建立书面政策与程序，规定其直接参与者须将所有符合条件的美国国债二级市场交易提交清算与结算。
在实施时间表上，证监会已将原合规日期顺延一年：符合条件的现金市场交易为2026年12月31日，符合条件的回购市场交易为2027年6月30日。今年早些时候，证监会曾就两项豁免请求公开征求意见：一项由国际银行家协会（IIB）提出，请求就某些非美国交易给予豁免；另一项由证券业与金融市场协会（SIFMA）提出，请求对关联方排除条款作针对性修改，包括就非美国关联方与非美国对手方之间低于一定门槛的回购交易，豁免其「对外条件」（outward-facing condition）。
证监会主席 Paul Atkins 已宣布，由委员 Mark Uyeda 牵头该机构与美国国债中央清算相关的持续工作。证监会表示，将继续支持国债清算规则有序、有效地实施。
来源：GSM·美国
SEC Issues Exemptive Relief from Treasury Clearing Requirements for Certain Inter-Affiliate and Non-U.S. Repo Transactions
The U.S. Securities and Exchange Commission on October 30 took another step forward in assisting broker-dealers and other market participants on the path to central clearing of U.S. Treasury securities, issuing exemptive relief from the Treasury clearing requirements for certain inter-affiliate and non-U.S. repo transactions.
According to the Commission, the relief relates to inter-affiliate repo arrangements and certain non-U.S. transactions. The Treasury Clearing Rule, adopted in December 2023, requires covered clearing agencies that provide central counterparty services for U.S. Treasury securities to maintain written policies and procedures requiring their direct participants to submit for clearance and settlement all eligible secondary market transactions in U.S. Treasury securities to which they are a counterparty.
The Commission previously extended the original compliance dates for the rule by one year, to December 31, 2026, for eligible cash market transactions and June 30, 2027, for eligible repo market transactions. Earlier this year, the Commission published two separate requests for exemptive relief for public comment: one submitted by the Institute of International Bankers (IIB) seeking relief for certain non-U.S. transactions, and one submitted by the Securities Industry and Financial Markets Association (SIFMA) seeking targeted modifications to the inter-affiliate exclusion, including relief from the "outward-facing condition" for certain repo transactions between non-U.S. affiliates and non-U.S. parties below a certain threshold.
SEC Chairman Paul Atkins has announced that Commissioner Mark Uyeda is leading the agency's continuing efforts related to central clearing of U.S. Treasury securities, and the Commission says it continues to support the orderly and effective implementation of the rule.
Source: GSM · USA
来源：GSM·美国（原文链接）
图片来源：图：美国证监会总部大楼（华盛顿）。AgnosticPreachersKid 摄，CC BY-SA 3.0，经 Wikimedia Commons。 / U.S. Securities and Exchange Commission headquarters in Washington. Photo by AgnosticPreachersKid, CC BY-SA 3.0, via Wikimedia Commons.
