The Securities and Exchange Commission approved rules to enhance the operations and governance of systemically important clearing agencies as well as of clearing agencies that handle complex products such as security-based swaps. The SEC also proposed that its new rules apply to certain other clearing agencies, including SEC-registered central counterparties, such as the Options Clearing Corporation. Among other measures, the adopted rules will require clearing agencies to maintain liquid net assets equal to at least six months of current operating expenses. The SEC’s new rules will be effective 60 days after their publication in the Federal Register and must be complied with by 120 days afterwards. The agency will accept comments on the proposed rules for 60 days after their publication in the Federal Register. Approval of the SEC’s rules is expected to assist OCC and other SEC-supervised CCPs be recognized as so-called “qualified CCPs” by the European Commission and enable European Union-based banks and their affiliates to have exposure to such entities without incurring a penalty capital charge. (Click here for additional information on the SEC’s final and proposed rules in the article, “SEC Adopts Rules for Enhanced Regulatory Framework for Securities Clearing Agencies” in the September 30 edition of Corporate and Financial Weekly Digest by Katten Muchin Rosenman LLP.)