On Wednesday, March 12, 2014, the Securities and Exchange Commission (the "SEC”) proposed amendments to Rules 17Ad-22 and 17Ab2-2 to increase oversight of clearing agencies that are determined to be systemically important, or are involved in complex transactions such as security-based swaps.  The amendments are proposed pursuant to Section 17A of the Securities Exchange Act of 1934 and Title VIII of the Dodd-Frank Act.  The proposed rules, as amended, would establish standards for the operation and governance of certain types of registered clearing agencies that meet the definition of a “covered clearing agency," by subjecting such agencies to new requirements regarding their financial risk management, operations, governance, and disclosures to market participants and the public.  The proposed amendments would also establish the procedures by which the SEC would apply the rules to additional clearing agencies.

Read the SEC release

Read the proposed rule