On July 1st, the SEC issued an exemptive order granting a temporary, conditional exemption from the clearing agency registration requirements under Section 17A(b) of the Securities Exchange Act for entities providing certain services for security-based swaps. The exemption will be effective until the compliance date for the final rules relating to the registration of clearing agencies that clear security-based swaps pursuant to Sections 17A(i) and (j) of the Exchange Act. SEC Release No. 34-64796.