Federal Register: Clearing Agency Standards for Operation and Governance

From MarketsReformWiki
Jump to: navigation, search
Gavel.png FINAL RULE: This page refers to the proposed rulemaking on Clearing Agency Standards for Operation and Governance. For a summary of the final rule, click here.
Dodd-Frank Timeline, Clearing Agency Standards for Operation and Governance, SEC
Proposal Date Final Rule Issue Effective Date Reopened Comment Period Deadline
March 16, 2011 November 2, 2012 January 2, 2013 July 22, 2013

On March 2, 2011, the SEC held an open meeting concerning clearing agency standards for operation and governance under the Dodd-Frank Act. Among the topics at this meeting were standards affecting risk management and operations, confidentiality, and chief compliance officer designation and compensation.[1] Final rules were added to the Federal Register on March 16, 2011.

Proposed Rules

Under the proposed rules, clearing agencies would be required to:

  • "maintain certain standards with respect to risk management and operations;
  • have adequate safeguards and procedures to protect the confidentiality of trading information;
  • have procedures that identify and address conflicts of interest;
  • require minimum governance standards for their boards of directors;
  • designate a chief compliance officer; and
  • disseminate pricing and valuation information if they perform central counterparty services for security-based swaps."

Further provisions regarding central counterparty (CCP) services and the dissemination of pricing and valuation information by security-based swap agencies that these services are also included in the proposal.


  1. SEC Proposes Clearing Agency Standards for Operations and Governance. SEC. Retrieved on March 2, 2011.

MarketsReformWiki Sponsors

RSM US LLP ADM Investor Services Cinnober Fidessa