Certain transactions between affiliates and certain non-U.S. repurchase agreements received exemptions from U.S. Treasury clearing requirements on Oct. 30, the U.S. Securities and Exchange Commission said in a release that day.
The exemptions narrow the transactions covered by the rules. The release was titled “SEC Issues Exemptive Relief from Treasury Clearing Requirements for Certain Inter-Affiliate and Non-U.S. Repo Transactions.”
The relief removes covered transactions from the definition of eligible secondary market transactions, the commission said. Its announcement did not include the list of transactions following that provision, leaving the precise scope unspecified in the supplied text.
The decision concerns repo transactions, short-term financing arrangements involving a securities sale and an agreement to repurchase them. The exemptions address both transactions between affiliated businesses and certain transactions outside the United States.
SEC Commissioner Mark T. Uyeda said implementation needed to account for the practical demands of transactions across borders.
Chairman Paul S. Atkins designated Uyeda to lead the agency’s work overseeing the transition to central clearing of Treasury securities transactions.
“Successful implementation requires a thoughtful approach that must account for the realities of cross-border transactions,” Uyeda said. He said the exemptions addressed practical concerns while retaining the benefits of central clearing, which places a clearinghouse between buyers and sellers.
The commission adopted the Treasury clearing rules in December 2023. It later extended the original compliance deadlines to allow more discussion of compliance, operational issues and questions about how to interpret the requirements.
The department’s decision followed public discussions about how the requirements apply to transactions between affiliates and non-U.S. repo transactions. The commission had published requests for exemptions on behalf of market participants and invited public comments.
The agency launched a webpage in September 2025 bringing together implementation updates, answers to frequently asked questions, commission and staff statements, and other resources. It also offered further discussions with market participants during implementation.
Broker-dealers and other market participants preparing to comply can direct questions to the SEC’s Division of Trading and Markets. The division can be reached at tradingandmarkets@sec.gov or 202-551-5777.
