The Securities and Exchange Commission voted on Sept. 28 to approve new rules that establish "enhanced standards" for the operation and governance of securities clearing agencies that are deemed to be systemically important. The new rules cover such areas as risk management, governance, recovery planning, operations and disclosures, and are "consistent" with global standards such as the CPMI-IOSCO principles for financial market infrastructures, the SEC said.
Finalization of these rules clears the way for U.S. clearinghouses subject to SEC oversight to seek recognition in Europe and attain "qualified central counterparty" status. The OCC issued a statement in response saying that this was a "critical step" for OCC in avoiding punitive capital charges on its European members. The European authorities have already deemed the CFTC's standards to be equivalent.
