NSCC Amends Rules to Match Emergency Wind-Down Federal Standards
Published Date: 11/28/2025
Notice
Summary
The National Securities Clearing Corporation (NSCC) is updating its rules to match a new federal rule about how it handles emergencies and shutdowns. This change affects financial firms that use NSCC to clear trades, making sure everyone’s on the same page for safety and smooth wind-downs. The update is effective immediately, with no extra costs, helping keep the financial system strong and ready for anything.
Analyzed Economic Effects
3 provisions identified: 2 benefits, 1 costs, 0 mixed.
Renames 'Critical Services' to 'Core Services'
NSCC is replacing every reference to "Critical Services" with "Core Services" (and "Non-Critical Services" with "Non-Core Services") in NSCC Rule 42 to align with SEC Rule 17ad-26(a)(1). Use of "Core" rather than "Critical" is stated not to change NSCC's identification, classification, or description of those services.
Aligns Recovery and Wind-down Definitions
NSCC will capitalize and revise the defined terms "Recovery" and "Orderly Wind-down" in Rule 42 and add a reference to the definitions set forth in SEC Rule 17ad-26(b). The filing includes the SEC's definitions for "Recovery" and "Orderly wind-down" as the referenced meanings for those terms.
Compliance Date for Rule Alignment
The proposed amendments to Rule 42 to align with SEC Rule 17ad-26 are to become operative on December 15, 2025, consistent with the compliance date established by the Commission. The Commission may, however, temporarily suspend the proposed rule change within 60 days after filing if needed in the public interest.
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