FICC Updates Emergency Rules for Smoother Crisis Handling
Published Date: 8/4/2025
Notice
Summary
The Fixed Income Clearing Corporation (FICC) updated a key rule that lets them pause certain rules during emergencies to keep things running smoothly. This change affects anyone involved in mortgage-backed securities clearing and helps FICC act faster and clearer in urgent situations. The update is effective immediately, ensuring no delays in handling emergencies and protecting the flow of money in the market.
Analyzed Economic Effects
4 provisions identified: 3 benefits, 0 costs, 1 mixed.
FICC may act without 'emergency' test
FICC can now waive, extend, or suspend MBSD rules under a new "reasonable and appropriate" standard even when an "emergency" is not present. This change lets FICC address non-emergency operational problems (for example, extending deadlines or reversing erroneous fees) without meeting the old emergency test.
Less SEC notice, more internal reporting
Under the amended rule, FICC would no longer be required to notify the SEC within two hours or file a written report to the SEC within three calendar days when exercising this authority, nor file a Rule 19b-4 change if the authority lasts more than 30 days. Instead, FICC must promptly make and maintain an internal report available to Members (except for extensions under eight hours).
60-day cap and Board approval requirement
Any waiver, extension, or suspension under the amended rule may not remain in effect for more than 60 calendar days unless FICC's Board of Directors approves continuation before the 60th day. The rule also prohibits permanent waivers and prevents using this authority to circumvent MBSD Rule 40 for emergencies.
Harmonizes MBSD with sister clearing rules
The MBSD amendments align Rule 33 with equivalent FICC GSD, NSCC, and DTC rules so that waivers, suspensions, and extensions can be handled consistently across divisions and affiliated clearing agencies. For Market Disruption Events, MBSD will continue to use MBSD Rule 40.
Your PRIA Score
Personalized for You
How does this regulation affect your finances?
Sign up for a PRIA Policy Scan to see your personalized alignment score for this federal register document and every other regulation we track. We analyze your financial profile against policy provisions to show you exactly what matters to your wallet.
Key Dates
Department and Agencies
Related Federal Register Documents
2026-12163 — The Trade-Through Rule and Locked and Crossed Markets Provisions of Regulation NMS
The SEC wants to scrap some old rules that stop stocks from being traded at worse prices and prevent confusing market quotes. This change affects stock traders and exchanges, aiming to simplify trading and possibly speed things up. If you want to share your thoughts, you’ve got until August 17, 2026, so don’t miss out!
2026-10373 — Registered Offering Reform
The SEC wants to make it easier and cheaper for more companies to sell their stocks and bonds to the public. They’re opening up special forms and benefits to more businesses, updating rules to be more modern, and cutting red tape by overriding some state rules. If you’re a company planning to raise money, these changes could speed things up and save you money, with feedback due by July 27, 2026.
2026-10222 — Enhancement of Emerging Growth Company Accommodations and Simplification of Filer Status for Reporting Companies
The SEC is making it easier for companies that report their finances by simplifying their categories into just two groups: big and small filers. Smaller companies, including emerging growth ones, will get more time to file reports and enjoy simpler rules, while big companies keep stricter standards. These changes aim to save time and money, with feedback open until July 20, 2026.
2026-07651 — Concept Release on Consolidated Audit Trail and Other Audit Trails and Data Sources
The SEC wants your thoughts on how it tracks stock market trades using the Consolidated Audit Trail and other data tools. They’re thinking about updating rules to keep up with new tech, privacy, and security needs, and to make sure the system is fair and cost-effective. If you’re involved in the stock market or data tracking, speak up by June 22, 2026!
2026-12252 — Self-Regulatory Organizations; MIAX PEARL, LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend the MIAX Pearl Options Exchange Fee Schedule To Establish Fees for the Trade-by-Trade Report
MIAX Pearl Options Exchange is adding new fees for their Trade-by-Trade Report starting now. Traders and firms who want this detailed report will pay a monthly subscription or a fee for one-time historical data requests, with discounts if they also buy related reports. This change helps the Exchange cover costs and keeps data access clear and fair.
2026-12259 — Self-Regulatory Organizations; Nasdaq Texas, LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend the Exchange's Options Regulatory Fee (ORF)
Starting July 1, 2026, Nasdaq Texas is raising the fee traders pay when they trade options, called the Options Regulatory Fee (ORF). This change affects anyone trading options on Nasdaq Texas and updates how the fee is described to match other Nasdaq exchanges. The new fee kicks in right after the filing, so traders should get ready for a slightly higher cost soon!
Previous / Next Documents
Previous: 2025-14665 — Self-Regulatory Organizations; Cboe BZX Exchange, Inc.; Notice of Designation of a Longer Period for Commission Action on a Proposed Rule Change, as Modified by Amendment No. 1, To Amend the Rule Governing the Invesco Galaxy Ethereum ETF To Permit Staking
The SEC is taking extra time to review a rule change from Cboe BZX Exchange that would let the Invesco Galaxy Ethereum ETF offer staking, a way to earn rewards on crypto holdings. This affects investors interested in Ethereum ETFs and could open new ways to grow their money. The SEC now plans to decide by September 25, 2025, giving them more time to carefully consider the change.
Next: 2025-14667 — Self-Regulatory Organizations; Cboe C2 Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend its Fees Schedule To Increase the Monthly Fee for 10 Gb Physical Ports
Cboe C2 Exchange is raising the monthly fee for its 10 Gb physical ports, which traders and firms using these connections will notice. This change kicks in right away, meaning users will pay more starting now. If you rely on these fast connections, get ready for a slightly bigger bill each month!