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.
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