# 2026-12613: SEC Grants Narrow Relief to Treasury Clearing Agencies

2026-12613, Order Granting Conditional Exemptive Relief, Pursuant to Sections 17A and 36(a) of the Securities Exchange Act of 1934, From the Definition of an “Eligible Secondary Market Transaction” in Rule 17ad-22(a), is a Federal Register notice from Securities and Exchange Commission published 2026-06-23, effective 2026-06-18; PRIA reads it as touching household money (as of 2026-06-30).

- Canonical: https://policyrisk.com/federal-register/2026-12613
- As of: 2026-06-30
- Plain-text twin of the page above; the HTML and this file carry the same facts.

## Facts
- Document number: 2026-12613
- Title: Order Granting Conditional Exemptive Relief, Pursuant to Sections 17A and 36(a) of the Securities Exchange Act of 1934, From the Definition of an “Eligible Secondary Market Transaction” in Rule 17ad-22(a)
- Type: Notice
- Agencies: Securities and Exchange Commission
- Citation: 91 FR 37446
- Published: 2026-06-23
- Effective: 2026-06-18
- Comments close: not stated
- Significant: no
- Touches household money: yes
- Regulation identifier numbers: none
- Last updated: 2026-06-30

## In one line

SEC Grants Narrow Relief to Treasury Clearing Agencies

## Summary

The SEC is giving special permission to some U.S. Treasury securities clearing agencies to exclude certain trades between related parties from strict rules about reporting and clearing. This change affects big financial players who trade these securities and helps them avoid extra paperwork for these specific deals. The new rules kick in soon and aim to keep the market smooth without adding extra costs or risks.

## Effects PRIA read

- Exemption for Private Fund–Captive Repo Trades: benefit, medium. The SEC exempts repurchase (repo) and reverse repo transactions between a Private Fund and its Captive Clearing Subsidiary (a direct participant) from the Rule 17ad-22(a) definition of an “eligible secondary market transaction,” if three conditions are met: (1) the Captive Clearing Sub is directly…
- Keeps Private Funds’ Direct Clearing Access Option: benefit, medium. The exemption lets Private Funds access central clearing through a Captive Clearing Sub instead of relying on an unaffiliated third-party direct participant. The Commission states this could permit more transactions to be centrally cleared, potentially increasing overall clearing capacity and promo…
- Private Funds Continue Funding Their Own Margin: benefit, low. The Commission notes that using Captive Clearing Subs generally means Private Funds would use their own capital to fund margin requirements to the U.S. Treasury securities clearing agency, rather than relying on unaffiliated third-party direct participants. The Order says this could free up capital…

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## Sources
- [2026-12613 on federalregister.gov](https://www.federalregister.gov/documents/2026/06/23/2026-12613/order-granting-conditional-exemptive-relief-pursuant-to-sections-17a-and-36a-of-the-securities)
- [2026-12613 as published (PDF)](https://www.govinfo.gov/content/pkg/FR-2026-06-23/pdf/2026-12613.pdf)

## Related
- [Previous: 2026-12612, Aurobindo and Lannett; Analysis of Proposed Agreement Containing Consent Orders…](https://policyrisk.com/federal-register/2026-12612)
- [Next: 2026-12614, Center for Scientific Review; Notice of Closed Meetings](https://policyrisk.com/federal-register/2026-12614)
- [All Federal Register documents](https://policyrisk.com/federal-register)

Source: PRIA, https://policyrisk.com/federal-register/2026-12613 (as of 2026-06-30).