Notice of an Application of the Securities Industry and Financial Markets Association for an Exemption Pursuant to Section 36 of the Securities Exchange Act of 1934 From Certain Conditions of Note H to Exchange Act Rule 15c3-3a
Published Date: 7/30/2026
Notice
Summary
No summary available.
Analyzed Economic Effects
5 provisions identified: 2 benefits, 2 costs, 1 mixed.
Exemption to Allow Net Omnibus Margining
SIFMA asked the SEC (application filed June 24, 2026) to let broker-dealers count a debit in their customer reserve computations for margin on U.S. Treasury trades that are cleared, settled, and novated when the broker-dealer delivers margin on a net, omnibus basis instead of a gross, customer-by-customer basis. The SEC is seeking public comment (comments due August 31, 2026) on whether to grant this exemptive relief.
Claimed Harm To Smaller/Indirect Participants
SIFMA stated that the gross, customer-by-customer margining requirement may create significant operational complexity and capital inefficiencies that could disproportionately increase costs and reduce ability to intermediate centrally cleared U.S. Treasury markets for smaller or indirect market participants, potentially reducing participation and liquidity.
Relief Limited to Treasuries and Repos
The requested exemption would apply only to margin required and on deposit with a qualified clearing agency for (i) purchases and sales of U.S. Treasury securities, and (ii) repurchase and reverse repurchase agreements in U.S. Treasury securities. Broker-dealers may meet margin by delivering proprietary or customer cash, proprietary or customer U.S. Treasury securities, qualified customer securities, or any combination of those.
Recordkeeping, Procedures, And Rulebook Conditions
As proposed, broker-dealers relying on the exemption must keep books and records that identify customer margin collected and delivered, adopt written policies and procedures to ensure compliance, and have qualified clearing agency rulebooks conform to any exemptive order; other Note H conditions (b)(2)(ii)-(v) would still apply. These are ongoing compliance and documentation requirements for broker-dealers if relief is granted.
Extension Of Relief To PAB Account Holders
SIFMA requested that any exemptive relief extend equally to proprietary account of broker-dealers (PAB) reserve computations and PAB account holders, subject to the same conditions described in the application.
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