# 2026-16471: Foreign banks beg SEC: Skip Treasury paperwork hassle?

2026-16471, Reopening of Comment Period; Notices of Request for Exemptive Relief, Pursuant to Section 36(a) of the Securities Exchange Act of 1934, From Certain Aspects of Rule 17ad-22(e)(18)(iv) of the Securities Exchange Act of 1934 and Requests for Comment, is a Federal Register notice from Securities and Exchange Commission published 2026-08-13; PRIA reads it as touching household money (as of 2026-08-20).

- Canonical: https://policyrisk.com/federal-register/2026-16471
- As of: 2026-08-20
- Plain-text twin of the page above; the HTML and this file carry the same facts.

## Facts
- Document number: 2026-16471
- Title: Reopening of Comment Period; Notices of Request for Exemptive Relief, Pursuant to Section 36(a) of the Securities Exchange Act of 1934, From Certain Aspects of Rule 17ad-22(e)(18)(iv) of the Securities Exchange Act of 1934 and Requests for Comment
- Type: Notice
- Agencies: Securities and Exchange Commission
- Citation: 91 FR 52354
- Published: 2026-08-13
- Effective: unknown
- Comments close: not stated
- Significant: no
- Touches household money: yes
- Regulation identifier numbers: none
- Last updated: 2026-08-20

## In one line

Foreign banks beg SEC: Skip Treasury paperwork hassle?

## Summary

The SEC is reopening the comment period on a request to ease a rule that requires certain financial firms to clear all U.S. Treasury securities trades through special agencies. This mainly affects foreign banks dealing with non-U.S. clients and could change how they report these trades, possibly saving time and money. If you’re involved, now’s your chance to speak up before the deadline!

## Effects PRIA read

- Possible Exemption for Non‑U.S. Repo Trades: benefit, medium. If your firm is a foreign financial institution that is a direct participant in a U.S. Treasury clearing agency, the SEC is considering exempting some repo trades with non‑U.S. clients from the rule that otherwise requires those trades to be cleared. The requests refer to transactions described as…
- Firm‑Level Percentage Caps as Conditions: mixed, medium. Commenters proposed letting a firm exempt some qualifying non‑U.S. repo trades only if those trades are below a firm‑specific Percentage Cap. Example caps discussed include 20%, 15%, or 10%, and one phased example would be 20% for two years, then 15% for two years, then 10%. One formula described c…
- Market‑Wide Ratio Alternative Proposal: mixed, low. Some commenters suggested an industry‑level alternative called a "Market‑Wide Ratio" as a fixed threshold for the whole market that firms would compare to their firm‑specific calculation. One proposal would set the Market‑Wide Ratio using overall market repo activity divided by the number of direct…
- Reporting and Consequences if Caps Are Exceeded: cost, medium. Commenters proposed that firms who materially exceed any Percentage Cap should be required to report exceedances, possibly to the Commission or to the U.S. Treasury securities CCAs, and that exceedances could trigger consequences such as cure periods or temporary loss of exemption. The notice speci…

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## Sources
- [2026-16471 on federalregister.gov](https://www.federalregister.gov/documents/2026/08/13/2026-16471/reopening-of-comment-period-notices-of-request-for-exemptive-relief-pursuant-to-section-36a-of-the)
- [2026-16471 as published (PDF)](https://www.govinfo.gov/content/pkg/FR-2026-08-13/pdf/2026-16471.pdf)

## Related
- [Previous: 2026-16470, Program for Allocation of Regulatory Responsibilities Pursuant to Rule 17d-2; N…](https://policyrisk.com/federal-register/2026-16470)
- [Next: 2026-16472, Medicare Program; Alternative Payment Model (APM) Incentive Payment Advisory fo…](https://policyrisk.com/federal-register/2026-16472)
- [All Federal Register documents](https://policyrisk.com/federal-register)

Source: PRIA, https://policyrisk.com/federal-register/2026-16471 (as of 2026-08-20).