Clearinghouse Tightens Its Watch on Treasury Trade Submissions
Published Date: 11/10/2026
Notice
Summary
ICE Clear Credit is rolling out new rules to keep a closer eye on how Treasury traders submit their transactions for clearing. This change affects all Treasury Participants and aims to make sure everyone follows the submission rules properly. The new procedures kick in soon and help keep the market smooth and fair without adding extra costs.
Analyzed Economic Effects
6 provisions identified: 1 benefits, 5 costs, 0 mixed.
Formalized Trade Submission Monitoring
If you are a Treasury Participant (TP), ICC's new procedures formalize monitoring of the requirement under Treasury Rule 303 that you submit all Eligible Secondary Market Transactions for clearing to ICC or another SEC-registered covered clearing agency. ICC will publish on its website the trades eligible for clearing and the procedures describe how ICC will monitor TP compliance.
Annual Senior-Officer Attestation Requirement
Each TP must annually sign and submit an attestation signed by a senior officer confirming the TP's compliance with Treasury Rule 303 during the prior 12 months and that the TP maintains controls reasonably designed to ensure ongoing compliance. ICC will announce the attestation due date, which will be no less than 30 calendar days after the announcement.
Periodic Reviews of Submissions and Rejections
ICC may conduct periodic reviews of a TP's submissions of eligible trades, including submissions to other covered clearing agencies, rejected submissions, re-submissions, and timeliness of submission after execution. ICC may request supporting documentation showing how a TP resolved rejections or resubmissions.
Investigations and Possible Sanctions
ICC may investigate alleged violations of Treasury Rule 303 and, depending on circumstances, issue warning letters, negotiate written settlement agreements (including fines), or make penalty recommendations to ICC committees. ICC staff will consider mitigating factors such as self-reporting, remediation efforts, cooperation, prior history, and the duration or scope of violations.
30-Day Written Non-Compliance Notice
If you learn you are not complying with Treasury Rule 303, you must notify ICC in writing within 30 calendar days and provide relevant facts such as duration of non-compliance, remediation timing, and a contact person. The notice requirement is part of the ESMT Procedures that support ICC's monitoring and enforcement.
ICC Says No Expected Cost Increase
ICC states the ESMT Procedures will apply uniformly across market participants and that ICC does not believe the changes will adversely affect clearing costs or participants' ability to access clearing. ICC also states it does not believe the proposed change will impose an inappropriate burden on competition.
Personalized for You
How does this regulation affect your finances?
Personalize government policy and PRIA will tell you what this federal register document means for your household, plus every other regulation we track. PRIA reads each provision against your financial profile to show you exactly what matters to your wallet.
Key Dates
Department and Agencies
Related Federal Register Documents
2026-21037, Investment Company Cross Trading
The SEC wants to update the rules for cross trading, which is when investment companies trade securities with their affiliates. They’re making more types of securities eligible, tightening rules to protect investors, and requiring better reporting of these trades. If you’re involved in investment companies, watch out for these changes and get your comments in by December 14, 2026!
2026-20466, Adviser and Regulated Fund Custody Rules; Crypto Custody Rules
The SEC is updating rules for how investment advisers and funds handle crypto assets, making sure they keep these digital investments safe and properly reported. These changes affect advisers, funds, and anyone managing crypto securities, aiming to modernize rules and improve transparency. Comments on the proposal are open until December 7, 2026, so get ready to weigh in!
2026-19260, Rescission of Rule 14a-8's Federal Regulation of Shareholder Proposals and Amendments to Rule 14a-4
The SEC wants to stop its federal rule that controls how shareholders can make proposals at company meetings, letting state laws and company rules take over instead. They’re also changing rules so companies can sometimes vote on proposals not in their official materials—but shareholders can opt out if they want. This affects investors and companies, with comments open until November 20, 2026, and could shake up how shareholder voices are heard and counted.
2026-18424, Political Contributions by Certain Investment Advisers
The Securities and Exchange Commission (the "Commission" or the "SEC") is proposing to rescind the political contribution rule under the Investment Advisers Act of 1940 (the "Advisers Act"), which prohibits investment advisers from providing investment advisory services for compensation to a government client for two years after an adviser or any covered associate of the adviser makes a contribution to certain categories of elected officials or candidates, among other prohibitions. In the more than fifteen years since the rule was adopted, implementation challenges associated with the political contribution rule have resulted in a range of significant unintended consequences, including compliance practices among some investment advisers that may have had the effect of restricting all political contributions by the investment advisers and their employees. Market participants also have stated that the political contribution rule is burdensome, complex, and both lacks clarity and creates a de facto strict liability standard. The Commission is of the view that other existing requirements of the Advisers Act and its associated rules, including prohibitions on fraud, fiduciary duty requirements, the compliance rule, and the code of ethics rule (defined below), are likely sufficient to address pay-to-play practices while allowing an adviser the flexibility to implement an approach that is more appropriately tailored to its particular risks, rendering the political contribution rule unnecessary. The Commission also is proposing to amend the rule under the Advisers Act pertaining to books and records consistent with the proposed rescission.
2026-18190, Transfer Agent Rules
The U.S. Securities and Exchange Commission ("SEC" or "Commission") is proposing to adopt new rules, amend existing rules, amend the existing form for registration with the Commission as a transfer agent (Form TA-1) and the existing form for reporting activities of transfer agents (Form TA-2), and rescind an existing rule governing registered transfer agents. The proposals are designed to modernize the rules governing registered transfer agents.
2026-17183, Regulation Crypto Assets
The Securities and Exchange Commission ("Commission") is proposing new rules to create a tailored offering regime for certain investment contracts involving crypto assets. The proposed offering regime is intended to facilitate capital formation and accommodate innovation within the crypto asset markets while, at the same time, ensuring that investors are adequately protected and provided with the information they need to make informed investment decisions. The proposed rules would be set forth in a new regulation titled "Regulation Crypto Assets" and would include two exemptions from the registration requirements of section 5 of the Securities Act of 1933. The first exemption would permit offerings of up to $5 million during a four-year period. The second exemption would permit offerings of up to $75 million during each 12-month period. Under both exemptions, issuers would be required to make certain principles-based narrative disclosures available to their investors. In addition, issuers under the second exemption would be required to provide financial statements and would be subject to ongoing reporting requirements. Issuers that rely on these exemptions would remain subject to the antifraud and antimanipulation provisions of the Federal securities laws. The proposed rules also would include a conditional safe harbor from the term "investment contract" in the definitions of "security" in the Securities Act of 1933 and the Securities Exchange Act of 1934. If the conditions of that proposed safe harbor are satisfied, then a crypto asset would be deemed not to be subject to an investment contract for purposes of those definitions of "security."
Previous / Next Documents
Previous: 2026-22849, Self-Regulatory Organizations; Texas Stock Exchange LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend Rule 17.180 To Permit an Issuer To Elect a Higher Listing Tier for an Exchange Traded Product During a Calendar Year and To Provide for the Related Incremental Listing Fee
The Texas Stock Exchange is making it easier for companies to upgrade their exchange traded products to a higher listing tier anytime during the year. This change means issuers can boost their product’s status without waiting for a new year, but they’ll pay a small extra fee for the upgrade. This update kicks in right away, helping issuers stay flexible and competitive.
Next: 2026-22851, Self-Regulatory Organizations; Fixed Income Clearing Corporation; Order Instituting Proceedings To Determine Whether To Approve or Disapprove a Proposed Rule Change, as Modified by Partial Amendment No. 1, To Establish a Guaranty Fund at the Government Securities Division
The Fixed Income Clearing Corporation (FICC) wants to create a new guaranty fund to protect against losses if a member fails to pay or other losses happen in the Government Securities Division. This change affects members who trade government securities and aims to make the system safer and more reliable. The Securities and Exchange Commission is reviewing the proposal and public comments before deciding if it will be approved.