SEC grants LCH SA conditional exemptive relief for RepoClear rule filings
LCH SA may file RepoClear rule changes under section 19(b)(3)(A) instead of 19(b)(2) starting September 15, 2026, while U.S. members participate.
The Securities and Exchange Commission issued an order on September 15, 2026 granting LCH SA conditional exemptive relief pursuant to section 36 of the Exchange Act, amending the exemptions originally granted on December 29, 2016.
LCH SA seeks to admit U.S. clearing members to its RepoClear unit, which would reclassify RepoClear from a Non-U.S. Business to a "Non-Registrable Business." The relief exempts RepoClear rule changes from the filing requirement of section 19(b)(2) and permits filing under section 19(b)(3)(A) and paragraph (f)(6) of Rule 19b-4.
Under the order, any RepoClear rule change must primarily affect RepoClear operations and must not significantly affect CDSClear services. LCH SA must provide the Commission with notice of such changes at least five business days before filing, and the filing obligation begins on the effective date that the first U.S. clearing member joins RepoClear.
The conditional relief ends when LCH SA notifies the Commission that RepoClear no longer has U.S. clearing members; thereafter, rule changes will be treated as Non-U.S. Business changes under the existing exemption.
The notice of the request was published on May 6, 2026, and the Commission received two supportive comment letters dated June 4, 2026 and June 5, 2026.
Further reading