SEC seeks comment on FICC partial amendment to Treasury trade submission rule
The amendment targets FICC Netting Members and will be reviewed after the comment period opened Sep. 30, 2026
The Securities and Exchange Commission published a notice in the Federal Register (Vol. 91, No. 188, pp. 61904-61907) on September 30, 2026 announcing the filing of Partial Amendment No. 1 to Proposed Rule Change SR-FICC-2026-007 and instituting proceedings under Section 19(b)(2)(B) of the Exchange Act to determine whether to approve the amendment.
The underlying Proposed Rule Change, originally filed on June 24, 2026, would require each Netting Member of the Fixed Income Clearing Corporation's Government Securities Division to submit all eligible secondary-market U.S. Treasury transactions for central clearing, establish monitoring and enforcement mechanisms, and add disciplinary measures, including fines that could be waived for timely self-reporting.
Partial Amendment No. 1, filed on September 10, 2026, revises two key provisions. First, it replaces the requirement that Netting Members identify a member of their Controlling Management with a requirement to identify an officer in the compliance function overseeing the matter. Second, it adds a statement that FICC will provide technical details and guidelines for non-compliance notifications and gives FICC discretion to evaluate the adequacy of any remediation plan submitted by a Netting Member.
The Commission is reopening the comment period for the amendment as modified by Partial Amendment No. 1. Comments are being accepted through the SEC's public comment portal referenced in the notice.
The amendment is intended to bring FICC's rules into compliance with the Treasury Clearing Rules adopted on December 13, 2023, which require objective, risk-based participation criteria for clearing agencies handling U.S. Treasury securities.
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