SEC Extends Compliance Dates for UST Repo and Cash Transaction Clearing Rule

On February 25, 2025, the SEC released a statement extending the compliance deadlines to clear US Treasury (“UST”) repo and cash transactions under the US Treasury Clearing Rule (“Clearing Rule”) by one-year. In the statement, the SEC’s Acting Chairman Mark T. Uyeda acknowledged the critical role UST markets play in the global financial system and the importance of proper implementation of the Clearing Rule. He states that a one-year extension “provides additional time to implement and validate operational changes” and that the SEC will continue to engage with market participants during the implementation process. The statement also extends by six months the deadline for covered clearing agencies (“CCAs”) to implement written policies and procedures to comply with the Clearing Rule.