The SEC issued exemptive relief for certain inter-affiliate and non-U.S. repo transactions as it advances Treasury central clearing implementation.

The Securities and Exchange Commission said on Friday it issued exemptive relief related to certain inter-affiliate and non-U.S. repo transactions, taking another step in the move toward central clearing of U.S. Treasury securities. The agency said the action is intended to assist broker-dealers and other market participants as Treasury clearing reforms continue to be implemented.

In its Oct. 30, 2026 press release, the SEC said the relief covers certain inter-affiliate repo transactions and certain non-U.S. repo transactions. The release did not, in the material provided, set out the detailed conditions of the exemptive relief or quantify how many firms or trades would be affected.

The move comes against the backdrop of the SEC’s Treasury clearing framework, adopted on Dec. 13, 2023, which requires covered clearing agencies to establish and enforce rules requiring direct participants to submit eligible secondary-market Treasury transactions for central clearing. The framework also covers eligible Treasury repo and reverse-repo transactions involving direct participants, subject to exemptions, rather than requiring every Treasury transaction to be centrally cleared.

The SEC previously extended the compliance deadlines on Feb. 25, 2025, moving the cash-market deadline to Dec. 31, 2026, and the repo deadline to June 30, 2027, according to the implementation materials supplied. That timeline means the agency’s latest exemptive relief arrives while market participants continue preparing operationally for the new clearing regime.

Recent SEC remarks and orders have also shown the agency adjusting implementation details around the reforms.

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