17 C.F.R. § 240.17Ad-24

Current through May 31, 2024

Section 240.17Ad-24 - Exemption from clearing agency definition for certain registered security-based swap dealers, registered security-based swap execution facilities, and entities engaging in dealing activity in security-based swaps that are eligible for an exception under Section 240.3a71-2(a) (or subject to the period set forth in Section 240.3a71-2(b))

A registered security-based swap dealer, a registered security-based swap execution facility, or an entity engaging in dealing activity in security-based swaps that is eligible for an exception under § 240.3a 71-2(a) (or subject to the period set forth in § 240.3a 71-2(b)) shall be exempt from inclusion in the term "clearing agency," as defined in section 3(a)(23)(A) of the Act, where such registered security-based swap dealer, registered security-based swap execution facility, or entity engaging in dealing activity in security-based swaps that is eligible for an exception under § 240.3a 71-2(a) (or subject to the period set forth in § 240.3a 71-2(b)) would be deemed to be a clearing agency solely by reason of:

(a) Functions performed by such institution as part of customary dealing activities or providing facilities for comparison of data respecting the terms of settlement of securities transactions effected on such registered security-based swap execution facility, respectively; or

(b) Acting on behalf of a clearing agency or participant therein in connection with the furnishing by the clearing agency of services to its participants or the use of services of the clearing agency by its participants.

17 C.F.R. §240.17Ad-24

86 FR 7643, Feb. 1, 2021

86 FR 7643, 4/2/2021