SEC offers EU traders clearer path to register in the US

From: RegTech Analyst

The US’s top financial markets watchdog has issued a new policy statement outlining how European traders can become authorised to operate stateside.

The Securities and Exchange Commission’s new document is focused on central counterparties (CCPs) authorised under the European Markets Infrastructure Regulation (EMIR) that may seek to access and operate in the US securities markets.

The statement outlines how EU-based traders can register as a clearing agency or request exemptions from certain requirements under the Securities Exchange Act of 1934.

“Over the past several years, the SEC and its staff have engaged extensively with our European counterparts and have gained a substantial understanding of their approach to the regulation of central clearing under EMIR,” said Jay Clayton, chairman at the SEC.

“I want to thank my many European and domestic colleagues who devoted substantial time and attention to these issues and, in particular, the importance of harmonised regulation in the international security-based swap market. Today’s action will help pave the way for EU market participants to continue to clear securities transactions using SEC-regulated CCPs.”

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