SEC grants Treasury clearing relief for some affiliate and non-US repos

The SEC said it issued exemptive relief from its Treasury clearing rules related to "inter-affiliate repo transactions and non-U.S. repo transactions." The relief excludes from the definition of eligible secondary market transactions certain repo transactions involving non-U.S. counterparties, subject to specified limits and conditions, and certain repo transactions between a direct participant of a U.S. Treasury securities clearing agency and an affiliate that is not an "investment company" as defined in Section 3 of the Investment Company Act of 1940. Commissioner Mark T. Uyeda called it "targeted relief."