The SEC is seeking comment on potential exemption under the broker-dealer customer protection rule for margin calculated on a net rather than gross basis for U.S. Treasury securities.

View the notice at the link: https://t.co/4AFWDhWecy

— U.S. Securities and Exchange Commission (@SECGov) July 24, 2026

The SEC said:

“On June 24, 2026, the Securities Industry and Financial Markets Association (“SIFMA”), a trade association for broker-dealers, investment banks, and asset managers operating in the U.S. and global capital markets, filed an application with the Securities and Exchange Commission (“Commission”), to obtain an exemption pursuant to section 361 of the Securities Exchange Act of 1934 (“Exchange Act”), 2 in accordance with the procedures set forth in Exchange Act Rule 0-12.3

Specifically, SIFMA is requesting relief, on behalf of its brokerdealer members, from the application of Exchange Act section 15(c)(3)4 and Rule 15c3-3a, Note H(b)(1) and (2)(i) thereunder, to permit broker-dealers to include a debit in their reserve computations for customers and the proprietary securities accounts of other broker-dealers (“PAB”)5 (collectively “reserve computations”) for margin required and on deposit with qualified clearing agency resulting from transactions in U.S. Treasury securities in customer accounts that have been cleared, settled, and novated by the clearing agency in cases where the broker-dealer has delivered the margin collateral on a net, omnibus, basis, rather than on a gross, customer-by-customer basis, subject to certain conditions discussed below. 6 The Commission is publishing this notice to provide interested persons with an opportunity to comment.”

Read the notice here

Source: SEC