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Federal Register / Vol. 86, No. 19 / Monday, February 1, 2021 / Rules and Regulations
17 CFR Part 240

exception under 17 CFR 240.3a712a or subject to the period set forth in 17
CFR 240.3a712b 3 from the definition of clearing agency.

Release No. 3490667; File No. S70811

Table of Contents
RIN 3235AK74

I. Background II. New Rule 17Ad24
A. Proposed Rule Text B. Comment Received C. Final Rule III. Economic Analysis A. Baseline B. Consideration of Benefits, Costs, and the Effect on Competition, Efficiency, and Capital Formation IV. Paperwork Reduction Act V. Regulatory Flexibility Act Certification VI. Other Matters VII. Statutory Authority
PART 2636LIMITATIONS ON
OUTSIDE EARNED INCOME, EMPLOYMENT AND AFFILIATIONS
FOR CERTAIN NONCAREER
EMPLOYEES

SECURITIES AND EXCHANGE
COMMISSION

5. The authority citation for part 2636
continues to read as follows:

Authority: 5 U.S.C. App. Ethics in Government Act of 1978; Pub. L. 101410, 104 Stat. 890, 28 U.S.C. 2461 note Federal Civil Penalties Inflation Adjustment Act of 1990, as amended by Sec. 31001, Pub. L.
104134, 110 Stat. 1321 Debt Collection Improvement Act of 1996 and Sec. 701, Pub.
L. 11474 Federal Civil Penalties Inflation Adjustment Act Improvements Act of 2015;
E.O. 12674, 54 FR 15159, 3 CFR, 1989 Comp., p. 215, as modified by E.O. 12731, 55 FR
42547, 3 CFR, 1990 Comp., p. 306.

6. Section 2636.104 is amended by revising paragraph a to read as follows:

2636.104
action.

Civil, disciplinary and other
a Civil action. Except when the employee engages in conduct in good faith reliance upon an advisory opinion issued under 2636.103, an employee who engages in any conduct in violation of the prohibitions, limitations and restrictions contained in this part may be subject to civil action under 5 U.S.C.
app. 504a and a civil monetary penalty of not more than the amounts set in Table 1 to this section, as adjusted in accordance with the inflation adjustment procedures prescribed in the Federal Civil Penalties Inflation Adjustment Act of 1990, as amended, or the amount of the compensation the individual received for the prohibited conduct, whichever is greater.

TABLE 1 TO 2636.104
Date of violation
Penalty
Violation occurring between Sept. 29, 1999 and Nov. 2, 2015
Violation occurring after Nov. 2, 2015

$11,000
20,731

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7637

Exemption From the Definition of Clearing Agency for Certain Activities of Security-Based Swap Dealers and Security-Based Swap Execution Facilities Securities and Exchange Commission.
ACTION: Final rule.
AGENCY:

The Securities and Exchange Commission Commission is adopting a rule pursuant to Section 36
of the Securities Exchange Act of 1934
Exchange Act to exempt from the definition of clearing agency in Section 3a23 of the Exchange Act certain activities of a registered securitybased swap dealer, a registered securitybased swap execution facility, and a person engaging in dealing activity in security-based swaps that is eligible for an exception from registration as a security-based swap dealer because the quantity of dealing activity is de minimis.

SUMMARY:

DATES:

Effective date: April 2, 2021.

FOR FURTHER INFORMATION CONTACT:

Matthew Lee, Assistant Director, or Jesse Capelle, Special Counsel, Office of Clearance and Settlement, Division of Trading and Markets, Securities and Exchange Commission, 100 F Street NE, Washington, DC 205497010, at 202
5515710.
SUPPLEMENTARY INFORMATION: The Commission is adopting 17 CFR
240.17Ad24 Rule 17Ad24 to exempt certain activities of a registered security-based swap execution facility,1
a registered security-based swap dealer,2
and an entity that is eligible for an 1 15 U.S.C. 78c4a setting forth the registration requirement for security-based swap execution facilities. The Commission has not yet adopted rules regarding the registration of security-based swap execution facilities. The Commission has granted a temporary exemption from the registration requirement for security-based swap execution facilities. See Release No. 3464678 June 15, 2011, 76 FR 36287, 3629293, 36306 June 22, 2011. This exemption will expire on the earliest compliance date set forth in any of the final rules regarding registration of security-based swap execution facilities. See id. at 3629293, 36306.
2 15 U.S.C. 78o10a1; see also Release No. 34
75611 Aug. 5, 2015, 80 FR 48964, 48988 Aug. 14, 2015. A security-based swap market participant that meets the definition of security-based swap dealer as of August 6, 2021 is required to register with the Commission no later than November 1, 2021. See Release No. 3487780 Dec. 18, 2019, 85
FR 6270, 634546 Feb. 4, 2020.

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I. Background The term clearing agency is broadly defined in Section 3a23A of the Exchange Act and includes a variety of functions.4 Section 3a23B of the Exchange Act excludes a number of 3 In contrast to the definition of dealer in Section 3a5 of the Exchange Act, Section 3a71D of the Exchange Act and 17 CFR
240.3a712a thereunder contain an exception from the definition of security-based swap dealer for any entity that engages in a de minimis quantity of security-based swap dealing in connection with transactions with or on behalf of its customers. See 15 U.S.C. 78ca71D; 17 CFR 240.3a712a. In addition, 17 CFR 240.3a712b provides that a person that has not registered as a security-based swap dealer by virtue of satisfying the requirements of paragraph a of the rule, but that no longer can take advantage of the de minimis exception, will be deemed not to be a security-based swap dealer under section 3a71 of the Act 15 U.S.C.
78ca71 and subject to the requirements of section 15F of the Act 15 U.S.C. 78o10 and the rules, regulations and interpretations issued thereunder until the earlier of the date on which it submits a complete application for registration pursuant to section 15Fb 15 U.S.C. 78o10b or two months after the end of the month in which that person becomes no longer able to take advantage of the exception.
4 Specifically, the term clearing agency includes, among other things, any person who acts as an intermediary in making payments or deliveries or both in connection with transactions in securities or that provides the facilities for comparison of data respecting the terms of settlement of securities transactions, to reduce the number of settlements of securities transactions, or for the allocation of securities settlement responsibilities. The definition also includes any person, such as a securities depository, who i acts as a custodian of securities in connection with a system for the central handling of securities whereby all securities of a particular class or series of any issuer deposited within the system are treated as fungible and may be transferred, loaned, or pledged by bookkeeping entry without physical delivery of securities certificates, or ii otherwise permits or facilitates the settlement of securities transactions or the hypothecation or lending of securities without physical delivery of securities certificates. 15 U.S.C. 78ca23A; see also Release Nos. 3471699 Mar. 12, 2014, 79 FR 16865 Mar.
26, 2014, corrected at 79 FR 29507, 2951011 May 22, 2014; 3468080 Oct. 22, 2012, 77 FR 66219, 6622122 Nov. 2, 2012 Clearing Agency Standards adopting release discussing the same.

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