The Alternative Investment Management Association (AIMA) submitted its response to three rules proposed by FICC to advance the US Securities and Exchagne Commission’s (SEC’s) recent rule changes for covered clearing agencies of US treasuries.
At a high level, the three FICC proposed rules address access to clearance and settlement, the separate calculation, collection and holding of margin, and FICC governance/risk management.
“As our response explains, more is required for FICC to meet its statutory and regulation obligations,” AIMA wrote.
This includes:
- Making meaningful changes to facilitate access to clearance and settlement services for indirect participants
- Considering reasonable alternatives to achieve its policy goals vis-à-vis a minimum margin amount in segregated customer accounts
- Publishing a robust legal enforceability analysis
- Explicitly providing that any advisory or stakeholder council maintains sufficient representation from the customer community