US
SEC Clearing Agencies Reporting (Federal Register 2023-00133)
The SEC has proposed the extension of collection under SEC Rule 17Ad-22 (17 CFR 240.17Ad-22). This follows the Final Rule 17Ad-22 adopted by the SEC regarding clearing firms. The rule was adopted to strengthen regulation of clearing agencies, promote the safe and reliable operation of covered clearing agencies, and improve efficiency, transparency, and access. It requires registered clearing agencies to establish, implement, maintain, and enforce policies and procedures to address governance, operations, and risk management. Consideration will be given to comments; written recommendations should be submitted by February 8th, 2023.
Canada
C-IIROC Publishes List of Custodial Agreements re Self-Regulatory Organizations (SROs)
C-IIROC published a listing of custodial agreements in effect as of December 31st, 2022, between the New Self-Regulatory Organization of Canada (New SRO), as bare trustee on behalf of dealer members and various entities which are acceptable securities locations and whose products may include Guaranteed Investment Certificates (GICs), and various investment funds. In the administration of custody agreements, the new SRO carries out due diligence to ensure that agreements are in the prescribed form and executed by those in authority. Dealer members are responsible for monitoring the custodian for ongoing compliance as an acceptable securities location and for carrying out product due diligence and suitability assessment of investments sold to clients.
