Definition of Covered Clearing Agency

The Securities and Exchange Commission ("SEC' or "Commission') proposes to amend the definition of "covered clearing agency' under Rule 17Ad-22 to mean a registered clearing agency that provides the services of a central counterparty ("CCP'), central securities depository ("CSD'), or a securities settlement system ("SSS'). The Commission also proposes a definition of "securities settlement system' and proposes to amend the definitions of "central securities depository services' to facilitate the proposed amendment to "covered clearing agency.' In addition, the Commission proposes to amend the definition of "sensitivity analysis' under Rule 17Ad-22 to expand the scope of covered clearing agencies subject to requirements thereunder. These amendments are proposed pursuant to Section 17A of the Securities Exchange Act of 1934 ("Exchange Act') and the Payment, Clearing, and Settlement Supervision Act of 2010 ("Clearing Supervision Act'), enacted in Title VIII of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 ("Dodd-Frank Act').