SEC boost for Euroclear
March 15, 2017

The US Securities and Exchange Commission says it has entered into an arrangement with the National Bank of Belgium to enhance co-operation and information sharing regarding expanded services by Euroclear Bank, which provides clearance and settlement through its operation of the Euroclear System.

Brussels-based Euroclear Bank is subject to prudential supervision by the National Bank of Belgium as a credit institution and as a clearing agency. The SEC granted Euroclear's predecessor an exemption from registration as a clearing agency in 1998, allowing it to provide clearing services for US government securities. On December 16, 2016, it approved Euroclear's application to modify its exemption from registration, enabling it to also provide limited clearing agency services for US equity securities.

On March 9, 2017, the SEC and the National Bank of Belgium added an addendum to their 2001 Understanding Regarding An Application of Euroclear Bank for an Exemption under US Federal Securities Laws regarding Euroclear's clearing activities in the US, enhancing their ability to exchange information about Euroclear's new services.

"This addendum will expand the signatories' ability to co-operate and exchange information related to Euroclear Bank and augment the SEC's oversight of Euroclear Bank's activities under its exemption order," said Paul A Leder, Director of the SEC's Office of International Affairs.





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The US Securities and Exchange Commission says it has entered into an arrangement with the National Bank of Belgium to enhance co-operation and information sharing regarding expanded services by Euroclear Bank, which provides clearance and settlement through its operation of the Euroclear System.

Brussels-based Euroclear Bank is subject to prudential supervision by the National Bank of Belgium as a credit institution and as a clearing agency. The SEC granted Euroclear's predecessor an exemption from registration as a clearing agency in 1998, allowing it to provide clearing services for US government securities. On December 16, 2016, it approved Euroclear's application to modify its exemption from registration, enabling it to also provide limited clearing agency services for US equity securities.

On March 9, 2017, the SEC and the National Bank of Belgium added an addendum to their 2001 Understanding Regarding An Application of Euroclear Bank for an Exemption under US Federal Securities Laws regarding Euroclear's clearing activities in the US, enhancing their ability to exchange information about Euroclear's new services.

"This addendum will expand the signatories' ability to co-operate and exchange information related to Euroclear Bank and augment the SEC's oversight of Euroclear Bank's activities under its exemption order," said Paul A Leder, Director of the SEC's Office of International Affairs.



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