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'').