Release Notes on Updates to Interpretations to the SEC's Financial and Operational Rules

Updated: April 17, 2026

Publication Date: April 17, 2026

Interpretations Added: 

  1. 15c3-1b(a)(3)(iv)/02 In-Kind Creations and Redemptions of Spot Crypto Exchange-Traded Products
  2. 15c3-1b(a)(3)(ix)(C)/02 In-Kind Creations and Redemptions of Spot Crypto Exchange-Traded Products
  3. 15c3-3(b)(1)/03 Use of Customers’ Securities to Meet a Qualified Clearing Agency’s Margin Requirements for Customers’ Cleared U.S. Treasury Securities Activity
  4. 15c3-3(c)/01 Control of Crypto Asset Security Not in Certificated Form
  5. 15c3-3(c)(1)/08 Use of Customers’ Securities to Meet a Qualified Clearing Agency’s Margin Requirements for Customers’ Cleared U.S. Treasury Securities Activity
  6. 15c3-3(c)(5)/04 Bank No-Lien Letters for Security-Based Swap Customer Excess Securities Collateral
  7. 15c3-3(k)(1)/01 Exclusive Exemption
  8. 15c3-3(p)(1)(vii)/03 Bank Notification and Contract Requirements for Single Customer Reserve Bank Account Holding Security-Based Swap Customer Deposits
  9. 15c3-3(p)(2)(ii)(C)/01 Bank No-Lien Letters for Security-Based Swap Customer Excess Securities Collateral
  10. 15c3-3(p)(2)(ii)(E)/01 Content of Control Location Application for Security-Based Swap Customer Excess Securities Collateral
  11. 15c3-3(p)(2)(ii)(E)/02 Control Location Applications for Security-Based Swap Customer Excess Securities Collateral
  12. 15c3-3(p)(3)/01 Single Reserve Formula Computation and Single Reserve Bank Account Deposit
  13. 15c3-3a(Note H)(b)(1)(iii)/01 Cash Used to Meet a Qualified Clearing Agency’s Margin Requirements for Customers’ Cleared, Settled, and Novated U. S. Treasury Securities Positions
  14. 15c3-3a(Note H)(b)(1)(iii)/02 Item 15 Debit in the Customer Reserve Formula for a Prefunded Margin Requirement related to Cleared Customer U.S. Treasury Securities Activity
  15. 15c3-3a(Item 1)/030 Cash Posted to a Qualified Clearing Agency
  16. 15c3-3a(Item 1)/30 Cash Delivered to a Broker-Dealer to Meet a Mark-to-Market or Variation Margin Payment related to a Customer’s U.S. Treasury Securities Activity at a Qualified Clearing Agency
  17. 15c3-3a(Item 2)/13 Customer Securities on Deposit at a Qualified Clearing Agency
  18. 15c3-3a(Item 10)/11 Extensions of Credit to a Customer Collateralized by the Customer’s Margin Securities to Meet a Margin Requirement of a Qualified Clearing Agency
  19. 15c3-3a(Item 15)/01 Inclusion of A Debit in the Customer Reserve Formula Resulting from Positions in U. S. Treasury Securities - FICC
  20. 15c3-3a(Item 15)/02 Excess Margin Collateral held at a Qualified Clearing Agency related to Customers’ U.S. Treasury Securities Activity
  21. 15c3-3a(Item 15)/03 Extensions of Credit to a Customer Collateralized by the Customer’s Margin Securities to Meet a Margin Requirement of a Qualified Clearing Agency
  22. 17a-3(a)(27)/01 Single Reserve Formula Computation - Recordkeeping Requirement
  23. 18a-3(d)(1)/01 Use of CFTC Standardized Initial Margin Schedule

Publication Date: January 20, 2026

Interpretations Rescinded: 

  1. 17a-5(m)(1)/01 Audit Extension Request – (Rescinded) 

Publication Date: December 30, 2025

Interpretations Added: 

  1. 15c3-1(c)(2)(i)(F)/01 Application of Guidelines in SEC Staff Third Party Expense Letter
  2. 15c3-3(b)(5)/01 Determining Fully Paid and Excess Margin Securities in PAB Accounts
  3. 15c3-3(b)(5)/02 Written Notice to PAB Account Holder
  4. 15c3-3(b)(5)/03 Objection of a PAB Account Holder to the Continued Use of PAB Account Securities
  5. 15c3-3(d)(4)/02 Application of 30 Calendar Day Period Pursuant to 15c3-3(d)(4)
  6. 15c3-3(d)(4)/03 Obtaining Physical Possession or Control - Buy-In of Securities
  7. 15c3-3(e)(5)/02 Definition of “Affiliated”
  8. 15c3-3(j)(2)(i)/01 Customer’s Oral Communication of Orders or Authorization to Transfer Free Credit Balances
  9. 15c3-3(j)(2)(i)/02 Investment or Transfer of Customer’s Free Credit Balances Pursuant to an Order from Customer’s Agent or Pledgee
  10. 15c3-3(j)(2)(ii)(A)(2)/02 Sweep Program – Written Affirmative Customer Consent in Fully Disclosed Carrying Arrangements
  11. 17a-11(b)(5)/01 Non-Cash Repurchase and Securities Lending Transactions