Back to News
Federal RegisterFederal
Paxos Securities Settlement Company, LLC; Order Granting an Application for Temporary Registration as a Clearing Agency Under Section 17A of the Securities Exchange Act of 1934
Plain English Summary
Paxos Securities Settlement Company has received temporary approval to operate as a clearing agency, which is important for broker-dealers, banks, and insurance companies. This means they can now participate in clearing and settling securities transactions. Insurance agents should be aware of this change as it may affect how they handle securities-related transactions in the future.
+View original text
qualifications for participation: a broker-dealer registered under the Exchange Act; a bank or trust company organized under the laws of the United States or any state and is a member of the Federal Reserve System; a clearing agency registered under the Exchange Act; an <span class="match">Insurance</span> Company or <span class="match">Insurance</span> Entity;
162
and an investment company registered under Section 8 of the Investment Company Act.
163
In Exhibit O, PSSC further explains that the proposed qualifications for participation are based substantially on the corresponding, approved requirements