The Securities and Exchange Commission ("Commission") is adopting rules under the Securities Exchange Act of 1934 ("Exchange Act") to improve the governance of clearing agencies registered with the Commission ("registered clearing agencies") by reducing the likelihood that conflicts of interest may influence the board of directors or equivalent governing body ("board") of a registered clearing agency. The rules identify certain responsibilities of the board, increase transparency into board governance, and, more generally, improve the alignment of incentives among owners and participants of a registered clearing agency. In support of these objectives, the rules establish new requirements for board and committee composition, independent directors, management of conflicts of interest, and board oversight.