Securities Clearing Agency ( Bankruptcy) Law & Legal Definition

The term securities clearing agency means “a person that is registered as a clearing agency under section 17A of the Securities Exchange Act of 1934 [15 USCS § 78q-1], or exempt from such registration under such section pursuant to an order of the Securities and Exchange Commission, or whose business is confined to the performance of functions of a clearing agency with respect to exempted securities, as defined in section 3(a)(12) of such Act for the purposes of such section 17A.” (11 USCS § 101)