FINRA Sets Compliance Dates for Security-Based Swap Rules
FINRA set compliance dates for rule amendments relating to security-based swaps ("SBS").
As previously covered, the SEC approved FINRA proposals to amend or adopt the FINRA Rules: 0180 ("Application of Rules to Security-Based Swaps"); 4120 ("Regulatory Notification and Business Curtailment"); 4210 ("Margin Requirements"); 4220 ("Daily Record of Required Margin"); 4240 ("Margin Requirements for Credit Default Swaps"); and 9610 ("Application") to account for its members' SBS activities.
As established in Regulatory Notice 22-03, the changes will become effective as follows:
New Rule 0180 and conforming changes to Rule 9610 become effective on February 6, 2022.
Amendments to financial responsibility and operational rules, including Rule 4120, to conform to SEC SBS requirements, also become effective on February 6, 2022.
New SBS-specific margin requirements under Rule 4240 and changes to Rules 4210 and 4220 become effective on April 6, 2022.
Available only to Premium subscribers.