FINRA Proposes to Postpone Implementation of TBA/CAT Margin Rules
FINRA proposed to further postpone the implementation of margin requirements for covered agency transactions ("CATs") from April 24, 2023 to October 25, 2023.
The proposal would again delay the implementation of amendments to FINRA Rule 4210 ("Margin Requirements") to impose requirements on CATs, including "To Be Announced" ("TBA") trading. Certain amendments to rules adopted in SR-FINRA-2015-036 were initially approved on June 15, 2016, but are still yet to be implemented.
FINRA said the proposed delay in implementation does not apply to amendments to the rules adopted in FINRA proposed rulemaking 2021-010, which was later stayed pending further SEC action.
Commentary
As was the case when FINRA last delayed the effective date, this action would effectively retain the status quo for six additional months.
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