FINRA Proposes Further Delay of TBA Margin Requirements
FINRA proposed to delay, from October 26, 2021 to January 26, 2022, the implementation of amendments imposing margin requirements on "Covered Agency Transactions" under FINRA Rule 4210 ("Margin Requirements").
The proposed delay follows FINRA's May 2021 proposal of amendments to requirements under SR-FINRA-2015-036 ("Amendments to FINRA Margin Requirements for the TBA Market") that were approved by the SEC but not yet implemented. The effective date for the SR-FINRA-2015-036 requirements was initially set for December 2017 and was most recently delayed to October 26, 2021. FINRA explained that the further delay is necessary in order to give the SEC additional time to provide "regulatory clarity" for implementation of the May 2021 proposal.
FINRA submitted the filing for immediate effectiveness. Comments on the filing must be submitted within 21 days after publication in the Federal Register.
Commentary
The January 2022 date seems likely to be a placeholder, given that FINRA, in its recent updates to its proposal to amend the "Covered Agency" requirements, indicated the effective date of the rules would be 9-10 months after approval by the SEC.
Related Articles
-
FINRA proposed amendments on margin requirements for Covered Agency Transactions.
-
FINRA proposed to delay, from March 25, 2021 to October 26, 2021, the implementation date of amendments to FINRA margin requirements on "To Be Announced" and other "Covered Agency Transactions."
-
FINRA filed a proposed rule change that would delay the effective date of amendments to FINRA Rule 4210 (margin) from December 15, 2017 to June 25, 2018.
-
FINRA published new guidance on various issues stemming from amendments made to FINRA rules on margin requirements for "Covered Agency Transactions."
-
The SEC requested comments on Amendment No. 3 and approved the proposed FINRA rule change, as modified by Amendment Nos. 1, 2 and 3, to adopt margin requirements for "to-be-announced" transactions and other forward-settling agency securities transactions on an accelerated basis. The request for comments was published in the Federal Register.
-
The SEC approved FINRA's proposal to adopt margin requirements for "to-be-announced" transactions and other forward-settling agency securities transactions.
-
FINRA proposed Partial Amendment No. 3 to its proposal to adopt margin requirements for "to-be-announced" transactions and other forward-settling agency securities transactions.
-
The SEC requested comment on Amendment No. 2 to a FINRA rule proposal to adopt margin requirements for "to-be-announced" transactions and other forward-settling agency securities transactions.
-
FINRA added a second amendment to its proposal to impose margin requirements on "to-be-announced" transactions.
-
The SEC initiated proceedings to determine whether to approve an amended version of a FINRA proposal that would establish margin requirements for "to-be-announced" transactions.
-