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.
Primary Sources
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