The SEC approved a FINRA proposal to address the application of FINRA rules to security-based swaps ("SBS").
As previously covered, the proposal amends 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 modified by Amendment No. 1 and approved by the SEC, the changes include:
the replacement of expiring FINRA Rule 0180 with new FINRA Rule 0180, which makes FINRA rules applicable to members' SBS activities and positions while providing exceptions where FINRA determined them to be appropriate; and
requiring that FINRA members that enter into swaps comply with the SEC's amendments to its capital, margin and segregation requirements.
The SEC approval contains a fulsome discussion of the manner in which the SBS regulations apply to FINRA members that may enter into SBS, but that may not be registered security-based swap dealers ("SBSDs"). Amendment No. 1 extended the effective date of the proposed amendments for FINRA Rules 0180, 4120, 9610 until February 6, 2022, and extended 4210, 4220, and 4240 until April 6, 2022.
The FINRA rules should be closely reviewed and built into policies and procedures by (1) broker-dealers that engage in...
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