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ARTICLE · 04 MAY 2021

FINRA Proposes Applying Its Rules To Security-Based Swaps

Hogan Lovells Cadwalader
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FINRA proposed amendments to clarify the application of FINRA rules to security-based swaps.

United StatesCorporate/Commercial Law
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FINRA proposed amendments to clarify the application of FINRA rules to security-based swaps ("SBS"). The proposal would take effect once SEC rules concerning SBS dealers ("SBSDs") and major SBS participants ("MSBSPs") become effective.

Specifically, FINRA stated that it is proposing to amend 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") in order to account for its members' SBS activities as SBS entities start to register with the SEC on October 6, 2021 (i.e., the compliance date for the SEC SBS rulemaking).

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