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ARTICLE · 07 NOVEMBER 2019

FINRA Postpones Implementation Date for Rule Amendments On Margining TBAs

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FINRA proposed to delay, from March 25, 2020, to March 25, 2021, the implementation date of rule amendments on margin requirements for Covered Agency Transactions.

United StatesFinance and Banking
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FINRA proposed to delay, from March 25, 2020, to March 25, 2021, the implementation date of rule amendments on margin requirements for Covered Agency Transactions (which includes "to-be-announced" ("TBA") transactions and other forward-settling agency securities transactions). The implementation date of the amendments to the margin requirements for TBA transactions previously had been delayed in light of operational and other difficulties (see previous coverage).

FINRA emphasized that risk limit determination requirements relating to Covered Agency Transactions continue to be in effect. FINRA also indicated that it is considering, in consultation with other regulators and industry participants, potential amendments to the margin collection requirements "in the interest of avoiding unnecessary disruption to the Covered Agency Transaction market."

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