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ARTICLE · 25 SEPTEMBER 2017

FINRA Publishes Guidance On TBA Margin Rules

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FINRA published new guidance on various issues stemming from amendments made to FINRA Rule 4210 (margin) for "Covered Agency Transactions."

United StatesFinance and Banking
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FINRA published new guidance on various issues stemming from amendments made to FINRA Rule 4210 (margin) for "Covered Agency Transactions." The amendments, which were approved by the SEC last year and largely are scheduled to become effective on December 15, 2017, establish margin requirements for various types of forward-settling agency transactions, including TBAs, specified pool and collateralized mortgage obligation transactions.

The FAQs are split into two documents: one specific to issues under Exchange Act Rules 15c3-1 (net capital) and 15c3-3 (custody) (which FINRA indicated was provided by SEC staff), and another covering issues under the amendments to 4210 generally. Among other things (the documents total over 25 pages), the FAQs address:

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