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ARTICLE · 14 JANUARY 2022

SEC Approves Proposal To Apply FINRA Rules To Security-Based Swaps

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The SEC approved a FINRA proposal to address the application of FINRA rules to security-based swaps ("SBS").

United StatesFinance and Banking
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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

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