FINRA announced the effective dates of recently approved rule changes amending FINRA Rule 4210 to establish margin requirements for "to-be-announced" ("TBA") transactions and other forward-settling agency securities transactions.
The TBA transactions include adjustable rate mortgages. Other transactions with forward settlement dates include specified pool transactions and collateralized mortgage obligations.
FINRA reported that the rule change will become effective in the following two phases:
- amendments relating to risk limit determination requirements are effective on December 15, 2016; and
- all other amendments pursuant to the rule change go into effect on December 15, 2017.
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