On May 21, the Financial Industry Regulatory Authority (FINRA) filed with the Securities and Exchange Commission a proposed rule (Rule Change) extending the implementation date for FINRA Rule 4240, which implements an interim pilot program with respect to margin requirements for certain transactions in credit default swaps that are security-based swaps. The implementation date has been changed from July 18 (Previous Implementation Date) to July 20, 2020. The Rule Change was effective upon filing and will be implemented on the Previous Implementation Date.

The text of the Rule Change is available here.