Federal Register / Vol. 86, No. 6 / Monday, January 11, 2021 / Notices 2021 

1 15 U.S.C. 78s(b)(1). 

2 17 CFR 240.19b–4. 

3 17 CFR 240.19b–4(f)(6). 

4See Securities Exchange Act Release No. 78081 

(June 15, 2016), 81 FR 40364 (June 21, 2016) (Notice 

of Filing of Amendment No. 3 and Order Granting 

Accelerated Approval to a Proposed Rule Change to 

Amend FINRA Rule 4210 (Margin Requirements) to 

Establish Margin Requirements for the TBA Market, 

as Modified by Amendment Nos. 1, 2, and 3; File 

No. SR–FINRA–2015–036). 

5See Partial Amendment No. 3 to SR–FINRA– 

2015–036 and Regulatory Notice 16–31 (August 

2016), both available at: www.finra.org. 

6Available at: www.finra.org/rules-guidance/ 

guidance/faqs. Further, staff of the SEC’s Division 

of Trading and Markets made available a set of 

Frequently Asked Questions regarding Exchange 

Act Rule 15c3–1 and Rule 15c3–3 in connection 

with Covered Agency Transactions under FINRA 

Rule 4210, also available at: www.finra.org/rulesguidance/guidance/faqs. 

7See Securities Exchange Act Release No. 81722 

(September 26, 2017), 82 FR 45915 (October 2, 

2017) (Notice of Filing and Immediate Effectiveness 

of a Proposed Rule Change to Delay the 

Implementation Date of Certain Amendments to 

FINRA Rule 4210 Approved Pursuant to SR– 

FINRA–2015–036; File No. SR–FINRA–2017–029); 

see also Regulatory Notice 17–28 (September 2017). 

8See Securities Exchange Act Release No. 87441 

(November 1, 2019), 84 FR 60132 (November 7, 

2019) (Notice of Filing and Immediate Effectiveness 

of a Proposed Rule Change to Extend the 

Implementation Date of Certain Amendments to 

FINRA Rule 4210 Approved Pursuant to SR– 

FINRA–2015–036; File No. SR–FINRA–2019–026). 

9See Partial Amendment No. 3 to SR–FINRA– 

2015–036, available at: www.finra.org. 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–90852; File No. SR–FINRA– 

2020–046] 

Self-Regulatory Organizations; 

Financial Industry Regulatory 

Authority, Inc.; Notice of Filing and 

Immediate Effectiveness of a Proposed 

Rule Change to Extend the 

Implementation Date of Certain 

Amendments to FINRA Rule 4210 

Approved Pursuant to SR–FINRA– 

2015–036 

January 5, 2021. 

Pursuant to Section 19(b)(1) of the 

Securities Exchange Act of 1934 

(‘‘Act’’) 1 and Rule 19b–4 thereunder,2

notice is hereby given that on December 

22, 2020, the Financial Industry 

Regulatory Authority, Inc. (‘‘FINRA’’) 

filed with the Securities and Exchange 

Commission (‘‘SEC’’ or ‘‘Commission’’) 

the proposed rule change as described 

in Items I and II below, which Items 

have been prepared by FINRA. FINRA 

has designated the proposed rule change 

as constituting a ‘‘non-controversial’’ 

rule change under paragraph (f)(6) of 

Rule 19b–4 under the Act,3 which 

renders the proposal effective upon 

receipt of this filing by the Commission. 

The Commission is publishing this 

notice to solicit comments on the 

proposed rule change from interested 

persons. 

I. Self-Regulatory Organization’s 

Statement of the Terms of Substance of 

the Proposed Rule Change 

FINRA is proposing to extend, to 

October 26, 2021, the implementation 

date of the amendments to FINRA Rule 

4210 (Margin Requirements) pursuant to 

SR–FINRA–2015–036, other than the 

amendments pursuant to SR–FINRA– 

2015–036 that were implemented on 

December 15, 2016. The proposed rule 

change would not make any changes to 

the text of FINRA rules. 

The text of the proposed rule change 

is available on FINRA’s website at 

http://www.finra.org, at the principal 

office of FINRA and at the 

Commission’s Public Reference Room. 

II. Self-Regulatory Organization’s 

Statement of the Purpose of, and 

Statutory Basis for, the Proposed Rule 

Change 

In its filing with the Commission, 

FINRA included statements concerning 

the purpose of and basis for the 

proposed rule change and discussed any 

comments it received on the proposed 

rule change. The text of these statements 

may be examined at the places specified 

in Item IV below. FINRA has prepared 

summaries, set forth in sections A, B, 

and C below, of the most significant 

aspects of such statements. 

A. Self-Regulatory Organization’s 

Statement of the Purpose of, and 

Statutory Basis for, the Proposed Rule 

Change 

1. Purpose 

On October 6, 2015, FINRA filed with 

the Commission proposed rule change 

SR–FINRA–2015–036, which proposed 

to amend FINRA Rule 4210 to establish 

margin requirements for (1) To Be 

Announced (‘‘TBA’’) transactions, 

inclusive of adjustable rate mortgage 

(‘‘ARM’’) transactions; (2) Specified 

Pool Transactions; and (3) transactions 

in Collateralized Mortgage Obligations 

(‘‘CMOs’’), issued in conformity with a 

program of an agency or GovernmentSponsored Enterprise (‘‘GSE’’), with 

forward settlement dates, as defined 

more fully in the filing (collectively, 

‘‘Covered Agency Transactions’’). The 

Commission approved SR–FINRA– 

2015–036 on June 15, 2016 (the 

‘‘Approval Date’’).4

Pursuant to Partial Amendment No. 3 

to SR–FINRA–2015–036, FINRA 

announced in Regulatory Notice 16–31 

that the rule change would become 

effective on December 15, 2017, 18 

months from the Approval Date, except 

that the risk limit determination 

requirements as set forth in paragraphs 

(e)(2)(F), (e)(2)(G) and (e)(2)(H) of Rule 

4210 and in new Supplementary 

Material .05, each as respectively 

amended or established by SR–FINRA– 

2015–036 (collectively, the ‘‘risk limit 

determination requirements’’), would 

become effective on December 15, 2016, 

six months from the Approval Date.5

Industry participants sought 

clarification regarding the 

implementation of the requirements 

pursuant to SR–FINRA–2015–036. 

Industry participants also requested 

additional time to make system changes 

necessary to comply with the 

requirements, including time to test the 

system changes, and requested 

additional time to update or amend 

margining agreements and related 

documentation. In response, FINRA 

made available a set of Frequently 

Asked Questions & Guidance 6 and, 

pursuant to SR–FINRA–2017–029,7

extended the implementation date of the 

requirements of SR–FINRA–2015–036 to 

June 25, 2018, except for the risk limit 

determination requirements, which, as 

announced in Regulatory Notice 16–31, 

became effective on December 15, 2016. 

Industry participants requested that 

FINRA reconsider the potential impact 

of certain requirements pursuant to SR– 

FINRA–2015–036 on smaller and 

medium-sized firms. Industry 

participants also requested that FINRA 

extend the implementation date 

pending such reconsideration to reduce 

potential uncertainty in the Covered 

Agency Transaction market. In response 

to these concerns, FINRA further 

extended the implementation date of the 

requirements of SR–FINRA–2015–036, 

other than the risk limit determination 

requirements, to March 25, 2021 (the 

‘‘March 25, 2021 implementation 

date’’).8 FINRA noted that, as FINRA 

stated in Partial Amendment No. 3 to 

SR–FINRA–2015–036, FINRA would 

monitor the impact of the requirements 

pursuant to that rulemaking and, if the 

requirements prove overly onerous or 

otherwise are shown to negatively 

impact the market, FINRA would 

consider revisiting such requirements as 

may be necessary to mitigate the rule’s 

impact.9

FINRA is considering, in consultation 

with industry participants and other 

regulators, potential amendments to the 

requirements of SR–FINRA–2015–036, 

and anticipates submitting a proposed 

rule change to the SEC. FINRA believes 

that this is appropriate in the interest of 

avoiding unnecessary disruption to the 

Covered Agency Transaction market. As 


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2022 Federal Register / Vol. 86, No. 6 / Monday, January 11, 2021 / Notices 

10 15 U.S.C. 78o–3(b)(6). 

11 15 U.S.C. 78s(b)(3)(A). 

12 17 CFR 240.19b–4(f)(6). 

13 17 CFR 240.19b–4(f)(6). 

14 17 CFR 240.19b–4(f)(6)(iii). 

15For purposes of waiving the 30-day operative 

delay, the Commission has also considered the 

proposed rule’s impact on efficiency, competition, 

and capital formation. See 15 U.S.C. 78c(f). 

such, FINRA is proposing to extend the 

March 25, 2021 implementation date to 

October 26, 2021 while FINRA 

considers potential amendments. FINRA 

notes that the risk limit determination 

requirements pursuant to SR–FINRA– 

2015–036 became effective on December 

15, 2016 and, as such, the 

implementation of such requirements is 

not affected by the proposed rule 

change. 

FINRA has filed the proposed rule 

change for immediate effectiveness and 

has requested that the Commission 

waive the requirement that the proposed 

rule change not become operative for 30 

days after the date of the filing. The 

operative date will be the date of filing 

of the proposed rule change. 

2. Statutory Basis 

FINRA believes that the proposed rule 

change is consistent with the provisions 

of Section 15A(b)(6) of the Act,10 which 

requires, among other things, that 

FINRA rules must be designed to 

prevent fraudulent and manipulative 

acts and practices, to promote just and 

equitable principles of trade, and, in 

general, to protect investors and the 

public interest. FINRA believes that the 

proposed rule change provides FINRA 

additional time to consider potential 

amendments to the requirements 

pursuant to SR–FINRA–2015–036 and 

helps to reduce potential uncertainty in 

the Covered Agency Transaction market 

while FINRA considers such 

amendments. FINRA believes that 

providing additional time is consistent 

with the Act because this provides 

FINRA, in consultation with industry 

participants and other regulators, 

additional opportunity to consider 

whether amendments to the 

requirements would improve their 

effectiveness and thereby protect 

investors and the public interest by 

helping to promote stability in the 

Covered Agency Transaction market. 

B. Self-Regulatory Organization’s 

Statement on Burden on Competition 

FINRA does not believe that the 

proposed rule change will result in any 

burden on competition that is not 

necessary or appropriate in furtherance 

of the purposes of the Act. FINRA 

believes that extending the March 25, 

2021 implementation date to October 

26, 2021, so as to provide additional 

time for FINRA to consider, in 

consultation with industry participants 

and other regulators, whether any 

amendments to the requirements 

pursuant to SR–FINRA–2015–036 are 

appropriate will benefit all parties. 

C. Self-Regulatory Organization’s 

Statement on Comments on the 

Proposed Rule Change Received From 

Members, Participants, or Others 

Written comments were neither 

solicited nor received. 

III. Date of Effectiveness of the 

Proposed Rule Change and Timing for 

Commission Action 

Because the foregoing proposed rule 

change does not: (i) Significantly affect 

the protection of investors or the public 

interest; (ii) impose any significant 

burden on competition; and (iii) become 

operative for 30 days from the date on 

which it was filed, or such shorter time 

as the Commission may designate, it has 

become effective pursuant to Section 

19(b)(3)(A) of the Act 11 and Rule 19b– 

4(f)(6) thereunder.12

A proposed rule change filed under 

Rule 19b–4(f)(6) 13 normally does not 

become operative for 30 days after the 

date of filing. However, pursuant to 

Rule 19b–4(f)(6)(iii),14 the Commission 

may designate a shorter time if such 

action is consistent with the protection 

of investors and the public interest. 

FINRA has requested that the 

Commission waive the 30-day operative 

delay so that the proposal may become 

operative upon filing. FINRA has stated 

that the purpose of the proposed rule 

change is to allow FINRA additional 

time to consider potential revisions to 

the requirements of SR–FINRA–2015– 

036, and to consult with industry 

participants and other regulators 

whether any revisions are appropriate, 

in the interest of avoiding unnecessary 

disruption to the Covered Agency 

Transaction market. The Commission 

believes that waiving the 30-day 

operative delay is consistent with the 

protection of investors and the public 

interest because the proposal to extend 

the implementation date of the 

requirements of Rule 4210 does not 

raise any new or novel issues and will 

help to facilitate the implementation of 

the margin requirements for Covered 

Agency Transactions. Therefore, the 

Commission hereby waives the 30-day 

operative delay requirement and 

designates the proposed rule change as 

operative upon filing.15

At any time within 60 days of the 

filing of the proposed rule change, the 

Commission summarily may 

temporarily suspend such rule change if 

it appears to the Commission that such 

action is necessary or appropriate in the 

public interest, for the protection of 

investors, or otherwise in furtherance of 

the purposes of the Act. If the 

Commission takes such action, the 

Commission shall institute proceedings 

to determine whether the proposed rule 

should be approved or disapproved. 

IV. Solicitation of Comments 

Interested persons are invited to 

submit written data, views and 

arguments concerning the foregoing, 

including whether the proposed rule 

change is consistent with the Act. 

Comments may be submitted by any of 

the following methods: 

Electronic Comments 

• Use the Commission’s internet 

comment form (http://www.sec.gov/ 

rules/sro.shtml); or 

• Send an email to rule-comments@

sec.gov. Please include File Number SR– 

FINRA–2020–046 on the subject line. 

Paper Comments 

• Send paper comments in triplicate 

to Secretary, Securities and Exchange 

Commission, 100 F Street NE, 

Washington, DC 20549–1090. 

All submissions should refer to File 

Number SR–FINRA–2020–046. This file 

number should be included on the 

subject line if email is used. To help the 

Commission process and review your 

comments more efficiently, please use 

only one method. The Commission will 

post all comments on the Commission’s 

internet website (http://www.sec.gov/ 

rules/sro.shtml). Copies of the 

submission, all subsequent 

amendments, all written statements 

with respect to the proposed rule 

change that are filed with the 

Commission, and all written 

communications relating to the 

proposed rule change between the 

Commission and any person, other than 

those that may be withheld from the 

public in accordance with the 

provisions of 5 U.S.C. 552, will be 

available for website viewing and 

printing in the Commission’s Public 

Reference Room, 100 F Street NE, 

Washington, DC 20549, on official 

business days between the hours of 10 

a.m. and 3 p.m. Copies of such filing 

also will be available for inspection and 

copying at the principal office of 

FINRA. All comments received will be 

posted without change. Persons 

submitting comments are cautioned that 

we do not redact or edit personal 

identifying information from comment 

submissions. You should submit only 

information that you wish to make 


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Federal Register / Vol. 86, No. 6 / Monday, January 11, 2021 / Notices 2023 

16 17 CFR 200.30–3(a)(12). 

available publicly. All submissions 

should refer to File Number SR–FINRA– 

2020–046 and should be submitted on 

or before February 1, 2021. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.16

J. Matthew DeLesDernier, 

Assistant Secretary. 

[FR Doc. 2021–00198 Filed 1–8–21; 8:45 am] 

BILLING CODE 8011–01–P 

SMALL BUSINESS ADMINISTRATION 

[Disaster Declaration #16706 and #16707; 

LOUISIANA Disaster Number LA–00105] 

Presidential Declaration Amendment of 

a Major Disaster for the State of 

Louisiana 

AGENCY: Small Business Administration. 

ACTION: Amendment 2. 

SUMMARY: This is an amendment of the 

Presidential declaration of a major 

disaster for the State of Louisiana 

(FEMA–4570–DR), dated 10/16/2020. 

Incident: Hurricane Delta. 

Incident Period: 10/06/2020 through 

10/10/2020. 

DATES: Issued on 12/23/2020. 

Physical Loan Application Deadline 

Date: 12/15/2020. 

Economic Injury (EIDL) Loan 

Application Deadline Date: 07/16/2021. 

ADDRESSES: Submit completed loan 

applications to: U.S. Small Business 

Administration, Processing and 

Disbursement Center, 14925 Kingsport 

Road, Fort Worth, TX 76155. 

FOR FURTHER INFORMATION CONTACT: A. 

Escobar, Office of Disaster Assistance, 

U.S. Small Business Administration, 

409 3rd Street SW, Suite 6050, 

Washington, DC 20416, (202) 205–6734. 

SUPPLEMENTARY INFORMATION: The notice 

of the President’s major disaster 

declaration for the State of Louisiana, 

dated 10/16/2020, is hereby amended to 

include the following areas as adversely 

affected by the disaster: 

Primary Parishes (Physical Damage and 

Economic Injury Loans): Allen, 

Iberia. 

Contiguous Parishes (Economic Injury 

Loans Only): None 

All other information in the original 

declaration remains unchanged. 

(Catalog of Federal Domestic Assistance 

Number 59008) 

Cynthia Pitts, 

Acting Associate Administrator for Disaster 

Assistance. 

[FR Doc. 2021–00228 Filed 1–8–21; 8:45 am] 

BILLING CODE 8026–03–P 

SMALL BUSINESS ADMINISTRATION 

[Disaster Declaration #16547 and #16548; 

NORTH DAKOTA Disaster Number ND– 

00081] 

Presidential Declaration Amendment of 

a Major Disaster for Public Assistance 

Only for the State of North Dakota 

AGENCY: U.S. Small Business 

Administration. 

ACTION: Amendment 1. 

SUMMARY: This is an amendment of the 

Presidential declaration of a major 

disaster for Public Assistance Only for 

the State of North Dakota (FEMA–4553– 

DR), dated 07/09/2020. 

Incident: Flooding. 

Incident Period: 04/01/2020 through 

04/25/2020. 

DATES: Issued on 07/09/2020. 

Physical Loan Application Deadline 

Date: 09/08/2020. 

Economic Injury (EIDL) Loan 

Application Deadline Date: 04/09/2021. 

ADDRESSES: Submit completed loan 

applications to: U.S. Small Business 

Administration, Processing and 

Disbursement Center, 14925 Kingsport 

Road, Fort Worth, TX 76155. 

FOR FURTHER INFORMATION CONTACT: A. 

Escobar, Office of Disaster Assistance, 

U.S. Small Business Administration, 

409 3rd Street SW, Suite 6050, 

Washington, DC 20416, (202) 205–6734. 

SUPPLEMENTARY INFORMATION: The notice 

of the President’s major disaster 

declaration for Private Non-Profit 

organizations in the State of North 

Dakota, dated 07/09/2020, is hereby 

amended to include the following areas 

as adversely affected by the disaster. 

Primary Counties: Kidder, Wells 

All other information in the original 

declaration remains unchanged. 

(Catalog of Federal Domestic Assistance 

Number 59008) 

Cynthia Pitts, 

Acting Associate Administrator for Disaster 

Assistance. 

[FR Doc. 2021–00224 Filed 1–8–21; 8:45 am] 

BILLING CODE 8026–03–P 

SMALL BUSINESS ADMINISTRATION 

[Disaster Declaration #16826 and #16827; 

OKLAHOMA Disaster Number OK–00144] 

Presidential Declaration of a Major 

Disaster for Public Assistance Only for 

the State of Oklahoma 

AGENCY: U.S. Small Business 

Administration. 

ACTION: Notice. 

SUMMARY: This is a Notice of the 

Presidential declaration of a major 

disaster for Public Assistance Only for 

the State of OKLAHOMA (FEMA–4575– 

DR), dated 12/21/2020. 

Incident: Severe Winter Storm. 

Incident Period: 10/26/2020 through 

10/29/2020. 

DATES: Issued on 12/21/2020. 

Physical Loan Application Deadline 

Date: 02/19/2021. 

Economic Injury (EIDL) Loan 

Application Deadline Date: 09/21/2021. 

ADDRESSES: Submit completed loan 

applications to: U.S. Small Business 

Administration, Processing and 

Disbursement Center, 14925 Kingsport 

Road, Fort Worth, TX 76155. 

FOR FURTHER INFORMATION CONTACT: A. 

Escobar, Office of Disaster Assistance, 

U.S. Small Business Administration, 

409 3rd Street SW, Suite 6050, 

Washington, DC 20416, (202) 205–6734. 

SUPPLEMENTARY INFORMATION: Notice is 

hereby given that as a result of the 

President’s major disaster declaration on 

12/21/2020, Private Non-Profit 

organizations that provide essential 

services of a governmental nature may 

file disaster loan applications at the 

address listed above or other locally 

announced locations. 

The following areas have been 

determined to be adversely affected by 

the disaster: 

Primary Counties: Caddo, Canadian, 

Cleveland, Dewey, Grady, 

Kingfisher, Kiowa, Logan, Noble, 

Oklahoma, Payne, Pottawatomie, 

Roger Mills 

The Interest Rates are: 

Percent 

For Physical Damage: 

Non-Profit Organizations with 

Credit Available Elsewhere ... 2.750 

Non-Profit Organizations Without Credit Available Elsewhere ..................................... 2.750 

For Economic Injury: 

Non-Profit Organizations Without Credit Available Elsewhere ..................................... 2.750 

The number assigned to this disaster 

for physical damage is 16826B and for 

economic injury is 168270. 


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