[ by Howard Haykin ] FINRA filed for immediate effectiveness to extend the implementation of FINRA Rule 4240, Margin Requirements for Credit Default Swaps.  This rule implements an interim pilot program with respect to margin requirements for certain transactions in credit default swaps that are security-based swaps - it was to expire on 7/17/12, but FINRA simply extended implementation one year, until 7/13/13. The SEC initially approved FINRA Rule 4240 back on 5/22/09.  Earlier this year, on 3/7, the SEC approved extending the implementation of Rule 4240 to 7/17/12.  As explained in the Approval Order, FINRA Rule 4240, coterminous with certain Commission actions – both SEC and CFTC – was intended to address concerns arising from systemic risk posed by CDS's, including, among other things, risks to the financial system arising from the lack of a central clearing counterparty to clear and settle CDS's. So long as the SEC and the CFTC continue writing new rules in related areas, there's no reason not to provide for limited extensions of the Interim Pilot Program. For further details, go to:   [FINRA Rule Filing 12-35, 7/13/12].