FINRA filed for immediate effectiveness to extend implementation of FINRA Rule 0180, Application of Rules to Security-Based Swaps.  The rule amendment, which was filed 7/8/11 and was to have expired on 1/17/12, will instead be extended until 1/17/13.  The rule temporarily limits, with certain exceptions, the application of FINRA rules with respect to security-based swaps. With its new expiration date, FINRA Rule 0180 will be coterminous with the termination of relevant provisions of the SEC’s Exemptive Release.  In its Exemptive Release, the Commission noted that the expansion of the Act’s definition of “security” raises certain complex issues of interpretation, including issues as to the application of those provisions to registered broker-dealers. The Commission further noted that, absent additional time to analyze those issues, and to consider whether to provide interpretive or operational guidance, these changes may lead to unnecessary market uncertainty. The Commission determined that it is appropriate to provide market participants with additional time to consider the potential impact on their businesses and the interpretive questions raised, and to provide the Commission with any related requests for guidance or relief, along with the underlying analysis. For further details, go to:  [FINRA Rule Filing 12-4, 1/13/12]