When the FINRA Board of Governors next meets, on February 16, it will consider adopting new rules or rule amendments for several 'hot button' topics, beginning with ETF offerings. Shortly after the meeting concludes, a summary of the Board's actions and FINRA's anticipated next steps, if any, will be published. Here are the topics currently on the agenda. Topic 1.  Deferred Compensation Arrangements and Filing Exemption for ETF Offerings. The Board will consider amending the Corporate Financing Rule, FINRA Rule 5110, which governs underwriting terms and arrangements in public offerings of securities.  The amended rule would broaden and clarify the acceptable use of rights of first refusal and termination fees that facilitate deferred compensation arrangements, while providing appropriate protections for issuers that dismiss underwriters for cause. The amendments also would eliminate a filing requirement that applies only to certain types of ETFs that are not RICs (registered investment companies). Topic 2.  Margin Requirements for Credit Default Swaps. The Board will consider amending FINRA Rule 4240 governing an interim pilot program with respect to margin requirements for credit default swaps (CDSs). The amended rule would limit its application to CDSs that are security-based swaps and make certain other conforming revisions. Topic 3.  Spinning. The Board will consider amending FINRA Rule 5131(b) to refine and simplify the application of the spinning provisions with respect to purchases of new issues by certain funds of funds.   [FINRA Meeting Notice, 2/8/12]