Directive 2014/57/EU

In 2010, the Margin Requirements Rule (Rule 4210) was created by the Financial Industry Regulatory Authority (FINRA) in order to reduce counterparty credit risk within the To Be Announced(TBA) market. Proposed changes to the Rule were approved in 2016, and will be effective December, 2017.

Rule 4210 requires FINRA member firms to collect maintenance and variation margin from counterparties, and apply a risk-based credit limit to each counterparty account.

Exemptions made in the Re-proposal:

FINRA members are not obligated to apply the above margin requirements when the counterparty is a “Federal banking agency,” as defined by the FDIA or BIS.

Firms are not required to collect maintenance margin from “exempt accounts” such as broker-dealers and individuals of high net worth.

FINRA Margin Requirements

Entities that do business within the European Union. Denmark and the UK are exempt from CSMAD because of their preexisting national regulations.

https://en.wikipedia.org/wiki/Financial_Industry_Regulatory_Authority