(a) The Rules shall not apply to members' activities and positions with respect to security-based swaps, except for the following:

(a) The Financial Industry Regulatory Authority, Inc. delegates to its subsidiaries, FINRA Regulation, Inc. and FINRA CAT, LLC (hereinafter "Subsidiaries"), the authority to act on behalf of FINRA as set forth in a Plan of Allocation and Delegation adopted by the Board of Governors and approved by the SEC pursuant to its authority under the Exchange Act.

(a) The terms used in the Rules, if defined in the FINRA By-Laws, shall have the meaning as defined in the FINRA By-Laws, unless a term is defined differently in a Rule, or unless the context of the term within a Rule requires a different meaning.

(b) When used in the Rules, unless the context otherwise requires:

(1) "By-Laws"

The term "By-Laws" means the By-Laws of the Corporation or the FINRA By-Laws.

(2) "Code of Procedure"

(a) FINRA will request guidance from the MSRB in interpretation of the rules of the MSRB.

(a) For purposes of this Rule, the terms "exempted securities" and "municipal securities" shall have the meanings specified in Sections 3(a)(12) and 3(a)(29) of the Exchange Act, respectively.

(b) The Rules are not intended to be, and shall not be construed as, rules concerning transactions in municipal securities.

(c) Unless otherwise indicated within a particular Rule, the following rules are applicable to transactions in, and business activities relating to, exempt

(a) The Rules shall apply to all members and persons associated with a member. Persons associated with a member shall have the same duties and obligations as a member under the Rules.

(b) A member or person associated with a member, who has been expelled, canceled or revoked from membership or from registration, or who has been barred from being associated with all members, shall cease to have any privileges of membership or registration.

The Rules shall be interpreted in light of the purposes sought to be achieved by the Rules and to further FINRA's regulatory programs.

The Rules shall become effective as provided in Article XI, Section 1, of the FINRA By-Laws.

The Rules are adopted pursuant to Article VII, Section 1, of the FINRA By-Laws.