Report on September Meeting | FINRA.org

Report on September Meeting

October 8, 2026

The FINRA Board of Governors held its third quarterly meeting last week, and I am pleased to share several updates. 

Rulemaking

The following rule proposals were among the items the Board approved for filing with the SEC:

  • to amend rules governing FINRA’s review of new and continuing membership applications to better focus on risk;
  • to make the annual CEO compliance and supervisory processes certification deadline more flexible;
  • to rescind the Same Quote Rule requiring members to display the same price for any over-the-counter equity security that they quote across multiple platforms; and
  • to repeal a mutual fund prospectus cash compensation disclosure requirement in light of its overlap with the SEC’s Regulation Best Interest and other disclosure rules.

As a reminder, our Quarterly Regulatory Policy Agenda provides information about our current priorities, active rule filings, and recently approved or immediately effective rule filings. We will update this resource for the third quarter next week. 

Governance and Oversight

The Board received several briefings on key initiatives as part of its oversight of management and the administration of FINRA’s work. These included updates on FINRA’s AI strategy, our market surveillance program, our cyber and information security program, our rule modernization initiative, and the recent integration of several teams into a unified Regulatory Operations division.

Executive Vice President and Head of Enforcement Bill St. Louis briefed the Board on steps we are taking to address recommendations from the recent outside review of our enforcement program. The briefing is part of our response to the report’s call for FINRA to engage the Board in more frequent discussions on the program. With budget planning for 2027 now underway, the Board also received updates on FINRA’s finances, including measures to address surplus reserves. 

The Board’s next quarterly meeting is scheduled for December. More information about the Board’s role and operations, including the membership and responsibilities of its committees, is available here. 

Finally, I look forward to seeing many of you at the annual Small Firm Conference in Chicago on October 27 and 28. It is an excellent opportunity for small firms to discuss key regulatory topics with senior FINRA staff. 

Sincerely,

Robert W. Cook
FINRA President and CEO