Features - FINRA Adopts New Intraday Margin Standards to Replace the Day Trading Margin Requirements
FINRA adopted new intraday margin standards to replace in their entirety the outdated day trading margin requirements, including the day trade count requirements for designating a customer as a “pattern day trader” and the $25,000 pattern day trader minimum equity requirement. The new standards will give customers more freedom to participate in the markets while also ensuring customers maintain equity in their margin account commensurate with the amount of market exposure they have at any given point in time during the trading day. This rule change advances the FINRA Forward Rule Modernization initiative to update requirements, facilitate innovation, and reduce unnecessary burdens while maintaining investor protection. The effective date of the amendments is June 4. Members that need more time to implement the rule change will be permitted to phase in their implementation over a period of 18 months, until Oct. 20, 2027. To assist members, FINRA will issue a separate notice announcing the availability of interpretive guidance and other resources.
- FINRA Modernizes Rule 8210 Information Request Delivery
FINRA filed a proposed rule change with the SEC on April 20 to amend Rule 8210(d) to specify that FINRA will deliver electronically our requests for information and testimony to member firms through FINRA Gateway, rather than by mail. The proposed amendment streamlines FINRA’s notification process by leveraging the electronic compliance portal that all member firms already use for registration and compliance functions. The change reflects technological advances and industry shifts toward electronic operations since the rule was last amended in 2012, eliminating administrative inefficiencies for both FINRA staff and member firms. The proposed rule change affects notification to member firms only and does not change delivery requirements for requests sent to associated persons, which will continue to be delivered via mail or personal service. The proposed rule change was filed for immediate effectiveness, with an implementation date of May 26.
- Investor Insights: Understanding the New Intraday Margin Requirements
Our latest Investor Insights explains how recent amendments to FINRA’s margin rule may affect active investors. Member firms are free to share this article, and other Investor Insights, with customers.
- ICYMI: Enhanced Form New Member Application
FINRA has updated the New Member Application (NMA) experience with an enhanced Form NMA, which launched on April 15. The changes include streamlined document upload and cross-referencing capabilities, interactive navigation tools with integrated support resources, automatic progress saving, standardized response fields with clear required field identification, and refined question structure with clarified information requests. Support resources include Notice 26-09, a live demonstration, and user guides available at Membership Application Program Tools.
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Regulatory Information, Upcoming Deadlines, Effective Dates |
New - New Intraday Margin Standards: FINRA adopted new intraday margin standards to replace in their entirety the outdated day trading margin requirements, including the day trade count requirements for designating a customer as a “pattern day trader” and the $25,000 pattern day trader minimum equity requirement. The effective date of the amendments is June 4. Members that need more time to implement the rule change will be permitted to phase in their implementation over a period of 18 months, until Oct. 20, 2027. See feature above for more details.
- Rule 8210 Information Request Delivery: FINRA filed a proposed rule change with the SEC to amend Rule 8210(d) to specify that FINRA will deliver electronically its requests for information and testimony to member firms through FINRA Gateway, rather than by mail. The proposed rule change was filed for immediate effectiveness, with an implementation date of May 26. See feature above for more details.
Reminders - TRACE Transition to Native FIX: FINRA is transitioning from our legacy FIX Protocol platform to a new Native FIX platform for TRACE trade reporting. We anticipate retiring all TRACE legacy FIX reporting late in the fourth quarter of this year. Please see our March 6 Technical Notice for more information.
- Alternative Display Facility Rule: FINRA filed a rule change with the SEC to amend FINRA Rule 6272 to modify the operation of the Alternative Display Facility (ADF) in light of new SEC Regulation NMS requirements for odd-lot quotation information dissemination. The rule change, which would become operative on April 27, aligns with industry-wide implementation of the new odd-lot quotation information
- Collective Trust Fund Exemption from IPO Allocation Rules: FINRA filed a rule proposal with the SEC to exempt specified CTFs from restrictions on purchasing and selling initial public offerings. Comments are due to the SEC by May 1.
- FINRA Arbitration Rules Request for Comment: FINRA published Reg. Notice 26-06 seeking comment on key areas of concern relating to our arbitration forum, intended to ensure the forum is fair and efficient for all users. This notice opens for all the opportunity to comment on a number of specific issues raised by those who have commented previously in response to the FINRA Forward rule modernization initiative. Comments are due to FINRA by May 1
- TRACE Reporting for BD/IAs: FINRA has amended Rule 6730 to allow firms that operate as both broker-dealers and investment advisers (BD/IAs) to report allocations of aggregate orders to multiple managed customer accounts in a single TRACE report, rather than submitting separate reports for each account allocation. The optional streamlined reporting alternative takes effect June 8.
- Board of Governors Election: FINRA will hold a Board election on July 13 for a small firm seat and a large firm seat.
- New Member Application: FINRA has introduced technological enhancements to the New Member Application (Form NMA). The enhanced Form NMA is now available through FINRA Gateway. The legacy version of the form will retire on July 15.
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- FINRA publishes disciplinary actions to remind members of specific conduct that violates FINRA rules and may result in disciplinary action. The April 2026 Monthly Disciplinary Actions are available here.
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Education and Compliance Programs |
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Resources |
Member Firm Hub – The latest guidance, resources, educational opportunities and more. FINRA Forward – An overview of our work in action for becoming more effective and efficient at pursuing our mission is available on FINRA.org. The webpages include information and videos about our efforts to modernize our rules, empower member firm compliance, and combat cyber and fraud threats.
Quarterly Regulatory Policy Agenda – An overview of our current priorities for significant regulatory policy initiatives. Comment Process – On-demand webinar on how to provide comments on FINRA Forward proposals, as well as the impact of comment letters and how they are used. Involvement and Election Process – How to engage with FINRA to help carry out our mission of protecting investors and safeguarding market integrity. Members can contribute their unique perspectives and skillsets with rotating terms on FINRA committees and other opportunities. Submit an indication of interest to be considered to join a FINRA advisory committee or speak at a FINRA event by clicking here.
Membership Application Program (MAP) Tools – Guidance and other resources to help current members prepare for their continuing membership application (CMA) and new applicants prepare for a new member application (NMA).
FINRA Unscripted – A monthly podcast that discusses a range of topics important to the securities industry. Investor Insights – Feature articles on timely topics for investors, which firms are welcome to share with customers. |
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About FINRAFINRA is a not-for-profit organization dedicated to investor protection and market integrity. FINRA regulates one critical part of the securities industry—member brokerage firms doing business with the public in the U.S. FINRA, overseen by the SEC, writes rules, examines for and enforces compliance with FINRA rules and federal securities laws, registers broker-dealer personnel and offers them education and training, and informs the investing public. In addition, FINRA provides surveillance and other regulatory services for equities and options markets, as well as trade reporting and other industry utilities. FINRA also administers a dispute resolution forum for investors and brokerage firms and their registered employees. For more information, visit www.finra.org. |
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