Features FINRA Publishes 2026 Industry Snapshot
Each year, FINRA shares a snapshot of data and insights on the securities industry to provide the public with a deeper understanding of this critical sector of the economy. Four key trends stand out from this year’s report, published on June 1: - The ranks of registered representatives expanded for the fourth year in a row in 2025, as concentration among firms continues.
- Dual broker-dealer and investment advisor registration has become the predominant model for financial professionals.
- Stock market activity continues to climb, with a growing share of trading occurring off-exchange and outside of traditional sessions.
- Listed options trading has reached unprecedented levels.
“This year’s report reflects an industry in transition on several fronts,” FINRA Chief Economist Jonathan Sokobin writes in a blog discussing the trends. - Modernized AREF Platform is Now Live
As part of FINRA Forward, FINRA launched an enhanced Advertising Regulation Electronic Filings (AREF) platform on June 1. The updated system is fully integrated into FINRA Gateway, providing member firms with a streamlined submission and review experience alongside their other regulatory activities, including a refreshed user interface, improved integrations across FINRA systems, and more robust task management capabilities. Firms that use AREF to file communications for review have been transitioned to the new system. A navigation guide and video walkthrough are available on FINRA.org to help firms navigate the updated platform.
- A Conversation With Board Chair Scott Curtis on FINRA Unscripted
Our latest podcast episode reprises FINRA President and CEO Robert Cook’s conversation with FINRA Board Chairman Scott Curtis from our recent Annual Conference. Listen to their discussion of FINRA’s strategic priorities, progress on rule modernization and other FINRA Forward initiatives, and the broker-dealer/investment advisor regulatory landscape.
- Register for FINRA’s Financial Crimes and Cybersecurity Conference
Scheduled for Aug. 10-11 in New York and designed for professionals at all levels, FINRA’s Financial Crimes and Cybersecurity Conference provides member firms with actionable insights on emerging threats, regulatory developments, and compliance strategies as well as the opportunity to network with industry peers and regulators. This year, an enhanced format will allow firms to choose between expert-led panels and hands-on workshops based on their needs. Click here for details and to register.
- FINRA to Extend TRF Operating Hours
FINRA’s Trade Reporting Facilities (TRFs) will extend their operating hours to align with proposed changes to the operating hours of the Securities Information Processors. Starting Dec. 6, FINRA’s TRFs will operate from 9 p.m. ET on Sundays through 8 p.m. ET on Fridays, with a one-hour technical pause 8 p.m.-9 p.m. ET, Monday through Thursday, excluding holidays. FINRA intends to amend our TRF reporting rules to reflect the extended TRF operating hours and will also publish a series of related notices. Members can sign up for TRF-related notifications on the FINRA Email Subscription Service page by accessing the “Equities” subscription list under the “Market Transparency” section.
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Regulatory 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.
- Proposal to Amend Short Interest Reporting Framework: FINRA proposed amendments to our short interest reporting framework to enhance transparency and strengthen regulatory oversight of SEC Regulation SHO compliance. Comments are due to the SEC by June 8.
- 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.
- Outside Activities Proposal: The SEC instituted proceedings to determine whether to approve or disapprove FINRA’s amended proposal to streamline and reduce unnecessary burdens regarding existing requirements that address the outside activities of member firms' associated persons. Comments were due to the SEC by May 27, and rebuttal comments are due to the SEC by June 10.
- 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.
- Rule 605 Designated Participant Authorization Form: In mid-June, FINRA will introduce an updated Rule 605 Designated Participant Authorization Form reflecting changes in connection with the amendments to SEC Rule 605 that will take effect on Aug. 1. All firms required to produce Rule 605 reports that wish to designate FINRA as their Designated Participant under the Rule 605 NMS Plan must complete this new form.
- TRF Operating Hours: FINRA’s Trade Reporting Facilities (TRFs) will extend their operating hours. Starting Dec. 6., they will operate from 9 p.m. ET on Sundays through 8 p.m. ET on Fridays, with a one-hour technical pause from 8 p.m.-9 p.m. ET, Monday through Thursday, excluding holidays.
- 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 was June 4. Members who 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. FINRA published Reg. Notice 26-11 announcing updated interpretations of FINRA Rule 4210 (Margin Requirements) to guide members in implementing the new intraday margin standards.
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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 May 2026 Monthly Disciplinary Actions are available here.
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Education and Compliance Programs |
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Resources |
Member Firm Hub – 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, including recently approved or adopted rule changes, 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 – Monthly podcast on a range of topics important to FINRA members and other stakeholders. Investor Insights – Feature articles on timely topics for investors, which firms are welcome to share with customers. |
Follow FINRA |
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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. |
Regulatory Contacts
FINRA By-Laws require member firms to maintain an email account on behalf of their executive representatives, to facilitate firm notification of important information. In light of this, requests from executive representatives to be removed from this email list cannot be honored. Firms wishing to change the name or email address of their executive representative or designated assistant should use the FINRA Contact System: http://www.finra.org/FCS. SubscribersYou received this message because you are currently subscribed to the email subscription list on the FINRA website. To update, use our "update information" or "unsubscribe" forms located at http://www.finra.org/Industry/Subscriptions |
