FINRA Publishes Latest Quarterly Regulatory Policy Agenda

• 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.
   
• 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 today, 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 Sunday through 8 p.m. ET on Friday, with a one-hour technical pause 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• New Intraday Margin Standards: FINRA adopted new intraday margin standards to replace in their entirety the outdated day trading margin requirements, including the day trade count requirements for designating a customer as a “pattern day trader” and the $25,000 pattern day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.

Disciplinary Actions

Financial Crimes Spotlight Webinar: Imposter Scams| June 11 | Virtual Event

Webinar: Navigating Ransomware | June 16 | Virtual Event

FINOP Focus Webinar: Open Contractual Commitments in Underwritings—A Net Capital Primer | June 17 | Virtual Event

Decision Simulation: Ransomware Response | June 30 | Virtual Event

FINRA Certified Regulatory and Compliance Professional (CRCP)^® Program Week I | July 12-17 | In-Person Event | Washington, DC

U.S. Department of the Treasury's Large Position Reporting Rules Workshop 2026 | June 26 | Virtual Event

Webinar: AI Adoption in Practice: Supervision | July 29 | Virtual Event

Financial Crimes and Cybersecurity Conference | Aug. 10-11 | Hybrid Event | New York, NY

Advertising Regulation Conference | Oct. 15-16 | Hybrid Event | Washington, DC

FINRA Small Firm Conference | Oct. 27-28 | In-Person Event | Chicago, IL

FINRA Certified Regulatory and Compliance Professional (CRCP)^® Program Week II | Nov. 15-20 | In-Person Event | Washington, DC

Crypto and Blockchain Education Program Foundational E-Learning Courses| Self-Paced

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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. 

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