FINRA Reduces Waiting Periods for Retaking Qualification Exams

Features

• FINRA Reduces Waiting Periods for Retaking Qualification Exams
  FINRA is amending Rule 1210 (Registration Requirements) to shorten the waiting periods for retaking failed qualification examinations from 30 days to 15 days after the first and second failed attempts, and from 180 days to 60 days after the third and subsequent failed attempts that occur within a two-year period. The rule change, filed with the SEC on June 29, is immediately effective and will apply to all FINRA qualification examinations, including the Securities Industry Essentials (SIE) exam. We will announce the implementation date in a regulatory notice.
   
• Report from External Review of FINRA’s Enforcement Program
  FINRA published a report yesterday setting forth the recommendations from two outside experts engaged last year, as part of FINRA Forward, to identify potential improvements to FINRA’s enforcement function to better serve our self-regulatory mission of protecting investors, safeguarding market integrity, and supporting vibrant capital markets in which everyone can participate with confidence. “Taken as a whole, the report identifies important strengths for FINRA to build upon (including recent enhancements to the enforcement program) and new ideas for FINRA to utilize as we strive for continuous improvement,” Robert Cook, FINRA President and CEO, wrote in a blog regarding the external review. Key program enhancements already taken are detailed here.
   
• FINRA Offers Free Access to Financial Crimes and Cybersecurity Conference
  The 2026 FINRA Financial Crimes and Cybersecurity Conference is now available at no cost to members, with each firm receiving two complimentary in-person registrations and complimentary virtual access. The conference, Aug. 10-11 in New York, features interactive sessions built on real intelligence from FINRA examinations, investigations, and the Financial Intelligence Fusion Center—including live case studies, real breach scenarios, and practical detection techniques. In-person space is limited, so register early.

• Holiday Reminder: FINRA Market Transparency Reporting Systems
  In observance of Independence Day, FINRA’s Market Transparency Reporting Systems will be closed on July 3. Affected applications include:

  • Alternative Display Facility (ADF)
  • Over-the-Counter Reporting Facility (ORF)
  • Trade Reporting and Compliance Engine (TRACE)
  • FINRA/Exchange Trade Reporting Facilities (TRFs)

  More information is available on the Holiday Calendar for Market Transparency Reporting Systems or by contacting FINRA Market Operations at (866) 776-0800.

• Daily Customer and PAB Reserve Computations
  FINRA issued an Information Notice to remind carrying members of the SEC’s compliance date for the required daily customer and broker-dealer proprietary account (PAB) reserve computations, which apply to members with average total credits equal to or greater than $500 million. The SEC rules require firms to begin performing the daily computations beginning June 30 (i.e., firms use the information as of the close of business on June 30 to perform their computations on July 1). The notice also highlights guidance provided by the SEC staff regarding the reserve deposit adjustment related to sweep program credits and provides information on how carrying members may report such adjustments. In addition, the notice provides dates on which the daily customer and PAB reserve computation is not required in calendar years 2026 and 2027.

• FINRA publishes disciplinary actions to remind members of specific conduct that violates FINRA rules and may result in disciplinary action. The June 2026 Monthly Disciplinary Actions are available here.