FINRA Seeks Comment on Modernizing Communications Rule

Features

• FINRA Seeks Comment on Modernizing Communications Rule
  FINRA published Regulatory Notice 26-14 on July 9 requesting comment on a proposal to modernize our rules related to communications with the public. The proposal would adopt a more risk-based standard for supervising retail communications. It would also modify and streamline the requirements related to retail communication filings and the standard for communications that contain recommendations. Comments are due by Sept. 11.
   
• Clarification: FINRA Qualification Exam Waiting Period Changes 
  FINRA recently filed a rule change with the SEC to shorten 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. While the rule change became effective upon filing, the reduced waiting periods are not yet in effect for candidates. FINRA will announce the implementation date for the changes in a future regulatory notice. Until then, the current waiting periods remain unchanged.
   
• FINRA Proposes Amending Rule for Approval of Bulk Investment Adviser Orders
  FINRA filed a proposal on July 9 to eliminate the requirement that late allocations of bulk investment adviser orders be approved by a firm principal. The proposal recognizes the limited utility and operational challenges of obtaining principal approval in today’s automated environment while maintaining important investor protections. The SEC will open the comment period for 21 days after the proposal is published in the Federal Register.
   
• SEC Requests Comment on Proposed Exemption for Collective Trust Funds
  The SEC issued an order on July 9 to institute proceedings to determine whether to approve or disapprove FINRA’s amended proposal to exempt collective trust funds (CTFs) from IPO allocation rules. The proposed exemption is designed to reduce regulatory burdens for CTFs that invest in IPOs while maintaining the integrity of the public offering process. Comments on the proposal, as amended, are due to the SEC by Aug. 4 and rebuttal comments are due by Aug. 18.
   
• FINRA Modernizes Filer Form for Shelf Offerings
  As part of FINRA Forward, FINRA is modernizing the filer form in the Public Offering System for shelf offerings to include features such as pre-populated data extracted from SEC filings, validation of filing completeness, and display of only applicable questions. Also in the Public Offering System is a new webpage, known as the Deal Workspace, that provides filers with a single location to access fee information and request Limited Review treatment for eligible filings. Member firms will begin using the new filer form and the Deal Workspace starting July 18. This continues FINRA’s modernization effort: In May, FINRA launched a new filing form for initial and other public offerings not sold pursuant to a shelf registration statement.
   
• Reminder: 2026 Crypto Asset Activities Request 
  FINRA has requested all member firms respond via FINRA Gateway to an information request about their current and planned crypto asset activities by July 24. More details about the request are available here, while a related on-demand webinar covers the key areas of focus, submission timelines, and more.
   
• CRCP Small Firm Scholarship Now Accepting Applications 
  FINRA is offering five scholarships to industry professionals from small firms to attend the FINRA Institute at Georgetown Certified Regulatory and Compliance Professional (CRCP)® program. The scholarship covers full tuition for the entire CRCP program, including room and board. FINRA is accepting applications through Aug. 24. The application form and more information on eligibility requirements and the selection process are available here.
   
• New Investor Insights on Tax-Advantaged Investment Accounts
  “Tax-deferred.” “Tax-free.” “Pre-tax.” A new Investor Insights explains several common terms associated wiith different kinds of tax-advantaged investment accounts. Firms may share the article, available here, as well as other Investor Insights with customers.

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