SEC Greenlights Rule Change on Bulk Investment Adviser Orders Approval | FINRA.org

SEC Greenlights Rule Change on Bulk Investment Adviser Orders Approval

September 9, 2026

Features

  • SEC Greenlights Rule Change on Bulk Investment Adviser Orders Approval
    The SEC approved a rule proposal to amend FINRA Rule 4515.01 (Allocations of Orders Made by Investment Advisers) to expand the current exception from the rule’s principal approval requirements to apply to all allocations of bulk investment adviser orders, irrespective of when allocation instructions are received. The rule change recognizes the limited utility and operational challenges of obtaining principal approval in today’s automated environment while maintaining important investor protections. FINRA will issue a regulatory notice to announce the effective date of the rule change.
     
  • Reminder: Help Shape the Future of the Series 7 Exam
    We are launching a job analysis survey Sept. 14 targeting registered representatives to inform updates to the Series 7 qualification exam. A sampling of individuals holding a General Securities Representative registration will receive an email invitation to participate and share insights about their current roles, responsibilities, and job functions. Recipients are encouraged to respond, as your feedback helps ensure exam content stays current and relevant. Please contact [email protected] with questions.
Regulatory Reminders
  • 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. Comments are due by Sept. 11.
     
  • SEC Seeks Comment on Proposed Updates to Arbitrator Rules: The SEC has requested comment on proposed amendments to our Codes of Arbitration Procedure, which are designed to provide parties with greater input into replacing arbitrators. Comments are due to the SEC by Sept. 18.
     
  • FINRA Seeks Comment on Modernizing Best Execution Guidance: FINRA published Regulatory Notice 26-15 on July 24 to request comment on how we can modernize our best execution guidance to facilitate investor protection and market integrity under the existing principles-based standard. Comments are due by Sept. 25.
     
  • FINRA Proposes Simplifying Requirements for Certain Alternative Investments: FINRA filed a proposed rule change with the SEC to amend Rule 4522 (Periodic Security Counts, Verifications and Comparisons) to simplify position statement and reconciliation requirements for certain alternative investments. Comments are due to the SEC by Sept. 30.
     
  • Enhanced Tools to Protect Investors: FINRA filed proposed rule changes with the SEC to empower firms to intervene quickly to address suspected fraud and financial exploitation while maintaining appropriate safeguards and respecting customer autonomy. Comments are due to the SEC by Sept. 30.
     
  • 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 8-9 p.m. ET, Mondays through Thursdays, excluding holidays.

Disciplinary Actions

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

Report Center Webinar Series: Equity Report Cards | Sept. 10 | Virtual Event

Small Firm Briefing: AML Resources and Guidance | Sept. 14 | Virtual Event

FINOP Focus Webinar Series: FINOP Issues—Enforcement Perspectives | Sept. 17 | Virtual Event

Decision Simulation: Responding to Vendor Compromise | Sept. 22 | Virtual Event

Midwest Region Member Forum | Sept. 22 | In-Person Event | St. Louis, MO

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

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

FINRA Virtual Registration Systems Foundation | Nov. 4-5 | Virtual Event

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

Annual Conference | May 11-13, 2027 | Hybrid Event | Washington, DC

Crypto Applied Learning Program | June 8-10, 2027 | In-Person Event | Washington, DC

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

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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FINRA 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
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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.
 
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