SEC Approves FINRA’s Performance Projections Rule Changes | FINRA.org

SEC Approves FINRA’s Performance Projections Rule Changes

October 21, 2026

Features

  • SEC Approves FINRA’s Performance Projections Rule Changes
    The SEC on Oct. 15 approved FINRA’s proposal to amend FINRA Rule 2210 to allow member firms, subject to certain conditions, to include performance projections and targeted returns in communications with the public. FINRA will announce the effective date in an upcoming Regulatory Notice. Learn more about the amendment to Rule 2210 here and about all of our rule modernization initiatives here.
     
  • FINRA Amends Our Corporate Financing Rules
    Regulatory Notice 26-19, published today, details changes to FINRA Rules 5110 (Corporate Financing Rule-Underwriting Terms and Arrangements) and 5123 (Private Placements of Securities). The amendments, which were approved in July, improve and clarify parts of Rule 5110 regulating underwriting compensation. They also expand the exemptions available in Rule 5123. The amendments to Rule 5123 take effect today, Oct. 21. The amendments to Rule 5110 take effect on Dec. 21. 
     
  • Nominations Now Open for SFAC, Regional Committee Seats
    FINRA is seeking candidates to fill vacancies on its Small Firm Advisory Committee (SFAC) and Regional Committees. For the SFAC, two seats are open—one representing the Midwest region and one representing the South region. For the regional committees, the South and West regions each have six vacancies, while the Midwest, North, and New York regions each have four vacancies. Individuals eligible for the positions must submit an SFAC or Regional Committee candidate profile form to FINRA’s Corporate Secretary via email by Nov. 19. Election materials for both will be distributed to eligible voting firms on or about Nov. 30, with successful candidates beginning three-year terms in January 2027. 
     
  • Notice on Waiting Periods for Retaking Qualification Exams
    FINRA published Regulatory Notice 26-18 on Oct. 14 to offer further detail on recent amendments to shorten the waiting periods for retaking failed FINRA qualification examinations. The amendments will take effect Jan. 19, 2027.
     
  • Customer Information Request: New FAQs and On-Demand Webinar
    FAQs are now available to help in-scope member firms submit their responses to the 2026 Customer Information Request. Members may also view the on-demand version of a recent webinar on the topic. Responses are requested by Nov. 18.
Regulatory Reminders
  • Order Allocation Procedures: The rule change to eliminate the requirement that late allocations of bulk investment adviser orders be approved by a firm principal will take effect Nov. 6.
     
  • 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.
     
  • Rule 5110 Amendments: The changes to improve and clarify parts of Rule 5110 regulating underwriting compensation will take effect Dec. 21
     
  • Waiting Periods for Qualification Exams: The rule change to shorten the waiting periods for retaking failed FINRA qualification examinations will take effect Jan. 19, 2027. 

Disciplinary Actions

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

Report Center Webinar Series: MSRB Report Cards | Oct. 22 | Virtual Event

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

FBI Cyber & Financial Crime Threat Briefing Series: West | Nov. 4 | Virtual Event 

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

Financial Intelligence Fusion Center (FIFC) for Small Firms | Nov. 12 | 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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About FINRA
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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