Market-Wide Circuit Breaker Rule Change to Take Effect Ahead of 23/5 Trading | FINRA.org

Market-Wide Circuit Breaker Rule Change to Take Effect Ahead of 23/5 Trading

November 11, 2026

Features

  • Market-Wide Circuit Breaker Rule Change to Take Effect Ahead of 23/5 Trading 
    FINRA adopted an amendment to Rule 6121.02 related to the expansion of exchange trading hours to 23 hours per day, five days per week. The amendment, which was filed in coordination with the exchanges, would retain the current 4:00 a.m. E.T. or later resumption time following a Level 3 market-wide circuit breaker halt, preserving the current cooling-off period and supporting a fair and orderly market during periods of significant volatility. The rule change will take effect Dec. 6.
     
  • New Electronic Blue Sheets Guidance
    FINRA has added a new page listing the current Exchange Codes and Requestor Codes approved by the Intermarket Surveillance Group and maintained by FINRA for Electronic Blue Sheets reporting. Member firms can use this page as a centralized source for valid codes, including future modifications and additions.
     
  • FINRA Adopts Amendments Expanding IPO Access for Specified Collective Trust Funds 
    FINRA recently issued Regulatory Notice 26-23 announcing the adoption of amendments to Rules 5130 and 5131 that exempt specified collective trust funds (CTFs) from new issue restrictions. The amendments treat specified CTFs consistently with other pooled investment vehicles that are subject to general exemptions. The amendments became effective Nov. 5.
     
  • FINRA Publishes Guidance on Security-Based Swap Margin Requirements
    FINRA published an interpretation of Rule 4240 on Oct. 27 to provide guidance to members who are approved to offer portfolio margin and are not a security-based swap dealer when they enter into a security-based swap to hedge or mitigate their commercial risk.
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. 16.
     
  • Nominations for SFAC, Regional Committee Seats: FINRA is seeking candidates to fill vacancies on our Small Firm Advisory Committee (SFAC) and Regional Committees. Individuals eligible for the positions must submit an SFAC or Regional Committee candidate profile form to FINRA’s Corporate Secretary by Nov. 19.
     
  • Market-Wide Circuit Breakers: A rule change to retain the current 4:00 a.m. E.T. or later resumption time following a Level 3 market-wide circuit breaker halt in light of 23/5 trading will take effect Dec. 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.
     
  • Renewal Program: Preliminary Statements for firm, individual, and branch renewals for 2027 were posted in E-bill on Nov. 9, while Final Statements will be available on Jan. 2, 2027. Full payment of the Preliminary Statements by Dec. 7 is mandatory.
     
  • 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. 
     
  • Outside Activities: New Rule 3290, which streamlines outside activities requirements, will take effect Oct. 25, 2027.

Disciplinary Actions

  • FINRA has fined Webull Financial LLC $4.2 million for failing to implement reasonably designed programs for anti-money laundering (AML), identity theft prevention, and best execution.
     
  • 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

Webinar: 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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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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