Guidance

This Cybersecurity Advisory reminds member firms of the upcoming compliance dates for the SEC’s amendments to Regulation S-P, and announces an upcoming FINRA webinar to assist member firms with their preparation for complying with these amendments. As discussed below, the compliance date for some member firms is Dec. 3, 2025.

In early October, FINRA CEO Robert Cook joined Small Firm Advisory Committee Chair Preston Haxo for a conversation at FINRA’s Small Firm Conference. The two spoke about FINRA Forward, the vital role of the SFAC, the practical ways firms can engage with FINRA, and more. On this episode of FINRA Unscripted, we tune in to that conversation.

FINRA is conducting a review of firm practices regarding public and private offerings of small-capitalized exchange-listed issuers with business operations in foreign jurisdictions, such as China (collectively “small-cap offerings”). Specifically, FINRA is reviewing certain member firms that have been involved in multiple small-cap offerings as either an underwriter, bookrunner, syndicate member, selling group member or placement agent, as well as certain member firms that have participated in initial and/or secondary market trading related to small-cap offerings, including firms with omnibus accounts trading in these securities.

Effective October 10, 2025, FINRA members may rely on the Central Registration Depository (CRD®) system to maintain for recordkeeping purposes the Form U4 (Uniform Application for Securities Industry Registration or Transfer) filings that individuals electronically sign through FINRA’s Financial Professional Gateway (FinPro GatewayTM).

FINRA member firms should be aware of a security incident involving Red Hat Consulting after threat actors breached a self-managed GitLab instance used by its consulting division. The breach exposed sensitive data about Red Hat customers—including configuration data, authentication tokens, infrastructure details and more—that could be abused to breach member firm customer networks.

FINRA member firms should be aware of a critical vulnerability that affects certain versions of Oracle E-Business Suite, a business management software platform. This Cybersecurity Alert includes a link to an Oracle Advisory that includes a detailed description of the vulnerability as well as recommendations to mitigate it.

As we kick off World Investor Week, we thought it was the perfect time to revisit some invaluable tips for investors looking to start the year off right with their financial goals. On this episode, which originally aired in January, FINRA’s Head of Investor Education Gerri Walsh shares insights on leveraging market trends and tools to achieve your money goals in 2025.

FINRA is making available updates to the Interpretations of Financial and Operational Rules (Interpretations). The updates include several new interpretations to Securities Exchange Act (SEA) Rules 15c3-1 and 15c3-3 that have been communicated to FINRA by the staff of the SEC’s Division of Trading and Markets.

FINRA member firms should be aware Cisco recently published numerous Security Advisories associated with different Common Vulnerability and Exposures (CVEs), several of them listed as critical.

FINRA is issuing this Notice to remind members and associated persons that, no matter where they are located, they are required to provide information and testimony in response to a request from FINRA staff pursuant to FINRA Rule 8210.

FINRA has developed a secure electronic portal to replace email as the primary method for the filing and service of documents in Office of Hearing Officers (OHO) proceedings. These amendments modernize service and filing processes in a manner that will protect investors and the public interest by promoting efficiency while preserving fair process in OHO proceedings. The amendments become effective on October 7, 2025.

As member firm activity increases in blockchain and crypto assets, FINRA is launching a Crypto and Blockchain Education Program designed to empower member firm compliance and combat crypto fraud.

FINRA member firms should be aware of a supply chain attack leveraging data exfiltrated from Salesloft Drift—a third-party platform that connects the Drift AI chat agent with a Salesforce or Google Workspace instance, among others. The breach described below exposed data that could increase the risk of credential stuffing, spear phishing and social engineering attacks against member firms and their vendors. To date, we are aware of multiple impacted third-party vendors used by FINRA firms. FINRA has notified the member firms who use the affected vendors or Salesloft.

FINRA member firms that use Cisco Secure Firewall Management Center (FMC) Software should be aware of a critical vulnerability that could allow a remote attacker to run malicious code on firm systems with full administrative privileges. This Cybersecurity Alert includes a link to a Cisco Security Advisory describing the vulnerability that includes additional guidance. FINRA recommends that member firms review this information with appropriate information technology and information security personnel.

FINRA rules require members to provide associated persons with specified information relating to the uniform registration forms and predispute arbitration. FINRA has observed that members currently satisfy some of these requirements through manual processes, such as delivery of the information via U.S. mail. As part of the FINRA Forward initiatives, FINRA has made enhancements to its systems to give members the option of satisfying these requirements electronically via FINRA’s Financial Professional Gateway (FinPro GatewayTM) beginning November 3, 2025.

In 2009, the FINRA Investor Education Foundation launched the first national study of financial capability of adults in the United States. Since its start, the National Financial Capability Study has provided data on multiple indicators of capability, including financial behaviors, attitudes, and knowledge. National Financial Capability Study survey data is collected every three years. The 2024 survey, which was published in July, represents the sixth wave of data. This episodes dives into the report that serves as an important barometer of Americans financial health, and continues to be an essential resource for policymakers, researchers, financial firms, educators, and other stakeholders seeking to better understand and address the financial capability needs of Americans.

FINRA member firms that use Microsoft SharePoint should be aware of a critical vulnerability that affects certain versions of the web-based platform. This Cybersecurity Alert includes a link to a Microsoft Advisory describing the vulnerability as well as a recommendation to protect your firm. In addition, FINRA recommends that firms review this information with appropriate information technology and information security personnel to alert them to an ongoing threat.

At the 2025 FINRA Annual Conference on May 14, FINRA Chair Scott Curtis discusses topics of interest to FINRA member firms and other stakeholders, in conversation with President and CEO Robert Cook.

In an effort to increase public awareness and understanding about the broad range of FINRA-registered firms and individuals, FINRA shares an annual snapshot of some of the data collected in the course of our work.

FINRA Dispute Resolution Services (DRS) and FINRA News

The Special Investigations Unit (SIU) within FINRA’s National Cause and Financial Crimes Detection program issued this alert to highlight the U.S. Department of Treasury’s Financial Crimes Enforcement Network (FinCEN) orders under new authority to counter illicit opioid trafficking. The alert further reminds firms of their requirements under FINRA Rule 3310 (Anti-Money Laundering Compliance Program).

At FINRA’s annual conference on May 13, 2025, President and CEO Robert Cook discusses the FINRA Forward initiative and other topics of interest to FINRA member firms and other stakeholders, in conversation with Kayte Toczylowski, VP, Member Relations and Education.

FINRA member firms should be aware of an ongoing phishing campaign involving threat actors targeting executive employees at broker-dealers and investment advisors with fraudulent emails purporting to be from FINRA executives. The campaign began on or around May 21, 2025. These emails are not from FINRA, and firms should delete them and consider blocking the indicators of compromise contained at the end of this alert.