FINRA Q4 agenda lists 21 priorities and four SEC rule proposals

FINRA's quarterly regulatory agenda, released Monday, lists 21 current priorities and four proposed rule changes pending SEC review, PLANADVISER reported. The report describes the priorities as centering on areas where firms have sought greater clarity: artificial intelligence use, electronic delivery of disclosures, supervisory requirements and fraud prevention.

One proposal would amend Rule 2210 to allow performance projections and targeted returns under specified conditions, a change the report says industry professionals have closely watched. The other proposals would simplify reconciliation requirements for certain alternative investments, expand firms' ability to delay transactions suspected of fraud, and revise arbitrator-selection procedures in arbitration.

Robert Colby, FINRA's chief legal officer, said the regulator has advanced more than 20 SEC rule filings since launching its rule modernization initiative in April 2025. “Yet there are still more ridges to climb,” he said. “Some are big; some are small.”

The SEC has already cleared one FINRA proposal: an exemption for certain collective investment trusts from Rules 5130 and 5131(b), which govern participation in new issue offerings. FINRA plans to announce the rule's effective date in a forthcoming regulatory notice.