FINRA proposes rewrite of broker-dealer rules on communications

The news: On July 9, 2026, FINRA published Regulatory Notice 26-14, requesting comment on changes to Rule 2210, the broker-dealer rules governing communications with the public. Comments were due September 11, 2026.

Why it matters: The centerpiece would replace the requirement that a principal approve every retail communication before use with risk-based supervision standards. Firms would set written procedures deciding which communications need principal approval, based on eight factors: product complexity, preparer qualifications, whether a recommendation is made, affiliate involvement, audience targeting, performance data, distribution medium and communication history.

Key proposals:

• Social media: Drop the distinction between interactive and static content, which FINRA said has “become difficult to apply.” Firms would weigh medium, audience tailoring and preparer qualifications, including financial influencers’ conflicts.
• Generative AI: FINRA acknowledged that pre-approving AI-generated retail communications “can be challenging.” Firms could use vetted, tested and monitored AI tools within their supervisory systems, with governance over accuracy.
• Filing: The new-member filing period would start from the first filing date rather than the CRD effective date. Investment company performance comparison pieces could be filed within 10 business days after first use instead of before.
• Past recommendations: Prescriptive Rule 2210(d)(7) requirements would be replaced with a general ban on referencing past recommendations not presented in a fair and balanced manner, aligning more closely with the investment adviser marketing rule.

By the numbers:

• 4,501 pre-use filings reviewed from 2023 to 2025, 24% noncompliant
• 172,898 post-use filings reviewed, 10% noncompliant
• 593 member firms filed
• Average pre-use review time fell from 40 business days in 2023 to 17 in 2025
• About 13% noncompliance cited for performance comparison communications

The big picture: Content standards such as fair and balanced presentation would remain. What changes is the supervisory process, which would scale with risk rather than apply uniformly. That is significant for high-volume firms and for those experimenting with AI-drafted content and creator partnerships.

What’s next: After the comment period, FINRA would need to file any final proposal with the SEC. Firms should map their current communications workflows against the eight risk factors and review how they supervise influencer and AI-assisted content today.