# Regbi Digest

> Regbi Digest is an independent publication covering Broker-dealer, compliance & FINRA. Focus: FINRA notices and rule changes. Published by Independent Journal; sponsored by Adamson Brothers Corp. (see the About page). Articles are drafted from primary sources with AI assistance and reviewed under our editorial policy. Not investment advice.

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## Sections
- [Latest news](https://regbidigest.com/): newest articles first
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## Guides
- [Broker-Dealer Registration Explained: Who Needs It and How](https://regbidigest.com/broker-dealer-registration-explained/): A plain-English guide to broker-dealer registration with the SEC, FINRA and the states: who must register, the steps, ongoing duties and common exemptions.
- [How FINRA Rules Are Made: From Proposal to SEC Approval](https://regbidigest.com/how-finra-rules-are-made/): A guide to how a FINRA rule change moves from staff concept to Regulatory Notice, SEC filing, public comment and approval, and where to track each step.
- [What FINRA Does: A Plain-English Guide to the Regulator](https://regbidigest.com/what-finra-does/): What FINRA does as the self-regulatory organization for U.S. broker-dealers: rulemaking, examinations, enforcement, arbitration, and its link to the SEC.
- [FINRA Rules for Capital-Raising Intermediaries: A Guide](https://regbidigest.com/finra-rules-capital-raising-intermediaries/): How FINRA rules apply to broker-dealers and funding portals that help issuers raise capital, from private placements to underwriting terms and Reg BI.

## Recent articles
- [FINRA Rule Change Cuts Exam Retake Waiting Periods](https://regbidigest.com/finra-rule-change-exam-retake-waiting-periods/) (2026-10-14): FINRA Regulatory Notice 26-18 shortens waiting periods for retaking failed qualification exams to 15 or 60 days, effective January 19, 2027. Here is what changes.
- [FINRA rule change eases Rule 4515.01 review of adviser bulk orders](https://regbidigest.com/finra-rule-change-4515-investment-adviser-bulk-orders/) (2026-10-09): FINRA Regulatory Notice 26-17 drops principal approval for late allocations of investment adviser bulk orders under Rule 4515.01, effective November 16, 2026.
- [FINRA Regulatory Notice: NAC Small Firm Seat Election Opens](https://regbidigest.com/finra-regulatory-notice-nac-small-firm-seat-election/) (2026-10-06): FINRA's 10/5/2026 Election Notice opens a 45-day petition period for candidates seeking one small firm seat on the National Adjudicatory Council.
- [FINRA news: Revere Securities fined $800,000 over small-cap IPOs](https://regbidigest.com/finra-news-revere-securities-800000-small-cap-ipos/) (2026-10-06): FINRA fined Revere Securities $800,000 over AML and supervisory failures tied to foreign-based small-cap IPOs and ordered a third-party compliance review.
- [FINRA rule change widens TRACE affiliate trade indicator](https://regbidigest.com/finra-rule-change-trace-affiliate-indicator/) (2026-08-26): FINRA Regulatory Notice 26-16, issued August 26, 2026, extended the TRACE affiliate principal transaction indicator to bond trades with member affiliates.
- [FINRA news: UBS Financial fined $20 million for AML failures](https://regbidigest.com/finra-news-ubs-financial-fined-20-million-aml/) (2026-08-03): FINRA fined UBS Financial Services $20 million for repeat anti-money laundering failures involving foreign currency wires and weak customer due diligence.
- [FINRA regulatory notice: CE deadline is December 31, 2026](https://regbidigest.com/finra-regulatory-notice-continuing-education-deadline/) (2026-08-03): FINRA's Aug. 3 information notice reminds registered persons and firms that 2026 Regulatory Element training is due by December 31 or they become CE inactive.
- [FINRA regulatory notice seeks input on best execution update](https://regbidigest.com/finra-regulatory-notice-best-execution/) (2026-07-24): FINRA Regulatory Notice 26-15, issued July 24, 2026, asked how Rule 5310 best execution guidance should change if Reg NMS trade-through rules are rescinded.
- [FINRA proposes rewrite of broker-dealer rules on communications](https://regbidigest.com/broker-dealer-rules-finra-2210-modernization/) (2026-07-09): FINRA Regulatory Notice 26-14, issued July 9, 2026, proposed risk-based approval of retail communications and new treatment of social media and AI content.
- [FINRA regulatory notice 26-12 sets rules for rep-owned PSEs](https://regbidigest.com/finra-regulatory-notice-personal-services-entities/) (2026-06-09): FINRA Regulatory Notice 26-12, issued June 9, 2026, explained how its rules apply when registered reps use personal services entities under SEC staff relief.
- [FINRA rule change scraps pattern day trader $25,000 minimum](https://regbidigest.com/finra-rule-change-intraday-margin-pdt/) (2026-04-20): FINRA Regulatory Notice 26-10, issued April 20, 2026, replaced pattern day trading margin rules and the $25,000 equity minimum with intraday margin standards.

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