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Weekly Digest

SEC Notices, Curated for RIA and Broker-Dealer Compliance

A separate, recurring read of the week's SEC litigation releases, proceedings, and rule filings — updated weekly, not a one-off article.

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Exam Readiness
6 min read

ISS Stonewalled an SEC Exam for Four Months. Now the SEC Is in Federal Court

The SEC sued the biggest proxy adviser in America to force compliance with its own exam. The escalation path it climbed — routine request to Enforcement inquiry to federal court — is one any registered adviser can climb too.

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Regulatory Update
4 min read

The SEC Just Pushed Your Form PF Deadline Back Nine Months. Here's What Changes

The SEC and CFTC extended the Form PF compliance date from October 1, 2026 to July 1, 2027 — the fourth extension since 2024. Here's why, and what it does and doesn't mean for filers.

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Registration & Membership
5 min read

The SEC Just Charged 38 Fake Advisers. Here's What It Means If You're a Real One

The SEC charged 38 entities for filing fraudulent Forms ADV to fake legitimacy as U.S. investment advisers. Here's what the sweep actually found, and what it means for real RIAs and ERAs.

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Resource
4 min read · Free guide inside

Interpretations of the SEC's 2025 Enforcement Number Aren't Wrong — Just Incomplete

Two real SEC enforcement stats are circulating for 2026 — here's what each one actually measures, plus two other findings from our free 2026 Compliance Guide.

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Digital Assets
5 min read

The SEC Just Proposed a Purpose-Built Rulebook for Crypto Offerings

Regulation Crypto Assets would create two new offering exemptions, a safe harbor out of "investment contract" status, and state law preemption — here's what it means even if you don't have crypto clients today.

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Regulatory Update
4 min read

The SEC Just Proposed Rescinding the Pay-to-Play Rule Entirely. Here's What Hasn't Changed Yet

The SEC formally proposed rescinding Rule 206(4)-5 in its entirety on September 3, 2026 — but the current pay-to-play rule, thresholds and all, is still fully in effect. Here's what firms with government clients need to know now.

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AML & BSA
4 min read

FinCEN Just Made It Permanent: U.S. Companies Are Out of Beneficial Ownership Reporting

FinCEN's final rule ending BOI reporting for U.S. companies took effect today — here's what changed, what's still required for foreign reporting companies, and why it's not the same as your CDD Rule obligations.

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Exam Prep
4 min read

Why Exam Prep Materials and Technology Matter More Than You Think

A failed licensing exam costs more than a retest fee — it costs weeks of delayed productivity. Here's how AI-powered tutoring like TotalGenius is changing the exam prep equation.

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Cybersecurity
5 min read

FINRA's Financial Crimes and Cybersecurity Conference Wrapped Yesterday. Here's What It Signals

FINRA's 2026 conference framed cyber, crypto, and financial crime as one converging threat instead of three separate problems — here's what firms that missed it need to take away.

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Regulatory Update
6 min read

FINRA Wants to Rethink Pre-Use Approval for AI and Social Media Communications

A new proposal would replace the requirement that a principal approve every retail communication before it's used with a risk-based supervisory standard built for AI and social media. Comments are due September 11, 2026.

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Registration & Membership
6 min read

Your Supervisor Works From Home. Does Their Address Need to Be a Branch Office?

FINRA's Residential Supervisory Location rule lets firms treat a supervisor's home as a non-branch location — but only if the firm, the person, and the location all clear a specific set of conditions.

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Regulatory Update
6 min read

FINRA Reopens Best Execution Guidance Under Rule 5310. Here's What It's Asking

Prompted by the SEC's proposal to rescind the Reg NMS trade-through rule, FINRA is asking firms to weigh in on how best execution guidance should evolve. Comments are due September 25, 2026.

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Regulatory Update
6 min read

Reg S-P's Incident Response Mandate: What Examiners Are Checking Now

The SEC's Regulation S-P deadlines for larger and smaller entities have both passed — here's what examiners are actually looking for in an incident response program, and where firms tend to fall short.

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Registration & Membership
5 min read

The Legacy Form NMA Just Retired. Here's What Changes for New Applicants

FINRA's enhanced New Member Application went live in April and the legacy version retired July 15, 2026. Every new membership filing now runs through the new form.

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Code of Ethics
5 min read

FINRA Raises the Gift Limit to $300. What Your Written Policy Needs Now

The first increase to the Gifts Rule limit since 1992 does more than raise a number — it codifies years of guidance directly into rule text. Here's what your WSPs need to reflect.

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Margin & Operations
7 min read

Pattern Day Trader Rules Are Gone. What Replaces Them

FINRA has fully retired the day trading margin requirements in favor of a new intraday margin standard. Here's how the new framework actually measures risk.

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Registration & Membership
6 min read

FINRA Loosens the Rules for Capital Acquisition Brokers. Here's What Changed

CABs can now represent both sides of a deal, handle secondary trades between institutions, and accept equity as compensation. Here's what the amended rules actually permit.

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Exam Readiness
5 min read

Ignoring a Rule 8210 Request Isn't an Option, Wherever You're Located

FINRA reminds firms with overseas operations, personnel, or records that foreign secrecy laws are not a valid excuse for failing to comply with an information request.

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Code of Ethics
6 min read

FINRA Wants to Give Firms a "Speed Bump" Against Fraud — For Every Customer

Proposed rule changes would extend temporary holds to 145 business days and create a new five-day fraud delay tool that applies to investors of any age.

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Consulting & Staffing
5 min read

FINRA's Tiered Renewal Fee Structure Is Here. What It Means for Next Year's Bill

The 2026 Renewal Program introduced a tiered Annual System Processing fee based on how many regulators each rep is registered with. Here's how to budget for it.

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Consulting & Staffing
6 min read

Transferring Customer Accounts in Bulk? FINRA Just Removed a Step

Firms no longer need FINRA staff pre-clearance before sending negative consent letters for bulk account transfers. Here's what still has to be in the letter.

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Consulting & Staffing
5 min read

Dual BD/IA Firms Get a Shortcut on TRACE Allocation Reporting

Firms that are both a broker-dealer and an investment adviser can now report bond order allocations to managed accounts in a single aggregate TRACE report.

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