FINRA Seeks Comment on Modernizing Retail Communications Rule 2210

FINRA is seeking comment on proposed changes to Rule 2210, the rule governing broker-dealer communications with the public.

Regulatory Notice 26-14 says the proposal would replace the current prescriptive principal pre-use approval requirement for retail communications with a more modern, risk-based supervisory framework. FINRA said the change is meant to reflect evolving communication channels, including social media, and advances in generative AI.

Under the proposal, member firms would need written procedures appropriate to their business, size and structure to determine which categories of retail communications require principal pre-use approval. FINRA said the content standards would remain in place, including the requirements that communications be fair and balanced and not misleading.

The notice also proposes changes to retail communication filing requirements and broker-dealer standards for communications containing recommendations. Comments are due September 11, 2026.

Why it matters

Broker marketing and platform communications shape how retail traders discover products, compare services and understand risks. A risk-based Rule 2210 framework could give firms more flexibility around lower-risk communications, but it also puts more weight on each firm’s written procedures, surveillance and review controls.

The AI angle matters because brokers and affiliates are experimenting with generated emails, social posts, chat content and personalized educational material. The proposal would not make misleading communications acceptable, but it could change how firms approve and monitor them before traders see them.

What to watch next

Watch comment letters from large broker-dealers, fintech platforms, investor advocates and advertising compliance teams. The practical question is whether FINRA can reduce approval friction without weakening protections around recommendations, performance claims and influencer-style promotion.