The Short Version
On July 9, 2026, FINRA published Regulatory Notice 26-14 and asked the industry to weigh in on a proposal that would fundamentally rewrite how broker-dealers approve and supervise communications with retail clients. The comment deadline is September 11, 2026. Nothing is final yet — but the direction is clear enough that your firm should start preparing today.
What FINRA Is Actually Proposing
Rule 2210 currently requires an appropriately qualified principal to approve every retail communication — defined as any communication reaching more than 25 retail investors in a 30-day period — before it goes out, with only narrow exceptions. That default has been in place for years, and it was built for a world of print brochures and static websites.
FINRA's Regulatory Notice 26-14, published July 9, 2026, proposes three core changes to Rule 2210 (Communications with the Public): (1) replacing the prescriptive principal pre-use approval requirement with risk-based supervisory standards for retail communications; (2) modifying and streamlining retail communication filing requirements; and (3) modifying and streamlining the broker-dealer standard for communications that contain recommendations.
The driving logic is straightforward. Under the current rule, a principal must approve every retail communication before its use or filing — regardless of the communication's risk level — and certain categories must also be pre-filed with FINRA. FINRA has acknowledged that this one-size-fits-all requirement has become difficult to apply to social media posts and AI-generated content, given the speed and volume at which such communications can be produced and distributed.
The proposed replacement would require member firms to adopt written, risk-based procedures to determine which retail communications need principal pre-use approval, similar to the standard already used for institutional communications. Put differently: the default would flip from 'approve everything' to 'design a supervisory program that fits your actual risks.'
FINRA has also flagged that all social media communications would be assessed under the same risk-based supervisory standard applicable to retail communications generally — eliminating a patchwork of social-media-specific carve-outs.
Why This Is the Biggest Communications Rule Change in Over a Decade
The proposal is described as one of the most significant modernization efforts for broker-dealer communications review and supervision in over a decade, undertaken as part of FINRA's broader 'FINRA Forward' initiative. The intent is to better align broker-dealer communications standards with the principles-based approach the SEC adopted for investment advisers under the Marketing Rule (Rule 206(4)-1).
Separately, FINRA has also filed SR-FINRA-2026-004 — a companion proposal to allow broker-dealers to include performance projections and targeted returns in certain communications, where investment advisers may already do so under Rule 206(4)-1(d)(6) subject to conditions. FINRA filed that proposal with the SEC on February 10, 2026. In a significant procedural development, the SEC issued Release No. 34-105524 on May 20, 2026 (published in the Federal Register on May 26, 2026), instituting formal proceedings pursuant to Section 19(b)(2)(B) of the Exchange Act to determine whether to approve or disapprove the proposal — a step that signals the SEC has identified legal and policy questions requiring closer scrutiny, though the SEC has stated that institution of proceedings does not indicate it has reached any conclusions with respect to the proposed rule change. FINRA subsequently filed Partial Amendment No. 1, published in the Federal Register on July 7, 2026, with a comment deadline of July 28, 2026. Together, the two proposals would substantially close the regulatory gap between how broker-dealers and investment advisers can communicate with clients about performance — but SR-FINRA-2026-004's contested posture at the SEC means that gap may take longer to close than initially anticipated.
The AI Angle You Cannot Ignore
Regulatory Notice 26-14 includes a direct question to the industry: how are member firms currently using generative AI to create, supervise, review, or approve communications with the public? This is not a throwaway question — it signals that FINRA sees AI governance as central to whatever final rule emerges.
FINRA has made clear that its rules are intended to be technologically neutral and that member firms remain responsible for their communications regardless of whether the content was generated by a human or by an AI tool. The proposed risk-based structure is specifically designed to address industry concerns about applying a blanket pre-use approval requirement to large volumes of AI-generated retail communications.
For firms already using large language models or generative AI tools to draft marketing copy, social media posts, or chatbot scripts, this is the moment to document your current governance framework — or build one if you do not have it. FINRA has noted that firms may consider establishing processes and governance frameworks to guide development and deployment of generative AI communication tools, including risk management practices to address accuracy concerns such as hallucinations and data protection, and ongoing monitoring to ensure solutions perform as intended.
This is not a mandate yet, but it is a strong signal about what examiners will look for once a final rule is in place.
This Is Still a Proposal — What That Means for You
The proposal is not an effective rule change. Any eventual amendments would require a separate formal rule filing with, and approval by, the SEC. Realistically, a final rule is at minimum 12–18 months away. But firms that wait until adoption to rethink their supervisory frameworks will face a compressed implementation window and, worse, will miss the opportunity to shape the final rule through the comment process.
What to Do Before September 11, 2026
1. Inventory Your Current Communications Approval Workflow
Map every category of retail communication your firm produces — website content, email campaigns, social media posts, AI-generated drafts, influencer content, videos, and any third-party content your firm has 'adopted or entangled' itself with. For each category, document: who approves it, when, under what standard, and how it is archived. This inventory is the baseline you will need to redesign under a risk-based framework.
2. Assess Your AI and Social Media Exposure Now
If your firm uses generative AI tools to produce or assist with any communications that reach retail clients, consider documenting the workflow today: which tool is used, what human review occurs before publication, how outputs are stored, and how you would demonstrate to an examiner that the content meets Rule 2210(d)'s content standards. FINRA's comment notice asks specifically about these practices, and the answers your firm would give are a preview of what your post-final-rule program needs to look like.
3. Consider Submitting a Comment Letter
FINRA has solicited comment on eleven specific areas within Regulatory Notice 26-14. If your firm has a strong view on how the risk-based standard should be calibrated — for example, which communication types should always require pre-approval, how 'risk' should be defined, or how smaller firms can meet the new written-procedures requirement without disproportionate burden — consider submitting a comment. The comment deadline is September 11, 2026. Comments should reference Regulatory Notice 26-14 and can be submitted through FINRA's website. Separately, comments on the performance-projection proposal (SR-FINRA-2026-004, Partial Amendment No. 1) were due July 28, 2026.
4. Brief Your Marketing and Technology Teams Now
The practical compliance burden under a risk-based framework shifts significantly toward written supervisory procedures and ongoing monitoring — away from transaction-by-transaction principal sign-off. Your marketing and technology teams need to understand that 'AI writes it, compliance doesn't need to see it' will not be an acceptable posture. Start that conversation now so the cultural change is not a last-minute scramble.
5. Watch for the Formal Rule Filing
After the comment period closes September 11, 2026, FINRA will review submissions and prepare a formal rule filing with the SEC. That filing — not Regulatory Notice 26-14 — will contain the binding proposed rule text subject to SEC approval. Consider flagging that filing date in your regulatory calendar so your firm is not caught flat-footed.
Bottom Line
FINRA's Regulatory Notice 26-14 is the clearest signal in years that the era of blanket, mandatory principal pre-use approval for every retail communication is ending. The proposed shift to risk-based supervision gives firms more flexibility — but it also puts the design burden squarely on your written supervisory procedures. Firms that use the comment period to engage, and that begin mapping their current workflows now, will be far better positioned when a final rule arrives. The clock started July 9, 2026. Your comment deadline is September 11, 2026.