FINRA filed a proposed rule change (SR-FINRA-2026-004) on February 10, 2026 to amend Rule 2210 (Communications with the Public) to permit member firms to project the performance of, or present a targeted return for, a security, a securities portfolio, or an investment strategy, subject to conditions.
The required conditions include written policies and procedures ensuring the projection is relevant to the intended audience, a reasonable basis for the criteria and assumptions used (with supporting records retained), and clear disclosure of the criteria, assumptions, fee treatment, and the risks and limitations of the projection. Backtested and model-portfolio performance are excluded.
Unlike FINRA's earlier projection rule (approved by the SEC in July 2024 and limited to institutional communications and qualified purchasers), this 2026 proposal would allow such communications to retail customers if the conditions are met — moving broker-dealer standards closer to the Investment Advisers Act Marketing Rule.
On May 26, 2026, the SEC issued an Order Instituting Proceedings (Release No. 34-105524) to determine whether to approve or disapprove the proposal. Instituting proceedings is procedural and does not indicate the SEC's view on the merits. As of mid-2026, the proposed rule change remains pending before the SEC with no final order.