FINRA Unscripted

Capital is the lifeblood of the U.S. economy, funding everything from businesses of all sizes to scientific breakthroughs and infrastructure. With markets moving faster than ever and new products, players, and risks emerging daily, FINRA is modernizing its regulatory framework to keep pace, all while keeping investor protection at the center.

On this episode, Joe Sheirer, Senior Vice President, Corporate Financing, and Gaby Aguero, Vice President, Corporate Financing, explore recent amendments to FINRA rules, expanded IPO access, a recently approved proposal around projected returns in marketing materials, and the data FINRA is publishing to help the entire ecosystem operate more effectively.

Resources mentioned in this episode:

AskCorpFin@FINRA.org

SEC-Approved Rule 2210 Change (Performance Projections)

Reg. Notice 26-14: FINRA Requests Comment on Proposed Changes to Modernize Rule 2210 (Communications with the Public)

Reg. Notice 26-04: FINRA Adopts Amendments to the Capital Acquisition Broker Rules

Rule 5110 (Underwriting Terms and Arrangements)

Rule 5123 (Private Placements of Securities)

Rule 5130 (Restrictions on the Purchase and Sale of Initial Equity Public Offerings)

Rule 5131 (New Issue Allocations and Distributions)

Rule 2310 (Direct Participation Programs)

Quarterly Regulatory Policy Agenda

FINRA Investor Education Foundation

FINRA Forward

FINRA Forward: A Year of Progress

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Artificial intelligence is giving fraudsters powerful new tools, like deepfakes, voice cloning, and synthetic identities that are harder than ever to detect. The technology is moving fast, but the underlying playbook hasn't changed: urgency, emotional manipulation, and pressure to act before you think.

On this episode, Christine Kieffer, Senior Vice President of Investor Education and President of the FINRA Investor Education Foundation, and Mayur Patel, Director, Financial Crimes Intelligence, Strategic Intelligence, explore how AI is reshaping the fraud landscape, what FINRA is seeing from its unique position at the center of the markets, and what investors and member firms can do to stay ahead of these threats.

Resources mentioned in this episode:

Investor Insights

Member Firm Hub

Financial Intelligence Fusion Center (FIFC)

BrokerCheck

Market Data Center

Fund Analyzer

Fixed Income Data

FINRA Investor Education Foundation

Protecting Consumers from Fraud

FINRA Forward

FINRA Forward: A Year of Progress

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If you've ever tried to day trade stocks, you've probably run into the requirement to keep at least $25,000 in your brokerage account just to trade actively. For more than two decades, that threshold, and the Pattern Day Trader rule behind it, governed how investors could access margin for day trading. But markets have changed dramatically since 2001, and earlier this year, FINRA replaced the Pattern Day Trader rule with a modern, risk-based framework under FINRA Rule 4210—the Intraday Margin Standard.

On this episode, Racquel Russell, Director of Capital Markets Policy and Head of the Office of Financial and Operational Risk Policy, and James Barry, Senior Director, Credit Regulation, tell the story behind that change: why the old rules existed, why they stopped working, and what the new framework means for investors and member firms.

Resources mentioned in this episode:

FINRA Rule 4210

Interpretations of Rule 4210

Investor Insights: Know What Triggers a Margin Call

Investor Insights: Frequent Intraday Trading: Understanding the Basics

Investor Insights: Understanding the New Intraday Margin Requirements

Reg. Notice 26-10: FINRA Adopts New Intraday Margin Standards

Reg. Notice 24-13: FINRA Requests Comment on the Effectiveness and Efficiency of its Requirements Relating to Day Trading

FINRA Forward

FINRA Forward: A Year of Progress

Blog Post: FINRA Forward’s Rule Modernization—An Update

Blog Post: Vendors, Intelligence Sharing and FINRA’s Mission

Blog Post: FINRA Forward Initiatives to Support Members, Markets and the Investors They Serve

Blog Post: A Progress Update on Rule Modernization

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The threats facing the securities industry are evolving fast—and no single firm or regulator has the full picture alone. That's the idea behind FINRA's Financial Intelligence Fusion Center, or FIFC, launched earlier this year as part of the FINRA Forward initiative to strengthen cybersecurity and fraud prevention across the industry. The FIFC is a bi-directional intelligence sharing hub where FINRA and member firms collaborate to protect investors, members, and the integrity of our capital markets.

On this episode, David Ring, Senior Director, Strategic & Threat Intelligence, and Kerri Provenza, Senior Director, Member Firm Experience, discuss why the center was created, what's happened since launch, and how members are already benefiting from timely, actionable intelligence tailored to the broker-dealer landscape. They also share early successes, lessons learned, and what's ahead, including how the FIFC is evolving based on direct feedback from member firms.

Resources mentioned in this episode:

Financial Intelligence Fusion Center

FIFC: How To Get Started

FINRA Forward

FINRA Forward: A Year of Progress

Ep. 180: Building Cybersecurity Resilience Through FINRA Forward

Blog Post: FINRA Forward’s Rule Modernization—An Update

Blog Post: Vendors, Intelligence Sharing and FINRA’s Mission

Blog Post: FINRA Forward Initiatives to Support Members, Markets and the Investors They Serve

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As a self-regulatory organization, FINRA doesn't operate in a vacuum. Our effectiveness depends on understanding what is happening in the industry, hearing directly from our members, and translating that feedback into meaningful action. This engagement is a two-way street, and members might not realize just how many opportunities exist to make their voices heard.

On this episode, Kayte Toczylowski, Senior Vice President, Member Firm Experience, discusses the many channels available for members to engage with FINRA, from formal advisory committees to regional representation to CEO roundtables. Learn how member feedback directly shapes our rulemaking process, drives internal improvements, and informs the work we do.

Resources mentioned in this episode:

FINRA 2026 Involvement and Election Process Overview

FINRA Advisory Committees

FINRA Indication of Interest Form

Webinar: How to Respond to FINRA Requests for Comment

Ep. 185: How FINRA Is Streamlining Data Requests

Ep. 187: How FINRA Is Enhancing Member Firm Examinations

FINRA Forward: A Year of Progress

FINRA Forward

FINRA Quarterly Regulatory Policy Agenda

Blog Post: FINRA Forward’s Rule Modernization—An Update

Blog Post: Vendors, Intelligence Sharing and FINRA’s Mission

Blog Post: FINRA Forward Initiatives to Support Members, Markets and the Investors They Serve

Blog Post: A Progress Update on Rule Modernization

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On this episode, tune in to a conversation from FINRA’s 2026 Annual Conference, where FINRA Board Chair Scott Curtis and FINRA President and CEO Robert Cook discussed the partnership between board governance and executive leadership, and the strategic priorities shaping FINRA's direction.

Resources mentioned in this episode:

Ep. 185: How FINRA Is Streamlining Data Requests

Ep. 187: How FINRA Is Enhancing Member Firm Examinations

FINRA Forward: A Year of Progress

FINRA Forward

FINRA Quarterly Regulatory Policy Agenda

Blog Post: FINRA Forward’s Rule Modernization—An Update

Blog Post: Vendors, Intelligence Sharing and FINRA’s Mission

Blog Post: FINRA Forward Initiatives to Support Members, Markets and the Investors They Serve

Blog Post: A Progress Update on Rule Modernization

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Examinations are a cornerstone of FINRA's regulatory oversight, but how we conduct them is evolving. As part of FINRA Forward, we're making our approach more risk-informed, more efficient, and more transparent.

On this episode, J. Koutros, Senior Vice President of Member Supervision, Operations, Procedures, and Standards, Jim Reese, Senior Vice President of Examinations, and John Martino, Vice President of Examinations explore the changes reshaping FINRA's examination program: streamlined first firm exams for lower-risk firms, extended exam cycles where warranted, more targeted data requests, and advance notice about exam timing. The guests also look ahead to new technology, enhanced transparency around preliminary findings, and the ongoing feedback that drives FINRA’s continuous improvement.

Resources mentioned in this episode:

FINRA Examination and Risk Monitoring Programs

Ep. 185: How FINRA is Streamlining Data Requests

FINRA Forward: A Year of Progress

FINRA Forward

FINRA Quarterly Regulatory Policy Agenda

Blog Post: FINRA Forward’s Rule Modernization—An Update

Blog Post: Vendors, Intelligence Sharing and FINRA’s Mission

Blog Post: FINRA Forward Initiatives to Support Members, Markets and the Investors They Serve

Blog Post: A Progress Update on Rule Modernization

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Every time you check a stock price on your phone or watch a ticker scroll across a screen, you are seeing the result of a complex reporting system most investors never think about. Behind that number is a vast infrastructure capturing and consolidating trades from exchanges and over-the-counter markets in milliseconds—and that system is undergoing major enhancements.

On this episode, Chris Stone, FINRA Vice President, Transparency Services, takes us inside the systems that make market transparency possible. Stone explains how FINRA recently extended trade reporting hours to 4 a.m. ET, why the industry is preparing for 23-hour, 5-day-a-week trading by December 2026, and how FINRA’s recently implemented fractional share reporting is eliminating what researchers called "phantom volume."

Resources mentioned in this episode:

Trade Reporting Facility (TRF)

Reg. Notice 25-15: FINRA Adopts Amendments to Extend the Trade Reporting Facilities Operating Hours

Trade Reporting Notice 1/14/26: Upcoming Trade Reporting Enhancements for Fractional Share Transactions

FINRA Forward

Blog Post: FINRA Forward’s Rule Modernization—An Update

Blog Post: Vendors, Intelligence Sharing and FINRA’s Mission

Blog Post: FINRA Forward Initiatives to Support Members, Markets and the Investors They Serve

Blog Post: A Progress Update on Rule Modernization

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Data is at the heart of everything we do at FINRA—from examining firms to detecting suspicious trading to protecting investors. But the process of requesting, gathering, and analyzing data involves significant effort across the board.

So, the question is: How do we work smarter? How do we use technology and collaboration to be more targeted in what we ask for, more efficient in how we use it, and more effective in the oversight we provide?

On this episode, Sam Draddy, Senior Vice President of Surveillance and Market Intelligence, and J. Koutros, Senior Vice President of Member Supervision Operations, Procedures, and Standards, explore how FINRA's approach to data requests is evolving. This effort embodies FINRA Forward, our commitment to continuous improvement, regulatory efficiency, and reducing burden while strengthening investor protection and market integrity.

Resources mentioned in this episode:

FINRA Rule 8210

Electronic Blue Sheets (EBS)

FINRA Quarterly Regulatory Policy Agenda

FINRA Forward

Blog Post: FINRA Forward’s Rule Modernization—An Update

Blog Post: Vendors, Intelligence Sharing and FINRA’s Mission

Blog Post: FINRA Forward Initiatives to Support Members, Markets and the Investors They Serve

Blog Post: A Progress Update on Rule Modernization

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Financial security is about more than just building wealth: It's about resilience, preparation, and having the tools to weather whatever comes your way. And right now, with rising costs, market volatility, and evolving fraud risks, investors need that security more than ever.

On this episode, FINRA Investor Education Foundation President and Senior Vice President of Investor Education Gerri Walsh discusses what financial security really means in 2026, and how firms can help protect and empower their customers. This conversation sits at the heart of FINRA Forward, our commitment to evolving alongside the rapidly changing securities industry in support of our mission of protecting investors and market integrity.

Resources mentioned in this episode:

BrokerCheck

Market Data Center

Fund Analyzer

Fixed Income Data

FINRA Investor Education Foundation

Protecting Consumers from Fraud

FINRA Forward

Blog Post: FINRA Forward’s Rule Modernization—An Update

Blog Post: Vendors, Intelligence Sharing and FINRA’s Mission

Blog Post: FINRA Forward Initiatives to Support Members, Markets and the Investors They Serve

Ep. 168: Investing Wisely in 2025: Avoiding Scams and Achieving Your Financial Goals

Ep. 183: Investors in the United States: Key Trends and Insights from the National Financial Capability Study

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The FINRA Investor Education Foundation’s National Financial Capability Study is an expansive source of data and insights about the financial lives of U.S. adults. Conducted every three years, this wide-ranging research effort includes the Investor Survey, an in-depth exploration of the attitudes, behaviors, knowledge and experiences of retail investors across the country.

In December, the FINRA Foundation published the latest iteration of the survey, titled "Investors in the United States: Results from the FINRA Foundation’s National Financial Capability Study." Drawing on responses from nearly 3,000 respondents in the U.S. with non-retirement investment accounts, the latest edition builds on previous Investor Survey reports, conducted every three years since 2015.

On this episode of FINRA Unscripted, FINRA Foundation President Gerri Walsh, the Foundation's Research Director Gary Mottola, and Senior Researcher Olivia Valdes discuss the study's wide-ranging findings and implications.

Resources mentioned in this episode:

The National Financial Capability Study (NFCS)

Investors in the United States A Report of the National Financial Capability Study

State-by-State NFCS

Investing Knowledge Quiz

Ep. 176: National Financial Capability Study: Key Trends and Insights

You Know More Than You Think: Unrealized Knowledge in “Don’t Know” Responses to Financial Knowledge Questions

2026 FINRA Annual Regulatory Oversight Report

BrokerCheck

Social Media Key Topics Page

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The Annual Regulatory Oversight Report is one of FINRA’s most valued resources for member firms—and this year, we're publishing it earlier than ever in response to member feedback. The 2026 Report features insights on cyber-enabled fraud, senior investor protection, generative AI, and much more. It also reflects our FINRA Forward commitment to empowering member firm compliance by sharing intelligence from across our Regulatory Operations.

This episode features four FINRA leaders: Ornella Bergeron, Senior Vice President, Risk Monitoring, and Acting Head of Member Supervision; Bill St. Louis, Executive Vice President and Head of Enforcement; Feral Talib, Executive Vice President and Head of Market Oversight; and Bryan Smith, Senior Vice President and Acting Head of Strategic Intelligence. They discuss takeaways from the report, and how firms can leverage its effective practices and research to strengthen their compliance programs.

Resources mentioned in this episode:

2026 Regulatory Oversight Report

FINRA Forward

FINRA Crypto and Blockchain Education Program

Blog Post: FINRA Forward’s Rule Modernization—An Update

Blog Post: Vendors, Intelligence Sharing and FINRA’s Mission

Blog Post: FINRA Forward Initiatives to Support Members, Markets and the Investors They Serve

SEC Regulation Best Interest (Reg BI)

5310. Best Execution and Interpositioning

Ep. 168: Investing Wisely in 2025: Avoiding Scams and Achieving Your Financial Goals

Ep. 173: Vendor Vigilance: Navigating Third-Party Risk

Ep. 177: Previewing FINRA’s Crypto and Blockchain Education Program

Ep. 180: Building Cybersecurity Resilience Through FINRA Forward

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As a self-regulatory organization, engagement with member firms is vital to FINRA’s success. On this episode, we highlight engagement opportunities, provide insight into how FINRA is listening and taking action on what we're hearing, and encourage even more listeners to get actively involved in FINRA's outreach.

FINRA Senior Vice President Kayte Toczylowski is joined by two current FINRA regional committee members: Serving on FINRA's Midwest regional committee, Margaret Dubil, Director of Surveillance for Stifel, Nicolaus & Company, and Stifel Independent Advisors; and serving on the New York regional committee, Peter Garcia, Head of Business Development and Controls at Rabobank and Officer of Rabo Securities USA, Rabobank's U.S. broker- dealer. The two provide firsthand experience on engaging with FINRA.

Resources mentioned in this episode:

FINRA Forward

FINRA Crypto and Blockchain Education Program

Blog Post: FINRA Forward’s Rule Modernization—An Update

Blog Post: FINRA Forward Initiatives to Support Members, Markets and the Investors They Serve

FINRA Conferences and Events

2025 Involvement and Election Process Overview

FINRA Engagement Portal

FINRA Advisory Committees

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Today's cybersecurity threats aren't isolated incidents—they are sophisticated operations orchestrated by organized criminals and even nation states. This new reality demands we respond not as individual organizations, but as a unified industry with shared intelligence and coordinated defenses. Through FINRA Forward, we are applying this perspective to create practical tools that firms can use to protect themselves and their clients from emerging threats.

On this episode, we explore the topic with Bryan Smith, FINRA’s Senior Vice President of Complex Investigations and Intelligence; Brita Bayatmakou, Vice President of Strategic and Threat Intelligence; and Jason Beachy, Vice President of the Cyber and Analytics Unit. Our guests discuss how FINRA is working to provide firms with the intelligence, preparation, and collaborative tools they need to better protect themselves and their customers in an increasingly complex threat landscape. These efforts include workshops and tabletop exercises, the Cyber and Operational Resilience program, and our forthcoming Financial Intelligence Fusion Center.

Resources mentioned in this episode:

FINRA Forward

FINRA Crypto and Blockchain Education Program

Blog Post: FINRA Forward’s Rule Modernization—An Update

Blog Post: Vendors, Intelligence Sharing and FINRA’s Mission

Blog Post: FINRA Forward Initiatives to Support Members, Markets and the Investors They Serve

Ep. 177: Previewing FINRA’s Crypto and Blockchain Education Program

FIFC Email: fifc@finra.org

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Small firms face unique challenges. The regulatory landscape is evolving rapidly. And the conversation between regulators and the regulated is more important than ever. How does FINRA ensure that small firm voices are heard? How do small firms navigate an increasingly complex environment while serving their clients effectively?

On this episode, we bring you a conversation between FINRA President and CEO Robert Cook and Small Firm Advisory Committee (SFAC) Chair Preston Haxo from FINRA's Small Firm Conference in Dallas on Oct. 9. The two explored the vital role of the SFAC, the ongoing progress of our FINRA Forward initiatives, the practical ways small firms can engage with FINRA, and more.

Resources mentioned in this episode:

FINRA Forward

Small Firm Advisory Committee (SFAC)

FINRA Small Firm Helpline

The Small Firm Briefing

FINRA Crypto and Blockchain Education Program

Reg Notice 25-13: Form U4 Recordkeeping Requirements

Reg Notice 25-07: The Modern Workplace

Reg Notice 25-06: Capital Formation

Reg Notice 25-04: Rule Modernization

Blog Post: FINRA Forward’s Rule Modernization—An Update

Blog Post: Vendors, Intelligence Sharing and FINRA’s Mission

Blog Post: FINRA Forward Initiatives to Support Members, Markets and the Investors They Serve

Ep. 177: Previewing FINRA’s Crypto and Blockchain Education Program

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This episode originally aired in January 2025.

Many of us view January as a time to make a fresh start, and as a time to bid farewell to bad habits. In thinking about your New Year's resolutions, have you considered whether you're making financially healthy decisions?

On this episode, we sit down with Gerri Walsh, President of the FINRA Investor Education Foundation and Senior Vice President of Investor Education, to uncover the trends and tips investors need to get their finances in order for 2025.

Resources mentioned in this episode:

BrokerCheck

Market Data Center

Fund Analyzer

Fixed Income Data

FINRA Investor Education Foundation

Protecting Consumers from Fraud

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As member firm activity increases in blockchain and crypto assets, FINRA is launching a Crypto and Blockchain Education Program designed to empower member firm compliance and combat crypto fraud by broadening the knowledge base of member firms and associated persons.

On this episode, FINRA’s Crypto Hub Chief Jason Foye, Director of Critical Skills and Capabilities Training Rowan Job-White and Director of Continuing Education Services Genay Glasgo delve into the program’s self-paced e-learning courses and an upcoming in-person training.

Resources mentioned in this episode:

FINRA Crypto and Blockchain Education Program

Financial Learning Experience

Email: cryptoed@finra.org

Email: flex@fina.org

Key Topics: Crypto Assets

SEC Crypto Task Force

Podcast: An Introduction to FINRA’s Crypto Asset Work and the Crypto Hub

Certified Regulatory and Compliance Professional Program

Blog Post: FINRA Forward

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In 2009, the FINRA Investor Education Foundation launched the first national study of financial capability of adults in the United States. Since its start, the National Financial Capability Study has provided data on multiple indicators of capability, including financial behaviors, attitudes, and knowledge.

National Financial Capability Study survey data is collected every three years. The 2024 survey, which was published in July, represents the sixth wave of data. This report serves as an important barometer of Americans financial health, and it continues to be an essential resource for policymakers, researchers, financial firms, educators, and other stakeholders seeking to better understand and address the financial capability needs of Americans.

On this episode of FINRA Unscripted, FINRA Foundation President Gerri Walsh, the Foundation's research director, Gary Mottola, and senior researcher Olivia Valdes discuss the study's findings and implications.

Resources mentioned in this episode:

National Financial Capability Study (Sixth Wave)

National Financial Capability Study: 2024 State-Level Insights

Financial Knowledge Quiz

National Financial Capability Study (Fifth Wave)

The machines are coming (with personal finance information). Do we trust them?

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Resources mentioned in this episode:

Blog Post: Fee Rebate for FINRA Member Firms

Blog Post: FINRA Forward Initiatives to Support Members, Markets and the Investors They Serve

Request for Comment: Outside Activities Rule—2025-05

Rule Proposal: Gifts Rule—2025-003

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Subscribe to our show on Apple Podcasts, Google Play and by RSS.

FINRA Forward—New Initiatives to Support Members, Markets, and the Investors They Serve

FINRA360

Request for Comment on Capital Formation Rules, Guidance and Processes

Request for Comment on Modern Workplace Rules, Guidance and Processes
Request for Comment on Associated Persons’ Outside Activities

Statement to Correct Misinformation About Outside Activities Proposal

Broad Review to Modernize Rules Regarding Member Firms and Associated Persons

Proposed Rule Change to Modify the Implementation Schedule Regarding Corporate Financing Fees

Proposed Rule Change on Transaction Reporting

Engage With FINRA

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