SEC Approves FINRA Rule 3290 Replacing Rules 3270 and 3280

The Securities and Exchange Commission issued an order on September 15, 2026 approving FINRA's proposed rule change to adopt FINRA Rule 3290, which replaces the existing FINRA Rules 3270 (Outside Business Activities of Registered Persons) and 3280 (Private Securities Transactions of an Associated Person). The order binds all FINRA member firms' registered persons and associated persons.

FINRA filed the original proposal on January 22, 2026. The notice was published in the Federal Register on February 3, 2026, and the initial comment period closed on February 24, 2026. After an extension to May 4, 2026, FINRA submitted a partial amendment on May 1, 2026, which was again opened for comment until May 27, 2026. FINRA responded to those comments on June 11, 2026, and later consented to a further extension to October 1, 2026. The Commission's order, issued September 15, 2026, approves the amendment-modified proposal.

Under the proposed Rule 3290, the reporting obligations for registered persons are narrowed to "outside investment-related activities," while associated persons continue to report "outside securities transactions." The rule retains the notice-and-approval process, the member-firm evaluation of potential conflicts, and the record-keeping requirements of Exchange Act Rule 17a-4(e)(1). It also preserves many of the substantive requirements of the former Rules 3270 and 3280, organized into two distinct activity categories.

Member firms will need to revise compliance manuals, notice forms, and internal monitoring to align with the new categorization and reporting thresholds set forth in Rule 3290. The order does not introduce new monetary thresholds or fees; it solely restructures the regulatory framework governing outside activities.