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ARTICLE · 04 AUGUST 2026

FINRA Requests Industry Input On The Future Of Best Execution

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FINRA has published Regulatory Notice 26-15, requesting industry feedback on potential updates to its best execution guidance in response to the SEC's proposal to rescind key Reg NMS rules. The notice addresses nine critical areas, including institutional orders, listed options, extended-hours trading, and the impact of emerging technologies like artificial intelligence on order routing and execution quality. Comments are due September 25, 2026.

United StatesFinance and Banking
Susan Schroeder
Susan Schroeder
Andre Owens
Andre Owens
Bruce Newman
Bruce Newman
Stephanie Nicolas
Stephanie Nicolas
Jessica Notebaert
Jessica Notebaert
Joshua Nathanson
Joshua Nathanson
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WHAT YOU NEED TO KNOW:

  • On July 24, 2026, FINRA published Regulatory Notice 26-15, seeking input on potential updates to its best execution guidance. Comments are due on September 25, 2026.
  • Regulatory Notice 26-15 was published, in large part, in response to the SEC’s proposal to rescind Reg NMS Rules 611 and 610(e), which would reshape how firms evaluate order routing and execution quality.
  • The request for comment goes well beyond Reg NMS, seeking industry feedback on institutional orders, listed options, extended-hours trading, introducing and receiving firm responsibilities, and the impact of emerging technologies.

On July 24, 2026, the Financial Industry Regulatory Authority (“FINRA”) published Regulatory Notice 26-15, seeking input on potential changes to modernize its best execution guidance. FINRA issued the notice in light of “significant market structure developments,” including a recent proposal by the Securities and Exchange Commission (“SEC”) to rescind

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