[Self-Regulatory Organizations; Financial Industry Regulatory Authority, Inc.; Notice of Filing of a Proposed Rule Change To Adopt FINRA Rule 3290 (Outside Activities Requirements)
Published Date: 2/3/2026
Notice
Summary
FINRA is updating its rules to better manage the outside jobs and activities of financial professionals. The new Rule 3290 replaces two older rules to focus on activities that could pose bigger risks, making reviews smarter and cutting down on unnecessary paperwork. This change affects anyone working in finance under FINRA’s watch and aims to start soon, with no extra costs expected for firms or workers.
Analyzed Economic Effects
6 provisions identified: 5 benefits, 1 costs, 0 mixed.
FINRA folds two rules into one
FINRA proposes replacing Rules 3270 and 3280 with a single Rule 3290 that narrows reporting to investment-related outside activities and private securities transactions. The rule text and FINRA's economic assessment note there are 635,055 registered persons across 3,224 members and an estimated 500,000 non-registered associated persons who are within the baseline population affected by the change.
Selling-compensation transactions still regulated
If you are an associated person who would engage in an outside securities transaction that involves selling compensation, the proposed Rule 3290 requires the member to make a reasonable determination to approve, approve with conditions, or disapprove the transaction and, if approved, the member must record and supervise the transaction as if executed on behalf of the member. The rule maintains the current requirement that approval triggers recording on the firm's books and supervisory obligations.
Personal home and non-securities deals excluded
Proposed Rule 3290 excludes certain personal real estate activity and personal investments in non-securities from coverage. The exclusion covers purchase, sale, rental or lease of a main home and up to two secondary homes when the property is solely owned by the person (or solely owned by the person and immediate family, or held in entities or trusts where they and immediate family are sole owners/beneficiaries).
Unaffiliated IA work needs notice but not supervision
If you do investment-adviser (IA) activity at an unaffiliated IA that is registered with the SEC or a state, proposed Rule 3290 treats that activity as an outside activity requiring prior written notice and an upfront member assessment, but the member generally would not be required to supervise or recordkeep that activity. FINRA specifically moves away from requiring supervision and recordkeeping for unaffiliated IA activity.
FINRA staff can grant exemptions
Proposed Rule 3290 gives FINRA staff general exemptive authority under the Rule 9600 Series to grant conditional or unconditional exemptions from any provision of Rule 3290 for good cause, consistent with investor protection and the public interest. FINRA will add Rule 3290 to Rule 9610's list of rules under which a member may seek exemptive relief.
Easier oversight for multi-firm registrants
Proposed Rule 3290 codifies that members may enter written allocation agreements so one member oversees outside securities transactions for selling compensation when an individual is associated with more than one member. The filing notes about 1.6% of registered persons work for more than one member (impacting 72.8% of members) and about 2% of non-registered fingerprints are associated with more than one member.
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