Legal Update法律资讯 · October 30, 20262026年10月30日
FINRA Replaces Its Outside Activity Rules With Rule 3290, Ends the Pattern Day Trader Test, and Regulation S-P Reaches Small AdvisersFINRA以第3290条取代外部活动规则、取消“频繁日内交易者”标准，S-P条例适用于小型投资顾问
IWhat Changed变化内容
The SEC approved new FINRA Rule 3290 on outside activities, which will replace Rules 3270 (outside business activities) and 3280 (private securities transactions) effective October 25, 2027. FINRA Regulatory Notice 26-20 (Oct. 26, 2026). Under the new rule, registered persons will no longer report activities unrelated to investments, and work for an unaffiliated investment adviser will be treated as an outside activity rather than a private securities transaction. In Regulatory Notice 26-10 (Apr. 20, 2026), FINRA amended Rule 4210 to eliminate the pattern day trader designation and its $25,000 minimum equity requirement, effective June 4, 2026 with a phase-in through October 2027. The SEC's amendments to Regulation S-P require broker-dealers and advisers to maintain incident response programs and to notify customers of data breaches; smaller entities had to comply by June 3, 2026.美国证监会批准了FINRA关于外部活动的新第3290条，将于2027年10月25日起取代第3270条（外部业务活动）及第3280条（私人证券交易）。FINRA第26-20号监管通知（2026年10月26日）。依新规，注册人员不再申报与投资无关的活动；为非关联投资顾问工作将被视为外部活动，而非私人证券交易。在第26-10号监管通知（2026年4月20日）中，FINRA修订第4210条，取消“频繁日内交易者”认定及其25,000美元最低权益要求，自2026年6月4日起生效，过渡期至2027年10月。证监会对S-P条例的修订要求券商及投资顾问建立事件应对机制，并在数据泄露时通知客户；较小机构须于2026年6月3日前合规。
IIAnalysis分析
For investors bringing FINRA arbitration claims, the governing rule depends on when the conduct occurred: selling-away and undisclosed outside business claims arising before October 25, 2027 remain governed by Rules 3270 and 3280, and a firm's supervisory obligations under those rules remain the measure of liability. The day-trading change removes a protection that limited leverage for small accounts, which may increase margin-related losses and the disputes that follow.对提起FINRA仲裁的投资者而言，适用规则取决于行为发生时间：2027年10月25日前发生的场外销售及未披露外部业务请求，仍适用第3270及3280条，券商依该等规则承担的监管义务仍是认定责任的标准。日内交易规则的变化取消了原本限制小额账户杠杆的保护，可能增加与保证金相关的损失及随之而来的纠纷。
IIIWhat To Do Now应对建议
In investor claims, fix the dates of the conduct to identify the applicable rule, and request the firm's outside activity disclosures and supervisory reviews in discovery. Small advisers should confirm that their Regulation S-P incident response and customer notice procedures are in writing.在投资者索赔中，确定行为发生日期以认定适用规则，并在证据开示中要求券商提供外部活动披露及监管审查记录。小型投资顾问应确认其S-P条例的事件应对及客户通知程序已形成书面文件。
This update is general information, not legal advice for your situation. Laws and deadlines change; contact us about your matter.本文为一般性信息，不构成针对您个人情况的法律意见。法律及期限可能变化，请就您的具体事务与我们联系。