FINRA Unscripted

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Oct 2026

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FINRA Unscripted is the voice of the nation’s largest non-government securities regulator. We bring together FINRA leaders to discuss existing and emerging regulatory topics that impact the broker-dealer industry. We share best practices for compliance officers, insights into the operations of a 3,500 person self-regulated organization and educational tools and information for investors. Every investor in America relies on one thing: fair financial markets. That is what FINRA works every day to ensure.

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October 6, 202634 min

How AI Is Supercharging Investment Fraud (And What You Can Do About It)

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 Find us: LinkedIn / X / YouTube / Facebook / Instagram / E-mail Subscribe to our show on Apple Podcasts , Google Play and by RSS .

September 1, 202627 min

FINRA's Intraday Margin Standard: What Investors and Members Need to Know

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 Find us: LinkedIn / X / YouTube / Facebook / Instagram / E-mail Subscribe to our show on Apple Podcasts , Google Play and by RSS .

August 4, 202631 min

Inside FINRA's Financial Intelligence Fusion Center

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 Find us: LinkedIn / X / YouTube / Facebook / Instagram / E-mail Subscribe to our show on Apple Podcasts , Google Play and by RSS .

July 7, 202622 min

How FINRA Turns Member Feedback Into Action

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 Find us: LinkedIn / X / YouTube / Facebook / Instagram / E-mail Subscribe to our show on Apple Podcasts , Google Play and by RSS .

June 2, 202627 min

Inside FINRA Forward: A Conversation with FINRA Board Chair Scott Curtis

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 Find us: LinkedIn / X / YouTube / Facebook / Instagram / E-mail Subscribe to our show on Apple Podcasts , Google Play and by RSS .

May 5, 202634 min

How FINRA Is Enhancing Member Firm Examinations

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 Find us: LinkedIn / X / YouTube / Facebook / Instagram / E-mail Subscribe to our show on Apple Podcasts , Google Play and by RSS .

April 7, 202623 min

Trading Around the Clock: Inside FINRA's Trade Reporting Enhancements

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 Find us: LinkedIn / X / YouTube / Facebook / Instagram / E-mail Subscribe to our show on Apple Podcasts , Google Play and by RSS .

March 3, 202634 min

How FINRA Is Streamlining Data Requests

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 Find us: LinkedIn / X / YouTube / Facebook / Instagram / E-mail Subscribe to our show on Apple Podcasts , Google Play and by RSS .

February 3, 202618 min

Financial Security in 2026: Tips for Investors and How Firms Can Help

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 Find us: LinkedIn / X / YouTube / Facebook / Instagram / E-mail Subscribe to our show on Apple Podcasts , Google Play and by RSS .

January 6, 202637 min

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

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 Find us: LinkedIn / X / YouTube / Facebook / Instagram / E-mail Subscribe to our show on Apple Podcasts , Google Play and by RSS .