FINRA Regulatory Notice 25-06: Modernizing FINRA Rules, Guidance and Processes to Facilitate Capital Formation

Summary

SIFMA provides comments to the Financial Industry Regulatory Authority, Inc. (FINRA) in regards to Regulatory Notice 25-06 which requests comments on its rules and related guidance governing (i) capital acquisition brokers and other limited purpose broker-dealers, (ii) research analysts and research reports, and (iii) capital raising, including the FINRA Corporate Financing Rules,3 in an effort to further facilitate capital formation

See also: Form Meets Function: SIFMA’s Call to Modernize FINRA’s Research Rules

Excerpt

June 18, 2025

Submitted via email to: PubCom@finra.org

Jennifer Piorko Mitchell

Office of the Corporate Secretary

FINRA

1700 K Street, NW

Washington, DC 20006-1506

Re: FINRA Regulatory Notice 25-06: FINRA Requests Comment on Modernizing FINRA Rules, Guidance and Processes to Facilitate Capital Formation

Dear Ms. Mitchell:

The Securities Industry and Financial Markets Association (“SIFMA” or “we”)1 appreciates the opportunity to respond to the request for comment by the Financial Industry Regulatory Authority, Inc. (“FINRA”) in Regulatory Notice 25-06 (“Regulatory Notice 25-06”),2 which requests comments on its rules and related guidance governing (i) capital acquisition brokers and other limited purpose broker-dealers, (ii) research analysts and research reports, and (iii) capital raising, including the FINRA Corporate Financing Rules,3 in an effort to further facilitate capital formation. We note that SIFMA also previously provided comment letters dated August 7, 2023, in response to Regulatory Notice 23-09 and March 20, 2025, in response to Regulatory Notice 24-17.4

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