FINRA launches Rule 605 Designated Participant Authorization Form
FINRA introduced an electronic Rule 605 Designated Participant Authorization Form ahead of amendments to SEC Regulation NMS Rule 605 effective August 1, 2026.
Members selecting FINRA as their Designated Participant must submit the new form to obtain reporter IDs and provide hyperlinks to execution quality reports. Firms must align reporting infrastructure with amended Rule 605 and NMS Plan requirements.
Affects broker-dealer best execution disclosures and market structure transparency obligations.
Action Required
Submit the new Rule 605 Designated Participant form via FINRA Gateway and prepare for amended execution quality reporting.
Operational precursor to material Rule 605 amendments taking effect August 2026.
Equities trading compliance to submit Designated Participant form, validate execution quality reporting pipeline, and update best execution governance for amended Rule 605.
“FINRA is introducing a new electronic Rule 605 Designated Participant Authorization Form for members, available from June 17, 2026, ahead of amendments to SEC Regulation NMS Rule 605 and the Rule 605 NMS Plan effective August 1, 2026.”
Published: 2026-07-17