Investment advisers sometimes place a single large securities order for multiple clients and then allocate portions of that trade among the individual accounts they manage. A newly approved FINRA rule change is intended to make that behind-the-scenes process more efficient without eliminating safeguards designed to prevent advisers from deciding who receives favorable trades after seeing how those trades performed.
The Securities and Exchange Commission approved the change to FINRA Rule 4515.01 on September 2, 2026. The approval was published in the Federal Register on September 8. Although the rule is primarily operational and will be most noticeable to broker-dealers and investment advisers, it involves a process that ultimately determines how trades are assigned to individual investors’ accounts.
