FINRA launches electronic Rule 605 authorization form ahead

Cresthaven Analytics Intelligence Brief

Headline

FINRA launches electronic Rule 605 authorization form ahead of August 1 Regulation NMS amendments

Executive Summary

FINRA released Information Notice 6/17/26 on June 17, 2026, introducing an electronic Designated Participant Authorization Form through which members obtain reporter identification codes and submit execution quality report hyperlinks. The form is available through the FINRA Gateway and is required for all members selecting FINRA as their Designated Participant before the August 1, 2026 effective date of amended Rule 605.

Bottom Line

The new electronic form is the required entry point for every FINRA-member firm that selects FINRA as its Designated Participant under the amended execution quality reporting framework. Without a completed submission, a firm holds no reporter identification code and cannot file a compliant Rule 605 execution quality report when the August 1, 2026 amendments take effect. The 45-day window between form availability and the effective date is the operative compliance interval for affected members.

Key Regulatory Signals

Mandatory Form Submission for FINRA-Designated Members: Every member firm that selects FINRA as its Designated Participant under the amended execution quality reporting framework must submit the new electronic form. Firms that have not yet designated a participant face a threshold compliance step before any Rule 605 reporting obligation can be fulfilled.
Reporter Identification Codes Now Required: The form is the mechanism through which member firms obtain their unique reporter identification codes. Without a submitted and processed form, a firm cannot generate a compliant Rule 605 execution quality report under the August 1 framework.
Hyperlink Submission Embedded in Form: The authorization form also collects the hyperlinks to each member's Rule 605 execution quality reports. This consolidates two compliance steps, designation and report publication, into a single electronic submission through the FINRA Gateway.
August 1, 2026 Effective Date Creates a Hard Deadline: The amended Rule 605 and the associated NMS Plan take effect August 1, 2026. The form's availability beginning June 17 provides a 45-day window for member firms to complete submission before that date. Firms that delay risk being unable to satisfy reporting obligations on the effective date.

Regulatory Delta

- The SEC's 2024 amendments to Regulation NMS Rule 605 significantly expanded execution quality disclosure requirements. This FINRA notice is the operational implementation step for member firms within that framework.

- The electronic Designated Participant Authorization Form has no direct predecessor under the prior Rule 605 regime. It represents a structural change in how reporting obligations are initiated, not a modification of an existing process.

- The August 1, 2026 effective date aligns with the SEC's amended Rule 605 NMS Plan, reflecting coordinated implementation of the broader Regulation NMS modernization effort between the SEC and FINRA.

Materiality Classification

HIGH — The August 1, 2026 effective date of amended Rule 605 falls within 30 days, and all FINRA member firms selecting FINRA as Designated Participant must complete a required electronic submission before that date or lose the ability to satisfy execution quality reporting obligations.

Time Horizon

effective — 2026-08-01

Intelligence Outlook

Monitor the FINRA Gateway and FINRA rules guidance for confirmation of form processing timelines and any supplemental guidance on reporter identification code issuance ahead of the August 1, 2026 effective date.