FINRA to Firms and Individuals: You Can’t Hide from Rule 8210

In September 2025, FINRA issued Regulatory Notice 25-11, reminding firms and individuals that they must comply with FINRA Rule 8210—FINRAʼs equivalent of subpoena power—regardless of where they or their records are located. This rule authorizes FINRA to request information, documents, and testimony from broker-dealer members and associated persons for investigations, complaints, examinations, or proceedings, even if the information is outside the United States.

FINRAʼs position is that compliance with Rule 8210 is essential for its self-regulatory mission, and failure to respond truthfully or completely may result in sanctions, including expulsion or a bar from associating with a member firm. The Notice addresses the global nature of many firms, acknowledging that some jurisdictions (such as China, France, and Switzerland) have laws that may conflict with Rule 8210’s requirements. Despite these conflicts, FINRA expects firms to anticipate and address their ability to comply.

The article highlights three key implications:

1. Global Reach: FINRAʼs requirements apply to firms and individuals with operations or records outside the U.S., and its stance is broader than the SECʼs, which typically works with foreign regulators through formal agreements.
2. Potential Conflicts: Firms must assess whether complying with FINRA requests could violate foreign laws, which may impact their global operations.
3. Court Challenges: FINRAʼs authority has faced recent constitutional challenges, but courts have so far upheld its enforcement powers.

For more details and practical guidance on FINRAʼs examination, investigation, and disciplinary processes, click the below link to read more.

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