FINRA Announces Publication of Interpretations and Investor Education Materials Relating to New Intraday Margin Standards

Notice Type X Guidance Suggested Routing X Compliance X Legal X Margin Department X Operations X Regulatory Reporting X Risk Management X Senior Management Key Topic X Margin Referenced Rules & Notices X FINRA Rule 4210 X Regulatory Notice 26-10 Margin Interpretation Updates FINRA Announces Publication of Interpretations and Investor Education Materials Relating to New Intraday Margin Standards Effective: June 4, 2026 Summary FINRA is publishing updated interpretations of its margin rule (FINRA Rule 4210) to provide guidance to members in implementing the new intraday margin standards. Correspondingly, FINRA is deleting all interpretations relating to the former day trading margin requirements, which the new intraday margin standards have replaced in their entirety. Also, FINRA has made available educational resources, which members can share with customers, that provide information about the new intraday margin standards and margin accounts. The new and modified interpretations are available at Interpretations of Rule 4210. The new educational resources are available at: X Investor Insights: Understanding the New Margin Requirements X Brokerage Accounts: Margin Accounts Questions regarding this Notice may be directed to: X James Barry, Director, Credit Regulation, Office of Financial and Operational Risk Policy (OFORP), at (646) 315-8347 or james.barry@ finra.org; and X Joseph David, Senior Principal Specialist, Credit Regulation, OFORP, at (646) 315-8444 or joseph.david@finra.org. Questions about the intraday margin requirements and the new and modified interpretations may also be directed to idm@finra.org. 1 Regulatory Notice 26-11 May 19, 2026

Background & Discussion Interpretations As announced in Regulatory Notice 26-10, 1 FINRA has adopted new intraday margin standards that replace the outdated day trading margin requirements in their entirety. FINRA is updating its interpretations under FINRA Rule 4210 (Margin Requirements)2 to include new or modified interpretations relating to the amendments. Correspondingly, FINRA is deleting all interpretations relating to the former day trading margin requirements, given that these are rendered obsolete by the rule change. A list of the new, modified, deleted and redesignated interpretations follows. New Interpretations Relating to the Intraday Margin Rule

1. 4210(a)(17)/01 Guaranties and Consolidation of Accounts
2. 4210(a)(18)/01 Certain Charges to a Margin Account
3. 4210(d)(2)(A)/01 Examples of Acceptable Methodologies for Determining a Margin Account’s Intraday Margin Deficit (“IMD”)
4. 4210(d)(2)(A)/02 Days without IML-Reducing Transactions
5. 4210(d)(2)(A)/03 Broker-Dealer Accounts
6. 4210(d)(2)(B)(i)/01 Bank Sweep Funds Are Not Treated as Credits Except for Purposes of Determination of IMD and IML
7. 4210(d)(2)(B)(ii)/01 Use of More Recent Prices to Determine Current Market Value
8. 4210(d)(2)(B)(ii)/02 Use of End of Day Prices
9. 4210(d)(2)(B)(ii)/03 Timing of Profit and Loss Recognition
10. 4210(d)(2)(B)(iv)a./01 All But Not Less than All
11. 4210(d)(2)(B)(iv)a./02 Selective Application
12. 4210(d)(2)(B)(iv)b./01 Closing Position to Preempt IMD
13. 4210(d)(2)(C)(ii)/01 Examples: Net Deposits
14. 4210(d)(2)(C)(ii)/02 Example: Deposits of Securities
15. 4210(d)(2)(C)(ii)/03 Example: Market Movements
16. 4210(d)(2)(C)(ii)/04 Example: Combination of Deposit and Market Movements
17. 4210(d)(2)(C)(ii)/05 Example: Liquidation
18. 4210(d)(2)(C)(iii)/01 Capital Charge under SEA Rule 15c3-1(c)(2)(xii)
19. 4210(d)(2)(D)/01 Practice of Failing to Satisfy Intraday Margin Deficits as Promptly as Possible
20. 4210(d)(2)(D)/02 Certain Charges to a Margin Account 2 Regulatory Notice 26-11 May 19, 2026

Interpretations That Have Been Modified

1. 4210(b)(4)/023 Withdrawals below $2,000 Equity
2. 4210(b)(4)/025 Minimum Equity – Pattern Day Trader — (Rescinded)
3. 4210(b)(4)/034 Minimum Equity – Portfolio Margin Account
4. 4210(f)(5)/03 Margin Sub-Accounts Outdated Interpretations That Have Been Deleted
5. 4210(f)(8)(B)(i)/01 Approved Specialist or Approved Market-Maker
6. 4210(f)(8)(B)(i)/02 Omnibus Accounts
7. 4210(f)(8)(B)(i)/03 Day Trading in Error Accounts
8. 4210(f)(8)(B)(i)/04 Spreads
9. 4210(f)(8)(B)(ii)/01 Multiple Purchases and Sales
10. 4210(f)(8)(B)(ii)/02 Multiple Purchases and Sales – Alternative Method
11. 4210(f)(8)(B)(ii)/03 Terminating Pattern Day Trader Status
12. 4210(f)(8)(B)(iii)/01 Day-Trading Buying Power
13. 4210(f)(8)(B)(iii)/02 Option Day Trade
14. 4210(f)(8)(B)(iii)/03 “Time and Tick” and Aggregation
15. 4210(f)(8)(B)(iii)/04 Multiple Day-Trade Calls
16. 4210(f)(8)(B)(iii)/05 Liquidation to Meet a Day-Trade Call
17. 4210(f)(8)(B)(iii)/06 Option Spreads and Combinations as Day Trades
18. 4210(f)(8)(B)(iv)a./01 Minimum Equity Requirement
19. 4210(f)(8)(B)(iv)d./01 Cash Available
20. 4210(f)(8)(B)(iv)f./01 Deposit of Funds
21. 4210(g)(13)/01 Equity Less than $5 Million
22. 4210(g)(13)/02 Day Trading
23. 4210(g)(13)/03 Intra-Day Maintenance Excess Interpretations That Have Been Redesignated
24. 4210(d)(1)/01 Credit Extended [Originally designated as 4210(d)(3)/01]
25. 4210(d)(1)/02 Credit Committee [Originally designated as 4210(d)(3)/02] Regulatory Notice 3 May 19, 2026 26-11

Investor Education Materials FINRA has developed educational resources for investors that provide information about the new intraday margin standards and margin accounts: X Investor Insights: Understanding the New Margin Requirements X Brokerage Accounts: Margin Accounts Members can share these materials with customers. 1 Regulatory Notice 26-10 (April 2026) (FINRA Adopts New Intraday Margin Standards to Replace the Day Trading Margin Requirements). 2 For clarity, in this Notice “interpretations” refers to the interpretations maintained under the “Interpretations of Rule 4210” landing page on the FINRA website.  Endnotes 4 Regulatory Notice 26-11 May 19, 2026 ©2026. FINRA. All rights reserved. Regulatory Notices attempt to present information to readers in a format that is easily understandable. However, please be aware that, in case of any misunderstanding, the rule language prevails.