FINRA rule changes 2026: what SIE candidates should know

Several rules that the SIE tests have changed recently, and older study guides, videos and question banks may still show the old numbers. This post lists what Encodr's SIE course has verified as of September 2026. Rules keep moving, so check FINRA's and the MSRB's own pages before you rely on any single figure on test day.

The gift limit is now $300

FINRA Rule 3220 limits the value of gifts and gratuities that a member or associated person may give one person per year when they relate to the business of the recipient's employer. As of September 2026 the limit is $300 per person per year. It rose from $100 effective 2026-03-30, the first change since 1992, so older material still says $100.

How it is applied:

• Gifts to one recipient are added together over the year. Gifts of $120, $100 and $90 total $310, which is $10 over the limit even though each gift is under $300. Gifts of $150 and $149 total $299, which is within the limit.
• An event ticket is valued at the higher of its cost or face value.
• Some items sit outside the limit, such as customary bereavement gifts, personal gifts for life events, and de minimis or logo items.
• The rule targets gifts to employees of other firms, such as institutional customers. It is not aimed at a firm's own retail customers, though firms may restrict those by policy.

MSRB Rule G-20 also uses $300

For municipal securities, MSRB Rule G-20 governs gifts. As of September 2026, the $300 figure applies to FINRA-member dealers from 2026-06-01. The MSRB's page still carries the older $100 text for municipal advisors and bank dealers until 2026-12-01. If a question says "FINRA-member dealer," the answer is $300.

MSRB Rule G-37 and the $250 de minimis amount

Rule G-37 bars a dealer from negotiated municipal securities business with an issuer for two years after certain political contributions by the dealer or its municipal finance professionals. This did not change, but it is easy to mix with the gift limits, so keep the numbers apart:

• The de minimis amount is $250 per election, and only for a municipal finance professional who is entitled to vote for the official.
• If the professional cannot vote for the official, there is no exception. A $200 contribution triggers the two-year ban.
• The ban applies to the whole dealer, not just the individual, and covers negotiated business, not competitive bids.
• As of 2026, Form G-37 is due the last day of the month after each calendar quarter. For a quarter ending September 30, that is October 31.

The pattern day trader rule is gone from Rule 4210

FINRA's Regulatory Notice 26-10 records that the SEC approved the change on 2026-04-14. It took effect 2026-06-04, and the phase-in period runs to 2027-10-20. As of 2026, the $25,000 minimum equity requirement for pattern day traders was removed from FINRA Rule 4210, and FINRA replaced the day-trading provisions with intraday margin standards.

Just as important for the exam, what did not change. The regular maintenance margin requirements in Rule 4210 were left in place, because the intraday rule supplements them rather than replacing them. As of 2026:

• Regulation T still sets the 50 percent initial requirement.
• Rule 4210 still sets the 25 percent maintenance requirement on long positions and the $2,000 minimum equity.

A question that asks what was removed has one answer: the $25,000 pattern day trader equity rule. To practice the arithmetic that did not change, see the margin section of SIE exam math: formulas with examples and the margin account calculator.

Rule 3290 is approved, but 3270 and 3280 still apply

FINRA's outside activities rules are Rule 3270 (outside business activities of registered persons) and Rule 3280 (private securities transactions of associated persons). The SEC approved a new Rule 3290 on 2026-09-15, but no effective date has been announced. Until it takes effect, Rules 3270 and 3280 are the ones that apply. On a question that asks which rules still govern outside activities and private securities transactions, the answer as of September 2026 is Rules 3270 and 3280.

Settlement is T+1

The standard settlement cycle for most securities has been T+1 since May 28, 2024, and its knock-on effect is that the ex-dividend date is normally the record date. The details, including the exceptions, are in T+1 settlement and dividend dates for the SIE.

How to handle changing rules on the exam

• Read "as of" dates as a hint. If a number was different a year ago, older study material may be wrong.
• When a choice looks familiar, check whether it is the old number. $100 and $25,000 are now the traps.
• Learn the structure of a rule as well as the number, since the structure tends to last longer.

These rules sit mainly in the Regulatory Framework section, which is 7 of the 75 scored items, and the margin material in the trading and accounts section. What's on the SIE exam lays out where each rule lives.

Study them in the course

Encodr's free FINRA SIE course has cards for each of these, with "as of 2026" stamped on any figure that may change, so you can drill them until they are automatic. How to study for the SIE exam shows where they fit in a four-week plan.