FINRA Rule 2210 presently prohibits communications by FINRA members from including any prediction or projection of investment performance, except in very limited circumstances. Recognizing that its current prohibition on projections is more restrictive than the SEC’s regime for investment advisers under the new Marketing Rule and that certain sophisticated investors may benefit from additional performance-related information from broker-dealers, FINRA has proposed amending Rule 2210 to permit use of projected performance and/or target returns in communications to institutional investors and qualified purchasers in private placements, provided certain conditions are met. This article parses the proposed rule changes. See “A Look at FINRA’s 2023 Report on Examinations and Risk Monitoring” (Mar. 16, 2023); and “FINRA Reports on Examinations and Risk Monitoring” (Apr. 7, 2022).