FINRA Rules 3270 and 3280 require registered representatives and associates to notify their firms of their proposed private securities transactions and/or outside business activities and obtain consent for securities transactions involving selling compensation. FINRA proposes to replace both rules with new Rule 3290 (Rule), which would limit the applicability of the existing rules to outside activities and securities transactions involving “investment-related activity.” The Rule would “enhance efficiency without compromising protections for investors and members relating to outside activities,” according to Regulatory Notice 25‑05 (Proposal), which seeks industry comment. This article discusses the Proposal and how it would change the current regime. See “A Look at FINRA’s 2025 Oversight Report” (Mar. 13, 2025); and “FINRA Sanctions Brokerage Representative for Unreported and Unauthorized Outside Activities and Trading” (Dec. 7, 2023).