On June 30, 2026, as a step in its ongoing FINRA Forward project, FINRA released a report (Report) by two unaffiliated enforcement experts, Professor Paul R. Eckert of William & Mary Law School and former SEC Commissioner Troy A. Paredes of Paredes Strategies, presenting their assessments of FINRA’s enforcement role and their recommendations for making the agency more effective and transparent. If adopted as written, certain recommendations would significantly tilt the scales in favor of greater due process for respondent firms. Among its proposals are establishing a forum to hear challenges to Rule 8210 information requests; expanding use of the Wells process; setting a statute of limitations on enforcement actions; empowering external reviewers of the agency; and implementing other measures to bolster the rights of respondents and facilitate the more collaborative, transparent and efficient resolution of enforcement matters. This article summarizes the Report’s key recommendations, considers their potential impact on registrants, examines how they will bring certain FINRA practices more in line with the SEC and offers practical takeaways, with commentary from former FINRA officials and legal experts. See “SEC, CFTC and FINRA Division Heads Discuss Enforcement Outlook” (Apr. 24, 2025).