In Hedge Fund Law Report, asset management partner Brynn Rail discussed FINRA’s January 2026 proposal to streamline outside business activities (OBA) reporting for broker-dealers.
Brynn noted that the new rule aims to clarify and narrow reporting requirements, especially for personal real estate transactions. “That exclusion is likely to help clarify a number of the questions that we get now about whether given real estate activities are OBAs,” Brynn said. She advised firms to continue collecting information as usual and assess whether activities are investment-related while awaiting final approval of the rule.
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