A coalition of state securities regulators is pressing the Financial Industry Regulatory Authority to tighten its oversight of broker-dealers using social media influencers and artificial intelligence tools to communicate with the public. The push, detailed in a September 2026 letter, comes as FINRA considers rule changes that could give firms more flexibility in how they reach customers.
The North American Securities Administrators Association urged FINRA to require firms to supervise AI-generated communications with the same rigor applied to traditional advertising. The group also wants clearer rules around "finfluencers" - social media personalities paid to promote financial products - and how firms vet their content.
The push for stricter AI supervision
FINRA has been reviewing its communications rules, with some industry groups asking for more leeway on customer outreach. The Securities Industry and Financial Markets Association has argued that existing rules are outdated and overly restrictive for modern digital channels.
NASAA pushed back on that framing. In its letter, the group said FINRA should "require firms to establish and maintain a supervisory system that is reasonably designed to achieve compliance with applicable securities laws and regulations" for all AI-generated communications. The state regulators warned that relaxing standards now could expose retail investors to misleading claims at scale.
Finfluencers in the crosshairs
Social media influencers who promote investment products have drawn scrutiny from regulators for years. NASAA wants FINRA to explicitly require firms to treat influencer content as a firm communication subject to the same review and recordkeeping obligations as any other advertisement.
The American Securities Association also weighed in, supporting tighter rules around how broker-dealers monitor third-party content creators. The group pointed to cases where retail investors followed finfluencer advice without understanding the compensation structures behind the recommendations.
Industry pushes for flexibility
SIFMA has argued that the current regulatory framework was built for an era of print ads and cold calls, not TikTok videos and AI chatbots. The trade group wants FINRA to modernize its rules to reflect how firms actually communicate with clients today, while still protecting investors.
FINRA has not indicated when it will release proposed rule changes. The comment period on its communications framework review remains open, and the authority has solicited feedback from member firms, investor advocates, and state regulators.
Why this matters for PR and communications professionals
For communications teams inside broker-dealers and asset managers, the regulatory direction will shape how they use AI tools and influencer partnerships. If FINRA adopts NASAA's recommendations, firms will need documented supervisory procedures for every AI-generated client communication and every paid social media post. That means PR and communications professionals working in financial services should start mapping their current AI workflows and influencer contracts against existing compliance requirements. Waiting for final rules means scrambling later - the smart move is treating the NASAA letter as a preview of what supervision standards will look like.
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