FINRA Notice 26-10:
[https://www.finra.org/rules-guidance/notices/26-10](https://www.finra.org/rules-guidance/notices/26-10)
TL;DR: FINRA is replacing the old Pattern Day Trader rule with a new intraday margin system.
The old rule was the one everyone knows: make 4 day trades in 5 business days in a margin account, get marked as a pattern day trader, and then need $25k in the account to keep day trading.
The new rule gets rid of that framework. Instead of counting how many day trades you make, brokers are supposed to look at whether your account has enough equity for the amount of exposure you create during the trading day.
Basically, As long as your account does not create an intraday margin deficit, the new deficit/90-day restriction process does not get triggered.
If your account does create an intraday margin deficit, your broker has to require you to fix it as soon as possible. If someone keeps failing to fix those deficits, and one is still unresolved after 5 business days, the broker has to restrict the account for 90 calendar days or until the deficit is fixed.
The rule is effective June 4, 2026, but brokers can phase it in until October 20, 2027.
