The Financial Industry Regulatory Authority (FINRA) has issued a regulatory notice addressing the retail foreign currency exchange activities of broker-dealers that are members of FINRA. In the notice, FINRA expressed concern about the rapid growth of the retail forex market generally and the retail forex activities of broker-dealers in particular. More specifically, FINRA discussed the applicability of FINRA rules to the retail forex activities of broker-dealers, and said it would look to the retail forex rules and interpretations issued by the National Futures Association as a basis for determining whether, in conducting similar activities, broker-dealers comply with FINRA Rule 2210, which requires FINRA members to observe high standards of commercial honor and just and equitable principles of trade. FINRA further indicated that it would apply the promotional material pre-filing and other Rule 2210 requirements to member firms’ forex activities and require approval of forex dealer activities pursuant to Rule 1017. FINRA reminded broker-dealer members of the applicability of Securities and Exchange Commission Rule 15c3-3 to forex balances that are owed to customers.