FINRA asks securities firms to start a post-quantum dialogue
30 OCTOBER 2023, WASHINGTON
FINRA asked securities firms to start a dialogue on post-quantum cryptography on 30 October 2023. It framed the request around research and awareness, encouraging firms to engage with the topic rather than imposing a new regulatory requirement. The approach invites firms into the conversation instead of handing them a rule to follow.
The framing means the request creates no obligation. By treating the move as research and awareness, FINRA signals that it is paying attention to quantum risk and expects firms to begin thinking about it, without yet setting requirements. In regulatory practice, that kind of early signal often precedes firmer expectations down the line.
Starting with dialogue serves a purpose for an emerging risk. It lets a regulator raise awareness and gather understanding of the sector's readiness before deciding on rules. For securities firms, the open framing gives them time to engage with quantum risk on their own terms, and it gives FINRA insight it can use when it weighs whether to set requirements.
Why it matters. FINRA's request puts post-quantum cryptography on securities firms' radar through dialogue rather than mandate. It carries no obligation, but it signals regulatory interest that may harden over time. Firms can use the opening to build internal awareness and start foundational work like cryptographic inventory, which readies them if FINRA moves from encouraging dialogue to setting expectations.