FINRA has released its 2025 Annual Regulatory Oversight Report (Report), covering financial crimes prevention; firm operations; digital assets; communications and sales; market integrity; and financial management. As in prior years, each topic area addressed in the Report identifies relevant laws and regulations and “observed weaknesses in firm compliance programs that could benefit from review and additional enhancements” and/or findings from FINRA’s examination, enforcement and other regulatory activities, including “findings we highlighted in prior Reports and that we continue to note in recent oversight activities.” Each topic also highlights effective practices that FINRA has observed that may help firms enhance their compliance programs. This article parses the Report. See our prior coverage of FINRA’s 2023, 2022 and 2021 reports.