Industry Issues
Advertising Information
FINRA provides assistance to members in preparing compliant sales communications and complying with the filing requirements.
- What to Expect: Filing Communications for FINRA Review (PDF 146 KB)
- Guide to the Web for Registered Representatives
- Online Advertising Report
- Advertising Regulation Electronic Files
- SIPC Information
- 529 College Savings Plans
- Member Alerts
- Regulatory & Compliance Alert Article Reference Guide
- Member Update - NASD Review of Hedge Fund Advertising Results in Formal Action
- Notices
- News Releases
- Interpretive Letters
- Investor Alerts
Advertising Regulation Information Guide
This information is provided to assist members in preparing compliant sales communications and complying with the filing requirements. Access the various rules governing sales communications, learn about the filing requirements and procedures and how to use the forms provided to simplify the review process. Information on FINRA publications including explanatory articles on some advertising rule applications are also available.
Advertising Regulation Filing Forms:
- Filing Cover Sheet (PDF 33 KB)
- Credit Card Processing Sheet (PDF 18 KB)
- Advertising Regulation Filing Fee Information
- Wire Transfer Instructions (PDF 14 KB)
Advertising & Sales Literature Rules Reference Guide
In reviewing member advertising and sales literature, the Advertising Regulation Department staff generally refers to FINRA, Municipal Securities Rulemaking Board (MSRB), and SEC advertising rules and guidelines. Following is a list of applicable rules and regulations frequently cited by the Advertising Regulation Department.
- NASD Rules 2210, IM-2210-1, IM-2210-2, IM-2210-3, IM-2210-4, IM-2210-5, IM-2210-7, IM-2210-8, 2211, 2212, 2220, 2341, 2350, 2361, 2711, 3010, and 8210
- The NASD Conduct Rules can be found in the online NASD Manual. After accessing the NASD Manual, click on Conduct Rules [2000 - 3410] in the left-hand frame.
- The NASD Conduct Rules can be found in the online NASD Manual. After accessing the NASD Manual, click on Conduct Rules [2000 - 3410] in the left-hand frame.
- SEC Rules 134, 135A, 482, 34b-1, and 156
- SEC Rules can be found in the online NASD Manual. After accessing the NASD Manual, click on SEC Rules and Regulation T in the left-hand frame.
- SEC Rules can be found in the online NASD Manual. After accessing the NASD Manual, click on SEC Rules and Regulation T in the left-hand frame.
- MSRB Rule G-21
- SIPC By-Laws Article 11, Section 4
- Recommendations Concerning Advertising and Promotion of Commission Discounts
Advertising Regulation Conference
October 25-26, 2012
Washington, DC
FINRA's annual Advertising Regulation Conference provides practical guidance on compliance with advertising rules and regulations for communications with the public.
Podcasts (Advertising-Related)
April 23, 2012
Heightened Supervision of Complex Products – Part I
Listen Now/Download | 7 min. 50 sec
Part one in a two-part series on complex products covers some characteristics that may qualify a product as "complex."
December 12, 2011
Senior Designations – Part 2
Listen Now/Download | 6 min. 40 sec
Part two of this two-part series presents guidance on supervising the use of senior designations to imply expertise with senior and retirement investing.
November 28, 2011
Senior Designations – Part 1
Listen Now/Download | 4 min. 50 sec
Part one of a two-part series on the use of senior designations to imply expertise with senior and retirement investing.
November 17, 2011
Advertising Regulation Guidance
Listen Now/Download | 7 min. 00 sec
This podcast focuses on guidance for applying FINRA's Communications With the Public Rule and filing communications with FINRA for review.
September 26, 2011
Social Media and Personal Electronic Devices – Part 3
Listen Now/Download | 3 min. 58 sec
The last podcast in a three-part series on social media and electronic devices covers answers to some questions firms frequently ask about third-party posts, links and websites.
September 19, 2011
Social Media and Personal Electronic Devices – Part 2
Listen Now/Download | 7 min. 00 sec
The second podcast in a three-part series on social media and electronic devices covers questions firms frequently ask about supervision and recordkeeping.
September 12, 2011
Social Media and Personal Electronic Devices – Part 1
Listen Now/Download | 6 min. 24 sec
The first podcast in a three-part series on social media and electronic devices recaps requirements of FINRA's rules related to social media.
August 29, 2011
FINRA Books and Records Rules – Part 2
Listen Now/Download | 9 min. 08 sec
The second of two podcasts on consolidated FINRA rules for books and records highlights four additional rules that go into effect in Dec. 2011.
August 15, 2011
FINRA Books and Records Rules – Part 1
Listen Now/Download | 4 min. 21 sec
The first podcast in a two-part series on consolidated FINRA rules for books and records introduces four of eight new rules that go into effect in Dec. 2011.
July 25, 2011
Suitability Guidance – Part 3
Listen Now/Download | 6 min. 00 sec
This is the final podcast in a three-part series on additional guidance about FINRA's new consolidated suitability and know your customer rules.
July 18, 2011
Suitability Guidance – Part 2
Listen Now/Download | 4 min. 27 sec
This podcast is the second in a three-part series on additional guidance about FINRA's new consolidated suitability and know your customer rules.
July 11, 2011
Suitability Guidance – Part 1
Listen Now/Download | 7 min. 11 sec
This podcast is the first in a three-part series on additional guidance about FINRA's new consolidated suitability and know your customer rules.
March 21, 2011
Suitability and Know Your Customer Rules
Listen Now/Download | 7 min. 17 sec
FINRA staff highlights FINRA Rules 2111 (Suitability) and 2090 (Know Your Customer).
November 8, 2010
Municipal Securities (Part III of III)
Listen Now/Download | 6 min. 46 sec
This podcast, the third in a three-part series on municipal securities, explores considerations for firms when gathering and disclosing information about these products.
October 25, 2010
Commodity Futures-Linked Securities
Listen Now/Download | 11 min. 14 sec
This podcast focuses on sales practice obligations for securities linked to commodity futures.
October 18, 2010
Municipal Securities (Part II of III)
Listen Now/Download | 6 min. 35 sec
This podcast, the second in a three-part series on municipal securities, describes recent amendments to the Securities Exchange Act's Municipal Disclosure Rule.
September 27, 2010
Municipal Securities (Part I of III)
Listen Now/Download | 7 min. 45 sec
This podcast, the first in a three-part series on municipal securities, focuses on related sales practice and due diligence obligations.
August 16, 2010
Consolidated Account Reports
Listen Now/Download | 10 min. 51 sec.
FINRA guidance on consolidated account reports, including applicable rules and other considerations.
March 22, 2010
Variable Life Settlements and Transactions in Related Investment Products - Your Firm's Obligations - Part II
Listen Now/Download | 9 min. 33 sec.
Part II of this series focuses on issues related to communications with the public, fees and commissions, and other transaction types.
February 22, 2010
Variable Life Settlements and Transactions in Related Investment Products – Your Firm's Obligations – Part I
Listen Now/Download | 7 min. 59 sec.
FINRA staff provide background on variable life settlements and transactions in related investment products, and discuss some requirements and potential risks.
June 18, 2009
Psychology of a Scam
Listen Now/Download | 8 min. 7 sec.
FINRA Investor Education staff explain the psychological tactics fraudsters use and ways to guard against them.
March 16, 2009
Cash Alternatives
Listen Now/Download | 8 min. 4 sec.
FINRA staff discuss sales practice obligations relating to investments sold as an alternative to cash.
March 10, 2009
Electronic Communications: Social Networking Web Sites
Listen Now/Download | 6 min. 11 sec.
This podcast, the last in a three-part series on supervising electronic communications, discusses how registered representatives' use of social networking Web sites to communicate firm business relates to FINRA's rules regarding communications with the public.
February 23, 2009
Electronic Communications: Blogs, Bulletin Boards and Chat Rooms
Listen Now/Download | 6 min. 2 sec.
This podcast, the second of three on supervising electronic communications, discusses the application of FINRA's communication with the public rules for blogs, bulletin boards and chat rooms.
February 17, 2009
High Yield Environment Instruments
Listen Now/Download | 4 min. 36 sec.
FINRA staff discuss firms' obligations related to the sale of bond funds, corporate bonds, structured products and non-conventional instruments in a high-yield environment.
February 9, 2009
Electronic Communications: Web Sites
Listen Now/Download | 7 min. 43 sec.
This podcast, the first of three on electronic communications, offers suggestions for supervising employee use of Web sites and explains how FINRA's rules relate to this activity.
November 20, 2008
"Free Lunch" Investment Seminars—Avoiding the Heartburn of a Hard Sell
Listen Now/Download | 7 min. 6 sec.
Investors frequently get invited to free seminars that promise to educate them about investing strategies or managing money in retirement—often with an expensive meal provided at no cost. But just because someone buys you breakfast, lunch or dinner doesn't mean you have to buy what they are saying—or selling.
September 15, 2008
Filing Communications for FINRA Review
Listen Now/Download | 18 min. 56 sec.
This podcast explains in plain English what to expect when filing communications with FINRA's Advertising Regulation department
September 9, 2008
Public Offerings of DPPs and REITs
Listen Now/Download | 14 min. 28 sec.
FINRA staff members discuss new amendments to FINRA's rule on direct participation programs and real estate investment trusts.
July 21, 2008
Variable Annuities
Listen Now/Download | 9 min. 11 sec.
FINRA Chief of Enforcement Susan Merrill discusses variable annuities
June 9, 2008
Foreign Research Analyst Exemption
Listen Now/Download | 3 min. 46 sec.
FINRA staff discuss a new exemption from the Research Analyst Qualification Exam for foreign research analysts
May 27, 2008
Third-Party Research Reports
Listen Now/Download | 4 min. 35 sec.
This podcast describes a recent rule change related to firms' distribution and supervision of third-party research reports.
May 20, 2008
The FINRA Rulemaking Process
Listen Now/Download | 10 min. 55 sec.
This podcast, the audio version of a webcast developed for the "What to Expect" series, focuses on FINRA's rulemaking process.
April 28, 2008
Principal Approval of Sales Material
Listen Now/Download | 5 min. 9 sec.
A review of a new exception to the principal approval requirements for some sales material that firms file.
April 8, 2008
Electronic Communications: Reviewing Correspondence
Listen Now/Download | 8 min. 39 sec.
Methods firms should consider when reviewing electronic correspondence and developing related procedures.
March 17, 2008
Electronic Communications: What and Who
Listen Now/Download | 7 min. 47 sec.
This podcast presents guidance on what electronic communications your firm's policies and procedures will permit employees to use and who will be responsible for supervisory review.
February 26, 2008
Variable Annuities: Requirements for Representatives
Listen Now/Download | 9 min. 51 sec.
Registered Representatives' responsibilities when recommending variable annuities are the focus of this podcast, the audio version of a webcast for frontline staff.
February 19, 2008
Electronic Communications: Introduction to Supervision
Listen Now/Download | 4 min. 33 sec.
This podcast presents guidance on designing procedures for reviewing electronic communications.
February 11, 2008
Protecting Senior Investors
Listen Now/Download | 6 min. 10 sec.
Mary Schapiro discusses one of FINRA's top priorities: protecting senior investors from fraud.
"What to Expect" Resources (Advertising-Related)
- What to Expect: The FINRA Rulemaking Process (PDF 618 KB)
- What to Expect: Filing Communications for FINRA Review (PDF 146 KB)
E-Learning Courses (Advertising-Related)
Please visit our e-learning courses page to register for one or more of the following courses.
- 529 College Savings Plans Sales Practices
- Communications with the Public: An Introduction to Compliance Issues
- Communications with the Public: An introduction to Compliance Issues for Independent Registered Representatives
- Conflicts of Interest
- Electronic Communications for Independent Registered Representatives
- Electronic Communications for Registered Representatives
- Electronic Communications for Supervisors
- Electronic Communications for Wholesalers
- Electronic Communications With the Public for Wholesalers (EL-ELC182)
- Exchange-Traded Products: Understanding Leveraged and Inverse ETPs (EL-ELC179)
- Fixed Income Suitability: Retail Sales Practices (EL-ELC125)
- Hedge Funds: Understanding Sales Practice Responsibilities (EL-ELC118)
- MSRB Supervision Rules (EL-VLC009)
- Mutual Funds Sales Practice: Share Classes and Breakpoints (EL-ELC123)
- Private Placements
- Retail Branch Office Supervision: Compliance with Regulations
- Retail Branch Office Supervision: Understanding Supervisory Responsibilities
- Retail Supervision: Sales to Senior Investors
- Senior Investor Suitability Considerations
- Structured Products
- Supervision: Obligations for Firms with Institutional Clients
- Supervisory Considerations for Working with Seniors
- Suitability Issues: Considerations for Product Exchanges
- Suitability Issues: An Institutional Focus
- Understanding Commodity Futures-Linked Securities
- Use of Social Media for Business Purposes
- Variable Annuities: Requirements for Representatives
- Variable Annuities: Requirements for Supervisors
- Variable Annuities: Sales Practice Issues for 1035 Exchanges
- Variable Annuities: Suitability and Disclosure for New Purchases
General Product Information
Targeted Examination Letters (Advertising-Related)
- Spread-Based Structured Products (November 2011)
- Spot-Check of Reverse Convertibles Advertising and Sales Literature (March 2011)
- Bank Broker-Dealer Services (October 2010)
- Non-Investment Company Exchange Traded Products Communications (June 2010)
- Municipal Underwriting and Municipal Derivative Instruments (May 2009)
- Exchange Traded Funds (May 2009)
- Sale and Promotion of Non-Traded REITs (March 2009)
- Hedge Fund Advertisements and Sales Literature (January 2009)
- Collateralized Mortgage Obligations (December 2007)
- Use of Professional Designations (September 2007)
Relevant Quick Links:
Advertising Regulation Contact Information
| Telephone: | (240) 386-4500 |
| Fax: | (240) 386-4568 |
| Address: | FINRA Advertising Regulation Department 9509 Key West Avenue Rockville, MD 20850 |