Regulatory Notice 08-27

The Obligation of Firms When Supervising their Registered Representatives' Use of Marketing Materials to Establish Expertise

Executive Summary

FINRA reminds firms of their obligation to supervise representatives' communications with the public used to establish their expertise. FINRA is concerned that some representatives are misrepresenting their investment acumen by using ghostwritten communications that mislead investors.

Questions concerning this Notice should be directed to Thomas A. Pappas, Vice President, Advertising Regulation, at (240) 386-4553; or Amy C. Sochard, Director, Programs & Investigations, Advertising Regulation, at (240) 386-4508.