The Advertising Regulation Department helps protect investors by ensuring that broker-dealers' communications are fair, balanced and not misleading and comply with the advertising rules of FINRA, the SEC, the MSRB and SIPC.
The Department helps FINRA members understand and apply these advertising rules through its filings review program, published guidance and outreach. Through its filings review program, the Department reviews communications submitted by firms either voluntarily or as required by FINRA Rule 2210 and provides firms with a written review for every communication submitted.
Advertising Regulation Voluntary Revised Communication Pilot Program
Effective July 1, 2025, and through at least December 31, 2025, Advertising Regulation will operate a voluntary Revised Communication Pilot Program. The pilot program permits member firms to voluntarily upload a revision when the original review letter received from staff indicates that revisions are necessary for compliance with applicable standards. This program provides those firms that seek a “consistent with applicable standards” letter, the opportunity to upload a revision without needing to make a separate filing that would otherwise be subject to an additional filing fee. To receive the “consistent with applicable standards” letter, the revision must address all concerns cited in the original review letter. Read frequently asked questions about the program.
Key Programs
We offer four key programs that support member firms through the review of communications such as websites, search advertisements, brochures, commercials, and print communications for compliance with the applicable FINRA, SEC, MSRB, and SIPC rules.
Filings Review
The Department’s Filings Review Team reviews communications filed by member firms both voluntarily and as required by FINRA Rule 2210 and 2220. FINRA charges fees for the review of these filings pursuant to Schedule A of FINRA’s Bylaws. Department staff analyzes each communication filed and provides the firm with a written review letter indicating whether the communication requires revisions to comply and, if so, what changes are needed. In an egregious situation, the staff will instruct a firm to cease use of the communication. The staff commonly addresses issues such as misleading language, the depiction of the risks and costs relating to retail products, or an appropriate presentation of investment performance. Each member firm is assigned to an analyst in the Filings Review Program. To find out who the firm's assigned analyst is, please contact Advertising Regulation at (240) 386-4500.
Complex Review
The Department’s Complex Review Team supports other FINRA departments, including Corporate Financing, Member Supervision, and Enforcement, by analyzing communications that may contain possible violations of the advertising rules identified during examinations, investigations, and enforcement proceedings. Additionally, the team reviews communications received as complaints, inquiries, or referrals from other regulators, member firms, and the public. As appropriate, the staff may contact members to obtain additional information to evaluate the communications or, when rule violations occur, to ensure that problematic communications are addressed. Based on the team’s analysis, the Department may issue informal disciplinary actions directly or refer more significant matters to FINRA Member Supervision or Enforcement for further investigation.
Spot Checks
FINRA Rule 2210(c)(6) permits the Department to conduct spot checks of member firms’ communications. The Department will initiate a spot check by requesting a select group of member firms to provide for review communications that normally are not subject to the filing requirements. Spot check reviews generally target areas of regulatory concern such as a new type of product or investor protection issue. If a review reveals rule violations, the staff will contact the firm to ensure the problematic communications are stopped. The staff may pursue informal disciplinary action or refer the matter to FINRA Member Supervision or Enforcement for further examination.
Outreach
The Department staff provides education and training to the industry and other regulators by hosting its own conference on advertising regulation in Washington, D.C. and participating in FINRA’s Annual Conference, and industry-sponsored events.
Department staff routinely contributes to FINRA’s on-line training resources such as e-Learning, podcasts, and the Department’s webpage.
Important Resources
Get smart on Advertising Regulation with our E-Learning Courses and AREF User Guides.
The FAQs regarding FINRA Rule 2210 interpretive guidance are a helpful resource that can be useful in addressing common issues when creating content.
User guides and FAQs regarding Advertising Regulation Electronic Files.
Learn about the requirements for filing communications as a new or pending firm.
Browse advertising-related Regulatory Notices by topic.
Find interpretive Guidance on advertising rules and their application to various communications.
Find FINRA, SEC, MSRB, and SIPC rules governing communications with the public and advertising practices for member firms.
Unsure whether you need to file a communication? Find your answer here.
Most Recent Regulatory Notices
Contact Us
Email your Advertising Regulation-related questions to [email protected]. You may also contact the department at:
Advertising Regulation Department, FINRA
9509 Key West Avenue
Rockville, MD 20850
(240) 386-4500
Contact OGC
FINRA's Office of General Counsel (OGC) staff provides broker-dealers, attorneys, registered representatives, investors and other interested parties with interpretative guidance relating to FINRA’s rules. Please see FINRA OGC Interpretative Guidance for more information.
OGC Staff Contact:
Ilana Reid
FINRA, OGC
1700 K Street, NW
Washington, DC 20006