Topic Page
Advertising Regulation
FINRA Rule 2210
FINRA Rule 2210 governs broker dealers' communications with the public including communications with retail and institutional investors. The rule provides standards for the content, approval, recordkeeping and filing of communications with FINRA.
Firms, in general, must comply with FINRA Rule 2210 when communicating with the public, including communications with retail and institutional investors. The rule establishes standards for the content, approval, recordkeeping and filing of communications with FINRA.
There are three categories of firm communications defined and regulated by FINRA Rule 2210.
- Retail communication - Any written communication, including electronic, distributed or made available to more than 25 retail investors within any 30 calendar-day period
- Correspondence - Similar to retail communication, but is limited to 25 or fewer retail investors
- Institutional communication - Any written communication, including electronic, distributed or made available only to institutional investors, such as banks, insurance companies and registered investment companies, among others. A firm's internal communications are not covered by this definition.
FINRA's Advertising Regulation Department reviews firms' advertisements and other communications with the public to ensure they are fair, balanced, not misleading and comply with the standards of the SEC, MSRB and SIPC advertising rules. The department reviews more than 100,000 communications every year that are submitted either as required by FINRA's rules or voluntarily by firms.
After reviewing the communications, the department provides firms with written commentary and if it finds egregious violations of the rules, the staff will instruct a firm to cease using the communication and may refer the matter for disciplinary action.
FINRA Rule 2210 Interpretive Guidance Questions and Answers
How to Submit Communications for Review
Firms can file communications for review via Advertising Regulation Electronic Files (AREF), an online application. In addition, firms can use AREF to view, print and save the department’s review letters. The vast majority of communications are filed electronically through AREF. However, firms still wishing to submit hard copies must use the Filing Cover Sheet. Effective September 28, 2015, FINRA migrated the AREF system to a new platform that allows firms to submit advertising-related files through a wide variety of formats and to submit larger files.
For more details about the system, please see the Advertising Regulation Electronic Files page.
Filings Review
Through this fee-based program, the department reviews communications broker-dealers file primarily in response to the requirements set forth in FINRA's rules. The department reviews the communications and provides written commentary to the firms, and if the department finds egregious violations, the staff will instruct a firm to cease using the communication and may refer the matter for disciplinary action.
Advertising Regulation Frequently Asked Questions
Advertising Regulation Resources
- Advertising Related Notices
- Advertising Related Notices Subject Index
- Tools and Resources for Complying With the BrokerCheck Link Requirements in Rule 2210
- Recommendations Concerning Advertising and Promotion of Commission Discounts
- Investor Alerts
- Regulatory & Compliance Alert Article Reference Guide
- News Releases
- Interpretive Letters
Targeted Examinations
FINRA's Advertising Regulation Department periodically reviews communications that have not been previously filed or subject to the filing requirements from select groups of firms. These targeted exams, or sweeps, generally target areas of regulatory concern, such as a new type of product, or an investor protection issue such as how a firm is using social media (e.g. Facebook, Twitter, LinkedIn, blogs) in the conduct of its business. If a review reveals any rule violations, the department will provide a written Review Letter to the firm and look into the preparation and use of the material. It also may refer the matter for disciplinary action.
FINRA has issued a series of advertising-related Targeted Examination Letters.
Education
FINRA's educational materials highlight news, regulatory updates and other compliance topics. You can find advertising-related education using the following links.
- 2017 Advertising Regulation Conference
October 5 - 6, 2017 | Washington, DC - E-Learning Courses
- Podcasts
Contact Information
| Telephone: | (240) 386-4500 |
| Fax: | (240) 386-4568 |
| Address: | Advertising Regulation Department 9509 Key West Avenue Rockville, MD 20850 |
FINRA Communications and Disclosures
- 2210. Communications with the Public
- 2211. Communications with the Public About Variable Life Insurance and Variable Annuities
- 2212. Use of Investment Companies Rankings in Retail Communications
- 2213. Requirements for the Use of Bond Mutual Fund Volatility Ratings
- 2214. Requirements for the Use of Investment Analysis Tools
- 2215. Communications with the Public Regarding Security Futures
- 2216. Communications with the Public About Collateralized Mortgage Obligations (CMOs)
- 2220. Options Communications
- 2230. Customer Account Statements and Confirmations
- 2241. Research Analysts and Research Reports
- 2242. Debt Research Analysts and Debt Research Reports
- 2264. Margin Disclosure Statement
- 2266. SIPC Information
- 2267. Investor Education and Protection
- 2270. Day-Trading Risk Disclosure Statement
- 221. Capital Acquisition Broker Rules
- 200. Funding Portal Rules
SEC Advertising Rules
- 230.134 Communications not deemed a prospectus.
- 230.134a Options material not deemed a prospectus.
- 230.135a Generic advertising.
- 230.135b Materials not deemed an offer to sell or offer to buy nor a prospectus.
- 230.135c Notice of certain proposed unregistered offerings.
- 230.156 Investment company sales literature
- 230.433 Conditions to permissible post-filing free writing prospectuses.
- 230.482 Advertising by an investment company as satisfying requirements of section 10.
- 270.34b-1 Sales literature deemed to be misleading.
MSRB Rules
Rule G-21 Advertising
SIPC Rules
Bylaws of the Securities Investor Protection Corporation
Article 10 Advertising
Guidance on Social Networking Websites and Business Communications
April 25, 2017
FINRA Requests Comment on FINRA Rules Impacting Capital Formation
April 12, 2017
FINRA Requests Comment on Proposed Limited Safe Harbor From FINRA Equity and Debt Research Rules for Desk Commentary
April 12, 2017
FINRA Requests Comment on Proposed Amendments to Rules Governing Communications with the Public
February 10, 2017
SEC Approves Amendments to Rules Governing Communications With the Public
October 26, 2016
SEC Approves FINRA’s Capital Acquisition Broker (CAB) Rules
October 17, 2016
SEC Approval of FINRA Rule 4518 (Notification to FINRA in Connection with the JOBS Act)
January 29, 2016
SEC Approves Rule Requiring Members’ Websites to Include a Readily Apparent Reference and Hyperlink to BrokerCheck
December 7, 2015
FINRA Filing Requirements and Review of Regulation A Offerings
September 8, 2015
SEC Approves Consolidated Rule to Address Conflicts of Interest Relating to the Publication and Distribution of Equity Research Reports
August 26, 2015
SEC Approves Rule to Address Conflicts of Interest Relating to the Publication and Distribution of Debt Research Reports
August 26, 2015
FINRA Requests Comment on Proposed Amendments to Rules Governing Communications With the Public
May 18, 2015
SEC Approves Amendments to FINRA Rule 2310 and NASD Rule 2340 to Address Values of Direct Participation Program and Unlisted Real Estate Investment Trust Securities
January 5, 2015
FINRA Requests Comment on a Revised Proposal to Adopt Consolidated FINRA Rule 2231 (Customer Account Statements)
September 16, 2014
SEC Approves Amendments to FINRA Rule 2210 to Exclude Research Reports on Exchange-Listed Securities From Filing Requirements and Clarify the Standards Applicable to Free Writing Prospectuses
July 11, 2014
SEC Approves Amendments to FINRA Rule 2210 to Exclude Research Reports on Exchange-Listed Securities From Filing Requirements and Clarify the Standards Applicable to Free Writing Prospectuses
July 11, 2014
April 2014 Supplement to the Security Futures Risk Disclosure Statement
May 23, 2014
FINRA Requests Comment on a Revised Proposal to Require a Hyperlink to BrokerCheck in Online Retail Communications With the Public
April 30, 2014
FINRA Requests Comment on the Effectiveness and Efficiency of its Communications With the Public Rules
April 8, 2014
SEC Approves Amendments to Uniform Branch Office Registration Form (Form BR)
March 19, 2014
FINRA Requests Comment on Proposed Funding Portal Rules and Related Forms
October 23, 2013
FINRA Provides Guidance on Disclosure of Fees in Communications Concerning Retail Brokerage Accounts and Individual Retirement Accounts
July 18, 2013
FINRA Provides Guidance on Disclosure of Fees in Communications Concerning Retail Brokerage Accounts and Individual Retirement Accounts
July 18, 2013
FINRA Provides Guidance on Communications With the Public Concerning Unlisted Real Estate Investment Programs
May 2, 2013
FINRA Provides Guidance on New Rules Governing Communications With the Public
January 7, 2013
FINRA Requests Comment on a Revised Proposal to Identify and Manage Conflicts Involving the Preparation and Distribution of Debt Research Reports
October 11, 2012
SEC Approves New FINRA Rule 5123 Regarding Private Placements of Securities
September 5, 2012
Changes to Advertising, Corporate Financing, New Membership and Continuing Membership Application, Central Registration Depository and Branch Office Annual Registration Fees
June 26, 2012
SEC Approves New Rules Governing Communications With the Public
June 14, 2012
FINRA Requests Comment on Proposed Amendments to NASD Rule 2340 to Address Values of Unlisted Direct Participation Programs and Real Estate Investment Trusts
March 7, 2012
FINRA Requests Comment on a Proposal to Identify and Manage Conflicts Involving the Preparation and Distribution of Debt Research Reports
February 17, 2012
January 2012 Supplement to the Options Disclosure Document
February 9, 2012
FINRA Provides Guidance on Application of Communications Rules to Disclosures Required by Department of Labor
January 13, 2012
FINRA Reminds Firms of Their Obligations Regarding the Supervision of Registered Persons Using Senior Designations
November 11, 2011
FINRA Requests Comment on Proposed Amendments to NASD Rule 2340 to Address Values of Unlisted Direct Participation Programs and Real Estate Investment Trusts in Customer Account Statements
September 29, 2011
FINRA Provides Guidance on Prohibition Against Offering Favorable Research to Induce Investment Banking Business
September 12, 2011
Guidance on Social Networking Websites and Business Communications
August 18, 2011
New Implementation Date for and Additional Guidance on the Consolidated FINRA Rules Governing Know-Your-Customer and Suitability Obligations
May 18, 2011
FINRA Requests Comment on Proposed New FINRA Rule 3190 to Clarify the Scope of a Firm’s Obligations and Supervisory Responsibilities for Functions or Activities Outsourced to a Third-Party Service Provider
March 29, 2011
FINRA Requests Comment on Concept Proposal to Identify and Manage Conflicts Involving the Preparation and Distribution of Debt Research Reports
March 11, 2011
January 2011 Supplement to the Options Disclosure Document
February 7, 2011
FINRA Requests Comment on Proposed Amendments to FINRA Rule 5122 to Address Member Firm Participation in Private Placements
January 11, 2011
SEC Approves Consolidated FINRA Rules Governing Know-Your-Customer and Suitability Obligations
January 10, 2011
SEC Approves Consolidated FINRA Rules Governing Know-Your-Customer and Suitability Obligations
January 10, 2011
Application of Rules on Communications With the Public and Institutional Sales Material and Correspondence to Certain Free Writing Prospectuses
October 21, 2010
Application of Rules on Communications With the Public and Institutional Sales Material and Correspondence to Certain Free Writing Prospectuses
October 21, 2010
Sales Practice Obligations for Commodity Futures-Linked Securities
October 20, 2010
FINRA Reminds Firms of Their Sales Practice and Due Diligence Obligations When Selling Municipal Securities in the Secondary Market
September 20, 2010
August 2010 Supplement to the Security Futures Risk Disclosure Statement
September 7, 2010
Obligation of Broker-Dealers to Conduct Reasonable Investigations in Regulation D Offerings
April 20, 2010
FINRA Reminds Firms of Responsibilities When Providing Customers with Consolidated Financial Account Reports
April 8, 2010
FINRA Reminds Firms of Their Sales Practice Obligations With Reverse Exchangeable Securities (Reverse Convertibles)
February 12, 2010
FINRA Reminds Firms of Their Responsibilities Under FINRA Rule 2330 for Recommended Purchases or Exchanges of Deferred Variable Annuities
January 21, 2010
December 2009 Supplement to the Options Disclosure Document
December 29, 2009
FINRA Reminds Firms of Their Sales Practice Obligations Relating to Principal-Protected Notes
December 17, 2009
FINRA Reminds Firms of Their Sales Practice Obligations Relating to Principal-Protected Notes
December 17, 2009
SEC Approval and Effective Dates for New Consolidated FINRA Rules
October 15, 2009
FINRA Requests Comments on Proposed New Rules Governing Communications with the Public
September 21, 2009
SEC Approval and Effective Date for New Consolidated FINRA Rules
August 17, 2009
SEC Approval and Effective Date for New Consolidated FINRA Rules
August 17, 2009
FINRA Reminds Firms of Their Obligations With Variable Life Settlement Activities
July 30, 2009
FINRA Requests Comment on Proposed Consolidated FINRA Rule Governing Investment Company Securities
June 17, 2009
FINRA Reminds Firms of Sales Practice Obligations Relating to Leveraged and Inverse Exchange-Traded Funds
June 11, 2009
SEC Approves Amendments to NASD Rule 2821 Governing Purchases and Exchanges of Deferred Variable Annuities
June 11, 2009
FINRA Reminds Firms of Their Obligation to Provide Accurate Information in Disseminating, or Using Services to Disseminate, Indications of Interest
May 27, 2009
FINRA Reminds Firms of Their Obligation to Provide Accurate Information in Disseminating, or Using Services to Disseminate, Indications of Interest
May 27, 2009
SEC Approves Rule Relating to Supervision of Market Letters
February 5, 2009
FINRA Reminds Firms of Their Sales Practice Obligations with Regard to the Sale of Securities in a High Yield Environment
December 16, 2008
FINRA Reminds Firms of Their Sales Practice Obligations with Regard to Cash Alternatives
December 16, 2008
FINRA Reminds Firms of Their Sales Practice Obligations with Regard to Cash Alternatives
December 16, 2008
Customer Account Statements: FINRA Provides Guidance on Estimated Annual Income and Estimated Yield
December 12, 2008
Customer Account Statements: FINRA Provides Guidance on Estimated Annual Income and Estimated Yield
December 12, 2008
SEC Approves Amendments to NASD Rule 2220 to Update the Standards for Options Communications
December 5, 2008
FINRA Addresses Firms’ Retail Foreign Currency Exchange Activities
November 4, 2008
FINRA Addresses Firms’ Retail Foreign Currency Exchange Activities
November 4, 2008
Guidance on Disclosure Concerning the U.S. Treasury Department's Temporary Guarantee Program for Money Market Mutual Funds
October 17, 2008
Guidance on Disclosure Concerning the U.S. Treasury Department's Temporary Guarantee Program for Money Market Mutual Funds
October 17, 2008
FINRA Requests Comment on Proposed Research Registration and Conflict of Interest Rules
October 14, 2008
Special Allowance to Permit Bulk Exchanges of Shares of Certain Reserve Funds
September 18, 2008
Special Allowance to Permit Bulk Exchanges of Shares of Certain Reserve Funds
September 18, 2008
June 2008 Supplement to the Options Disclosure Document
August 26, 2008
FINRA Requests Comments on Proposed New Rules Governing Communications About Variable Insurance Products
July 28, 2008
SEC Approves Amendments to NASD Rule 2810 (Direct Participation Programs)
July 7, 2008
SEC Approves Amendments to Eliminate the Requirement for the Senior Registered and Compliance Registered Options Principals (SROP and CROP)
May 22, 2008
The Obligation of Firms When Supervising their Registered Representatives' Use of Marketing Materials to Establish Expertise
May 20, 2008
Proposed Consolidated FINRA Rules Governing Supervision and Supervisory Controls
May 14, 2008
FINRA Issues Guidance to Broker-Dealers on Partial Redemptions of Auction Rate Securities
April 30, 2008
FINRA Issues Guidance to Broker-Dealers on Partial Redemptions of Auction Rate Securities
April 30, 2008
Foreign Research Analyst Exemption from the Research Analyst Qualification Examination
April 7, 2008
SEC Approves Amendment to NASD Rule 2210 to Create an Exception to the Principal Approval Requirements for Certain Filed Sales Material
March 26, 2008
SEC Approves Amendment to NASD Rule 2210 to Create an Exception to the Principal Approval Requirements for Certain Filed Sales Material
March 26, 2008
SEC approves amendments to NASD Rule 3010(g)(1) to Exempt Locations that Solely Conduct Final Approval of Research Reports
December 19, 2007
FINRA Provides Guidance Regarding the Review and Supervision of Electronic Communications
December 7, 2007
SEC Approves New NASD Rule 2821 Governing Deferred Variable Annuity Transactions
November 6, 2007
Amendments to NASD IM-9216 to include certain NYSE Rules under the Minor Rule Violation Plan
October 30, 2007
Amendments to NASD IM-9216 to include certain NYSE Rules under the Minor Rule Violation Plan
October 30, 2007
Amendments to NASD IM-2210-4: Web Site References to FINRA Membership and Limitations on the Use of FINRA's Name and Other Corporate Names Owned by FINRA
October 5, 2007
FINRA Reminds Firms of Their Obligations Relating to Senior Investors and Highlights Industry Practices to Serve these Customers
September 10, 2007
NASD and NYSE Request Comment on Proposed Joint Guidance Regarding the Review and Supervision of Electronic Communications;
June 14, 2007
SEC Approves Rule 2342 Setting Forth Requirements for Providing SIPC Information to Customers
June 8, 2007
NASD Requests Comment on Proposed Rule 2721 to Regulate Member Private Securities Offerings
June 5, 2007
Portfolio Margin Risk Disclosure Statement and Written Acknowledgement to be Furnished to Customers Using a Portfolio Margin Account
March 19, 2007
Portfolio Margin Risk Disclosure Statement and Written Acknowledgement to be Furnished to Customers Using a Portfolio Margin Account
March 19, 2007
NASD Requests Comment on Proposed Amendments to Rules 3010(g) and 2711 in Connection with the Rule Harmonization Project with the NYSE
February 22, 2007
SEC Approves Amendment to Interpretive Material 2210-4 (Limitations on Use of NASD's Name) Requiring Firms that Refer to their NASD Membership on a Web Site to Provide a Hyperlink to www.nasd.com
January 8, 2007
SEC Approves Amendments to NASD Rules 2210 and 2211 to Require Disclosure of Fees and Expenses in Mutual Fund Performance Sales Material
September 1, 2006
SEC Approves Amendments to NASD Rule 2211 to Require Principal Pre-Use Approval of Certain Member Correspondence Sent to 25 or More Existing Retail Customers within a 30 Calendar-Day Period
August 24, 2006
Member Obligations with Respect to the Sale of Existing Variable Life Insurance Policies to Third Parties
August 9, 2006
NASD and NYSE Joint Interpretive Guidance on Fixed Income Research
July 31, 2006
Extension of Effective Date of NASD Uniform Branch Office Definition and Certain Form BR and Form U4 Filing Requirements from May 1, 2006 to July 3, 2006 Joint Interpretive Guidance from NASD and the NYSE Relating to Uniform Branch Office Definition Under NASD Rule 3010(g)(2) and NYSE Rule 342.10
March 21, 2006
SEC Approves Permanent Rules Concerning Bond Mutual Fund Volatility Ratings
January 20, 2006
SEC Approves Uniform Branch Office Registration Form (Form BR) and Conforming and Technical Changes to Forms U4 and U5
October 6, 2005
SEC Approves Uniform Branch Office Definition and Related Interpretive Material
October 6, 2005
NASD Provides Guidance Concerning the Sale of Structured Products
September 12, 2005
NASD Provides Guidance Concerning the Sale of Structured Products
September 12, 2005
Member Responsibilities for Supervising Sales of Unregistered Equity-Indexed Annuities
August 8, 2005
NASD Requests Comment on Proposal to Prohibit All Product-Specific Sales Contests and to Apply Non-Cash Compensation Rules to Sales of All Securities
May 9, 2005
SEC Approves Amendments to Rule 2711 to Prohibit Research Analysts from Participating in a Road Show and from Communicating with Customers in the Presence of Investment Banking Personnel or Company Management about an Investment Banking Services Transaction
May 3, 2005
Guidance Regarding Rule 3012(a)(1) Requirement to Test and Verify a Member's Supervisory Policies and Procedures
April 14, 2005
NASD Requests Comment on Proposal to Require Principal Pre-Use Approval of Member Correspondence to 25 or More Existing Retail Customers within a 30-Calendar-Day Period
April 13, 2005
NASD Requests Comment on Proposal to Require Pre-Use Filing of Advertisements and Sales Literature for New Types of Securities and of Television, Video and Radio Advertisements
April 6, 2005
NASD Announces Exemption from the Research Analyst Qualification Requirements (Series 86 and 87) for Certain Employees of Foreign Affiliates Who Contribute to Member Research Reports
April 4, 2005
NASD Issues Guidance on Section 1031 Tax-Deferred Exchanges of Real Property for Certain Tenants-in-Common Interests in Real Property Offerings
March 2, 2005
NASD Announces Exemption from the Analysis Portion of the Research Analyst Qualification Examination (Series 86) for Certain Applicants Who Prepare Only "Technical Research Reports"
February 17, 2005
SEC Approves Amendments to Rule 2212 Concerning Frequency of Updates From the National Do-Not-Call Registry
January 28, 2005
Guidance Regarding the Application of the Supervisory Control Amendments to Members' Securities Activities, Including Members' Institutional Securities Activities
January 28, 2005
NASD Provides Updated Options Exemption Listing for the Trading Activity Fee
January 7, 2005
NASD Provides Updated Options Exemption Listing for the Trading Activity Fee
January 7, 2005
NASD Alerts Members to Concerns When Recommending or Facilitating Investments of Liquefied Home Equity
December 8, 2004
SEC approves NASD Interpretive Material to Rule 2210 regarding member firms' use of investment analysis tools
November 16, 2004
SEC Approves New NASD Qualification Requirements for Supervisors of Research Analysts
November 10, 2004
Impermissible Use of Negative Response Letters for the Transfer of Mutual Funds and Variable Annuities (Changes in Broker-Dealer of Record)
October 5, 2004
SEC Approves New Rules and Rule SEC Approves New Rules and Rule Amendments Concerning Supervision and Supervisory Controls
October 4, 2004
SEC Announces Immediate Effectiveness of the Deletion of IM-2210-4(b) and Rule Series 3400 as Obsolete
August 24, 2004
NASD Seeks Comment on Proposed Rule to Impose Specific Sales Practice Standards and Supervisory Requirements on Members for Transactions in Deferred Variable Annuities
June 9, 2004
NASD Reminds Member Firms of Their Obligations to File Certain Financial Reports
April 30, 2004
NASD Reminds Members of Their Duty to Ensure Proper Application of Discounts in Sales Charges to Sales of Unit Investment Trusts (UITs)
March 30, 2004
NASD Seeks Comment On (1) Amending its Minor Rule Violation Plan (MRVP) to Include Failure Timely to Submit Amendments to the Uniform Termination Notice for Securities Industry Registration (Form U5); and (2) Adopting a Rule to Create an Inactive Disclosure Review Registration Status
March 17, 2004
NASD and NYSE Provide Further Guidance on Rules Governing Research Analysts' Conflicts of Interest
March 9, 2004
SEC Approves Amendments to NASD Rules Concerning Member Participation in the National Do-Not-Call Registry
March 2, 2004
SEC Approves Amendments to NASD Rules Concerning Member Participation in the National Do-Not-Call Registry
March 2, 2004
NASD Reminds Member Firms of their Obligations Regarding Mutual Fund Transactions and Directs Review of Policies and Procedures
September 5, 2003
NASD Requests Comment on Proposed Amendments to Rule 3010 to Require Heightened Supervision Plans for Associated Persons with a Specified Threshold of Industry/Regulatory-Related Events
September 5, 2003
SEC Approves Extension of Pilot Relating to Bond Mutual Fund Volatility Ratings
August 28, 2003
SEC Approves Amendments to Rules Governing Research Analysts' Conflicts of Interest
August 3, 2003
SEC Approves Amendments to NASD Rules Governing Member Communications with the Public
July 7, 2003
SEC Approves Amendments to NASD Rules Governing Member Communications with the Public
July 7, 2003
Clarification for Members Regarding Supervisory Obligations and Recordkeeping Requirements for Instant Messaging
June 18, 2003
SEC Approves New Rules and Rule Amendments Concerning Security Futures
October 24, 2002
SEC Approves New Rules and Rule Amendments Concerning Security Futures
October 24, 2002
Clarification of Member Obligations Regarding Brokered Certificates of Deposit
October 17, 2002
Clarification of Member Obligations Regarding Brokered Certificates of Deposit
October 17, 2002
Use of Negative Response Letters for the Bulk Transfer of Customer Accounts
September 11, 2002
NASD Requests Comment on Proposed Amendments to NASD Rule 3010(g)(2) ("Branch Office Definition")
August 21, 2002
NASD Requests Comment on Proposed Amendments to NASD Rule 3010(g)(2) ("Branch Office Definition")
August 21, 2002
NASD Requests Comment on Proposed Interpretative Material Regarding Investment Analysis Tools
August 15, 2002
NASD Requests Comment on Proposed Interpretative Material Regarding Investment Analysis Tools
August 15, 2002
SEC Approves Rule Governing Research Analysts Conflicts of Interest
June 26, 2002
NASD Adopts Amendments Regarding the Posting of Margin Disclosure and Day-Trading Risk Disclosure Statements on Web Sites
June 11, 2002
NASD Adopts Amendments Regarding the Posting of Margin Disclosure and Day-Trading Risk Disclosure Statements on Web Sites
June 11, 2002
Member Obligations Regarding Long-Term or Brokered Certificates of Deposit
May 8, 2002
Member Obligations Regarding Long-Term or Brokered Certificates of Deposit
May 8, 2002
Rules Relating to Bond Mutual Fund Volatility Ratings Extended Two Years
September 10, 2001
Rules Relating to Bond Mutual Fund Volatility Ratings Extended Two Years
September 10, 2001
NASD Regulation Requests Comment On Proposed Amendments To Rule 2210, Communications With The Public
July 2, 2001
NASD Regulation Requests Comment On Proposed Amendments To Rule 2210, Communications With The Public
July 2, 2001
NASD Reminds Members of Their Responsibilities Regarding the Sale of Variable Life Insurance
June 16, 2000
SEC Approves New Rules Relating to Bond Mutual Fund Volatility Ratings
April 10, 2000
SEC Approves New Rules Relating to Bond Mutual Fund Volatility Ratings
April 10, 2000
NASD Regulation Reminds Members of Their Responsibilities When Advertising Recent Mutual Fund Performance
April 10, 2000
The NASD Reminds Members of Their Responsibilities Regarding the Sales of Variable Annuities
May 1, 1999
SEC Approves Changes to Rules Regarding Membership and Registration; Investigation and Sanctions; and Conduct and Code of Procedure
February 1, 1999
SEC Approves Changes to Rules Regarding Membership and Registration; Investigation and Sanctions; and Conduct and Code of Procedure
February 1, 1999
SEC Approves Rule Amendments Requiring Review of Incoming, Written Correspondence
January 1, 1999
SEC Approves Rule Amendments Requiring Review of Incoming, Written Correspondence
January 1, 1999
NASD Reminds Members of Their Obligations to Disclose Mutual Fund Fees
December 1, 1998
NASD Reminds Members of Their Obligations to Disclose Mutual Fund Fees
December 1, 1998
SEC Approves Rule Change Relating to Standards for Individual Correspondence
October 1, 1998
SEC Approves Rule Change Relating to Standards for Individual Correspondence
October 1, 1998
SEC Approves Rules Regarding Supervision, Review, and Record Retention of Correspondence
January 1, 1998
SEC Approves Rules Regarding Supervision, Review, and Record Retention of Correspondence
January 1, 1998
Electronic Delivery of Information Between Members and Their Customers
January 1, 1998
Electronic Delivery of Information Between Members and Their Customers
January 1, 1998
Application of NASD Conduct Rules to Group Variable Contracts and Other Exempted Securities
May 1, 1997
Application of NASD Conduct Rules to Group Variable Contracts and Other Exempted Securities
May 1, 1997
NASD Solicits Comment on Proposed Rules Governing Supervision, Review, and Record Retention of Correspondence
December 1, 1996
Clarification of Members' Suitability Responsibilities Under NASD Rules with Special Emphasis on Member Activities in Speculative and Low-Priced Securities
September 1, 1996
Clarification of Members' Suitability Responsibilities Under NASD Rules with Special Emphasis on Member Activities in Speculative and Low-Priced Securities
September 1, 1996
Supervisory and Other Obligations Related to Use of Electronic Media
July 1, 1996
Guidance
A member firm may include related performance information in institutional communications concerning continuously offered closed-end funds, subject to the stated conditions discussed in the letter.
June 12, 2017
Podcast
FINRA staff highlight amendments to Communications with the Public Rules that are effective January 9, 2017.
January 9, 2017
FAQ
Frequently asked questions related to advertising regulation
January 8, 2017
Guidance
A member firm that provides services to Non-ERISA Plan participants and beneficiaries may rely on the filing exclusions contained in Rule 2210(c)(7)(B) and (C) in preparing and distributing a “Model Disclosure” as described in the letter, subject to the stated conditions and obligations discussed in the letter.
March 22, 2016
Guidance
The use of related performance information in institutional communications, subject to specific conditions, is consistent with the applicable standards of FINRA Rule 2210.
May 12, 2015
Podcast
This podcast covers examination approaches, common findings, and effective practices for complying with FINRA’s suitability rule.
December 17, 2013
Podcast
This podcast covers guidance on appropriate fee disclosures in communications with the public related to retail accounts and Individual Retirement Accounts.
October 15, 2013
Podcast
This podcast covers guidance on communications with the public related to real estate investment programs, such as REITs and DPPs.
July 23, 2013
Podcast
This podcast, the last in a two-part series, covers how FINRA's consolidated Communications with the Public rule applies to social media and personal electronic devices.
June 10, 2013
Podcast
This podcast, the first in a two-part series, covers how FINRA's consolidated Communications with the Public rule applies to electronic communications in general.
May 29, 2013
Targeted Examination Letter
FINRA Rule 2210(c)(6) states that each FINRA firm's written (including electronic) communications are subject to a periodic spot-check procedure.
May 1, 2013
Podcast
This podcast, the last in a two-part series, discusses the communication categories and content standards in FINRA’s new consolidated Communications with the Public rule.
February 26, 2013
Podcast
This podcast, the first in a two-part series, discusses the communication categories and content standards in FINRA’s new consolidated Communications with the Public rule.
February 12, 2013
Interpretive Letter
Request for Interpretive Guidance Under NASD Rule 2711
February 8, 2013
Targeted Examination Letter
NASD Rule 2210(c) (7) states that each FINRA firm's advertisements and sales literature are subject to a periodic spot-check procedure.
September 1, 2012
Podcast
Part two of this two-part series presents guidance on supervising the use of senior designations to imply expertise with senior and retirement investing.
December 12, 2011
Podcast
Part one of a two-part series on the use of senior designations to imply expertise with senior and retirement investing.
November 28, 2011
Podcast
This podcast focuses on guidance for applying FINRA's Communications With the Public Rule and filing communications with FINRA for review.
November 17, 2011
Targeted Examination Letter
FINRA’s Advertising Regulation Department and Enforcement’s Case Development Team are conducting an inquiry regarding spread-based structured products.
November 1, 2011
Podcast
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 25, 2011
Podcast
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 18, 2011
Podcast
This podcast is the first in a three-part series on additional guidance about FINRA's new consolidated suitability and know your customer rules.
July 11, 2011
Podcast
FINRA staff highlights FINRA Rules 2111 (Suitability) and 2090 (Know Your Customer).
March 21, 2011
Targeted Examination Letter
NASD Rule 2210(c)(7) states that each FINRA firm's advertisements and sales literature are subject to a periodic spot-check procedure.
March 1, 2011
Targeted Examination Letter
The Strategic Initiatives Group of FINRA’s Enforcement Department is conducting an inquiry regarding broker-dealer services involving customers of a financial institution.
October 1, 2010
Targeted Examination Letter
NASD Rules 2210(c)(7) and 2211(c) state that each FINRA firm's advertisements, sales literature and institutional sales literature are subject to a periodic spot-check procedure.
June 1, 2010
Podcast
Guidance on firms' use of blogs and social networking sites for business communications.
February 8, 2010
Targeted Examination Letter
The Strategic Programs Group of FINRA’s Enforcement Department is conducting an inquiry regarding municipal underwritings and municipal derivative instruments.
May 1, 2009
Targeted Examination Letter
The Strategic Programs Group of FINRA’s Enforcement Department is conducting an inquiry regarding sales of inverse, leveraged, and inverse-leveraged Exchange Traded Funds
May 1, 2009
Podcast
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.
March 9, 2009
Targeted Examination Letter
FINRA’s Enforcement Department is conducting a review of broker-dealer sale and promotion of Non-Traded Real Estate Investment Trusts (REIT).
March 1, 2009
Podcast
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 23, 2009
Podcast
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.
February 9, 2009
Targeted Examination Letter
NASD Rule 2210(c)(7) states that each FINRA firm's advertisements and sales literature are subject to a periodic spot-check procedure. Pursuant to this procedure and in accordance with FINRA Procedural Rule 8210, the Advertising Regulation Department requests that you provide the following:
January 1, 2009
Podcast
A review of a new exception to the principal approval requirements for some sales material that firms file.
April 28, 2008
Podcast
Methods firms should consider when reviewing electronic correspondence and developing related procedures.
April 8, 2008
Podcast
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 reviews.
March 17, 2008
Podcast
This podcast presents guidance on designing procedures for reviewing electronic communications.
February 19, 2008
Podcast
This podcast discusses the sensitive issues of working with customers who show signs of diminishing mental capacity and responding to suspected financial abuse.
December 27, 2007
Podcast
This podcast examines how "free lunch" seminars are sometimes used to mislead senior investors-and how FINRA is responding.
December 10, 2007
Targeted Examination Letter
FINRA is conducting an inquiry regarding sales of principal only ("PO"), interest only ("IO"), and inverse floater ("IF") tranches of collateralized mortgage obligations ("CMOs").
December 1, 2007
Podcast
This podcast focuses on communications considerations that firms and representatives should keep in mind when working with senior customers.
November 26, 2007
Targeted Examination Letter
FINRA is conducting an inquiry regarding the use by registered persons of professional designations or titles that use the term "Senior" or "Elder" as part of the designation or which state or imply that a person has special expertise, certification, or training in advising or servicing senior citizens ("Senior Designation").
September 21, 2007
Interpretive Letter
NASD Rule 2211 - Institutional Sales Material and CorrespondenceFree writing prospectuses are not subject to Rules 2210 and 2211 or the filing requirements of Rules 2710 and 2720
August 1, 2006
Interpretive Letter
Member ceasing to offer retail brokerage services may use negative response letters to accomplish the bulk transfer of its retail brokerage accounts to an affiliated broker-dealer.
February 3, 2005
Guidance
The use of negative response letters to change the broker-dealer of record on a mutual fund or variable insurance product account held directly at the issuer.
November 8, 2004
Interpretive Letter
Negative response letters may be used to change the broker-dealer of record for customers' "direct application" mutual fund and variable annuity accounts in situations involving the acquisition or merger of a member firm, where the acquiring or surviving entity is the legal successor-in-interest to the member firm.
October 20, 2004
Interpretive Letter
Joint NASD and NYSE interpretation that individuals involved in the development of certain quantitative equity research ratings model are not “research analysts” as defined by the SRO research analyst conflict of interest rules.
August 20, 2004
Interpretive Letter
Negative response letters may be used for a bulk transfer of customer accounts to a broker-dealer that will provide certain trading services that have been discontinued by member, provided the letters contain the disclosures described in Notice to Members 02-57.
May 1, 2003
Interpretive Letter
The use of negative response letters to transfer customers from one introducing broker/dealer to another may conflict with a member's obligation to observe high standards of commercial honor and just and equitable principles of trade.
February 3, 2003
Interpretive Letter
The use of negative response letters to transfer customers serviced by "independent contractor" registered representatives from one introducing broker dealer to another may conflict with a member's obligation to observe high standards of commercial honor and just and equitable principles of trade.
February 3, 2003
Interpretive Letter
The use of negative response letters to transfer customers from one introducing broker to another may conflict with a member's obligation to observe high standards of commercial honor and just and equitable principles of trade.
October 16, 2000
Guidance
FINRA rules require that member's communications with the public be accurate, fair and not misleading. An investor considering the series of a broker-dealer, including a "discount" broker, should be informed of all factors material to his use of such broker-dealer's services. There are many variables in the charges and services offered by broker-dealers and it isn't reasonable to expect that every variation be included in media advertising, given the expense of such advertising. Relevant factors not included in advertisements should be communicated to persons responding, however. Certain items should be included in the advertisement itself, when the advertisement would be misleading in the absence of their disclosure.
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