The Advertising Regulation Department protects 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.
FINRA Communications and Disclosure Rules
- 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.
- 230.156 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 Advertising Rules
Rule G-21 Advertising
SIPC Advertising Rules
NASD Rule 2711 - Research Analysts and Research Reports
FINRA Rule 2210 - Communications with the Public
NASD Rule 2110 and NYSE Rule 402.30—Partial Redemption Allocations and Disclosure Practices in Auction Rate Securities
NASD Rule 2210 - Communications with the PublicThe posting to a Web site of performance information as required by California state law does not constitute an advertisement under NASD Rule 2210.
NASD Rule 2110 - Standards of Commercial Honor and Principles of TradeMember whose firm will cease to exist upon merger with an acquiring member that does not generally offer retail brokerage services may use negative response letters to accomplish the bulk transfer of its retail accounts to a broker-dealer affiliate of the acquiring member.
Further interpretive advice to members concerning the sale of hedge funds.
Member that serves as investment consultant and sub-administrator for certain mutual funds, but does not serve as either the principal underwriter or an investment adviser or sub-adviser to the funds, may state in its public communications that it does not offer proprietary products.
Applicability of NASD rules to a member's use of a translator for group retirement plan enrollment presentations.
The limited supervisory functions that can be properly delegated to registered representatives also may be assigned to persons registered as Foreign Associates under NASD Rule 1100. Foreign Associates, however, may not perform the functions that require a principal registration.
Application of Rule 2210 to the use of investment projections and marketing material when registered persons are conducting advisory services.
A broker/dealer is not required to register as branch offices under Rule 3010(g) non-public office locations where existing customers can use computer terminals to access their accounts and enter orders.
Staff interpretation on the use of electronic signatures under NASD Rules 3110(c)(1)(C) and 3010(d).
Application of NASD Rules to the sale of group variable products.