Advertising Regulation Targeted Exam Letters
The Advertising Regulation department periodically requests that selected groups of broker-dealers provide for review communications that are normally not subject to the filing requirements set forth in the FINRA rules. These sweep or spot check reviews generally target areas of regulatory concern such as a new type of product or an investor protection issue. If a review reveals rule violations, the staff will provide written commentary to the firm and inquire into the preparation and use of the material. The staff may then refer these matters for disciplinary action.
FINRA has issued the following advertising-related targeted examination letters.
|Use of Professional Designations||September 2007|
|Collateralized Mortgage Obligations||December 2007|
|Hedge Fund Advertisements and Sales Literature||January 2009|
|Sale and Promotion of Non-Traded REITs||March 2009|
|Exchange Traded Funds||May 2009|
|Municipal Underwritings and Municipal Derivative Instruments||May 2009|
|Spot-Check of Non-Investment Company Exchange Traded Products Communications||June 2010|
|Bank Broker-Dealer Services||October 2010|
|Spot-Check of Reverse Convertibles Advertising and Sales Literature||March 2011|
|Spread-Based Structured Products||November 2011|
|Spot-Check of Non-Traded REIT Communications||September 2012|
|Spot-Check of Social Media Communications||May 2013|