Advertising Regulation
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.
More About the Advertising Regulation Department
Important Links
Frequently Asked Questions
Find answers regarding FINRA Rule 2210 and the filing requirements.
Notices by Topic
Browse advertising-related Regulatory Notices organized by topic
Education & Training
Get smart on Advertising Regulation with our E-Learning Courses and AREF User Guides.
How to File
User guides and FAQs regarding Advertising Regulation Electronic Files
What and When to File
Unsure whether you need to file a communication? Find your answer here.
New and Pending Member Firms
Learn about the requirements for filing communications as a new or pending firm.
Contact the Department
Advertising Regulation Department, FINRA
9509 Key West Avenue
Rockville, MD 20850
(240) 386-4500
[email protected]
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:
Meredith Cordisco
FINRA, OGC
1735 K Street, NW
Washington, DC 20006
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
- 3310. Anti-Money Laundering Compliance Program
- 3160. Networking Arrangements Between Members and Financial Institutions
- 3230. Telemarketing
- 8210. Provision of Information and Testimony and Inspection and Copying of Books
- 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
SIPC Bylaws Article 10 Member Advertising
Rules Reference Guide
- FINRA Reminds Firms of Their Sales Practice Obligations for Alternative Mutual Funds04/19/2022
- FINRA Reminds Members of Their Sales Practice Obligations for Complex Products and Options and Solicits Comment on Effective Practices and Rule Enhancements03/08/2022
- FINRA Provides Guidance on Retail Communications Concerning Private Placement Offerings07/01/2020
- Sales Practice Obligations With Respect to Oil-Linked Exchange-Traded Products05/15/2020
- FINRA Amends Rules 2210 and 2241 to Conform to the Fair Access to Investment Research Act of 201709/26/2019
- Disclosure Innovations in Advertising and Other Communications with the Public09/19/2019
- FINRA Amends Section 13 of Schedule A to the FINRA By-Laws to Establish Charges for New Option to File Websites and Web Pages in Native Format Implementation Date: October 5, 201710/05/2017
- Guidance on Social Networking Websites and Business Communications04/25/2017
- FINRA Requests Comment on FINRA Rules Impacting Capital Formation04/12/2017
- FINRA Requests Comment on Proposed Limited Safe Harbor From FINRA Equity and Debt Research Rules for Desk Commentary04/12/2017
- FINRA Requests Comment on Proposed Amendments to Rules Governing Communications with the Public02/10/2017
- SEC Approves Amendments to Rules Governing Communications With the Public10/26/2016
- SEC Approves FINRA's Capital Acquisition Broker (CAB) Rules10/17/2016
- FINRA Rule 4518 (Notification to FINRA in Connection with the JOBS Act)01/29/2016
- Use of FINRA Logo01/08/2016
- SEC Approves Rule Requiring Members' Websites to Include a Readily Apparent Reference and Hyperlink to BrokerCheck12/07/2015
- FINRA Filing Requirements and Review of Regulation A Offerings09/08/2015
- SEC Approves Rule to Address Conflicts of Interest Relating to the Publication and Distribution of Debt Research Reports08/26/2015
- SEC Approves Consolidated Rule to Address Conflicts of Interest Relating to the Publication and Distribution of Equity Research Reports08/26/2015
- Guidance on Rules Governing Communications With the Public05/22/2015
- FINRA Requests Comment on Proposed Amendments to Rules Governing Communications With the Public05/18/2015
- SEC Approves Amendments to FINRA Rule 2310 and NASD Rule 2340 to Address Values of Direct Participation Program and Unlisted Real Estate Investment Trust Securities01/05/2015
- FINRA Requests Comment on a Revised Proposal to Adopt Consolidated FINRA Rule 2231 (Customer Account Statements)09/16/2014
- 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 Prospectuses07/11/2014
- April 2014 Supplement to the Security Futures Risk Disclosure Statement05/23/2014
- FINRA Requests Comment on a Revised Proposal to Require a Hyperlink to BrokerCheck in Online Retail Communications With the Public04/30/2014
- FINRA Requests Comment on the Effectiveness and Efficiency of its Communications With the Public Rules04/08/2014
- SEC Approves New Supervision Rules03/19/2014
- SEC Approves Amendments to Uniform Branch Office Registration Form (Form BR)03/19/2014
- FINRA Reminds Firms of Their Responsibilities Concerning IRA Rollovers12/30/2013
- FINRA Requests Comment on Proposed Funding Portal Rules and Related Forms10/23/2013
- FINRA Provides Guidance on Disclosure of Fees in Communications Concerning Retail Brokerage Accounts and Individual Retirement Accounts07/18/2013
- FINRA Provides Guidance on Communications With the Public Concerning Unlisted Real Estate Investment Programs05/02/2013
- FINRA Provides Guidance on New Rules Governing Communications With the Public01/07/2013
- FINRA Requests Comment on a Revised Proposal to Identify and Manage Conflicts Involving the Preparation and Distribution of Debt Research Reports10/11/2012
- SEC Approves New FINRA Rule 5123 Regarding Private Placements of Securities09/05/2012
- Changes to Advertising, Corporate Financing, New Membership and Continuing Membership Application, Central Registration Depository and Branch Office Annual Registration Fees06/26/2012
- SEC Approves New Rules Governing Communications With the Public06/14/2012
- SEC Approves Consolidated Telemarketing Rule04/02/2012
- on Proposed Amendments to NASD Rule 2340 to Address Values of Unlisted Direct Participation Programs and Real Estate Investment Trusts03/07/2012
- FINRA Requests Comment on a Proposal to Identify and Manage Conflicts Involving the Preparation and Distribution of Debt Research Reports02/17/2012
- January 2012 Supplement to the Options Disclosure Document02/09/2012
- Heightened Supervision of Complex Products01/17/2012
- FINRA Provides Guidance on Application of Communications Rules to Disclosures Required by Department of Labor01/13/2012
- FINRA Reminds Firms of Their Obligations Regarding the Supervision of Registered Persons Using Senior Designations11/11/2011
- FINRA Provides Guidance on Advertising Regulation Issues10/27/2011
- 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 Statements09/29/2011
- FINRA Provides Guidance on Prohibition Against Offering Favorable Research to Induce Investment Banking Business09/12/2011
- Guidance on Social Networking Websites and Business Communications08/18/2011
- New Implementation Date for and Additional Guidance on the Consolidated FINRA Rules Governing Know-Your-Customer and Suitability Obligations05/18/2011
- 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 Provider03/29/2011
- FINRA Revises Sanction Guidelines03/22/2011
- FINRA Requests Comment on Concept Proposal to Identify and Manage Conflicts Involving the Preparation and Distribution of Debt Research Reports03/11/2011
- FINRA Revises the Sanction Guidelines02/09/2011
- January 2011 Supplement to the Options Disclosure Document02/07/2011
- FINRA Requests Comment on Proposed Amendments to FINRA Rule 5122 to Address Member Firm Participation in Private Placements01/11/2011
- SEC Approves Consolidated FINRA Rules Governing Know-Your-Customer and Suitability Obligations01/10/2011
- Application of Rules on Communications With the Public and Institutional Sales Material and Correspondence to Certain Free Writing Prospectuses10/21/2010
- Sales Practice Obligations for Commodity Futures-Linked Securities10/20/2010
- FINRA Reminds Firms of Their Sales Practice and Due Diligence Obligations When Selling Municipal Securities in the Secondary Market09/20/2010
- August 2010 Supplement to the Security Futures Risk Disclosure Statement09/07/2010
- May 2010 Supplement to the Options Disclosure Document06/15/2010
- Obligation of Broker-Dealers to Conduct Reasonable Investigations in Regulation D Offerings04/20/2010
- FINRA Reminds Firms of Responsibilities When Providing Customers with Consolidated Financial Account Reports04/08/2010
- FINRA Reminds Firms of Their Sales Practice Obligations With Reverse Exchangeable Securities (Reverse Convertibles)02/12/2010
- Guidance on Blogs and Social Networking Web Sites01/25/2010
- FINRA Reminds Firms of Their Responsibilities Under FINRA Rule 2330 for Recommended Purchases or Exchanges of Deferred Variable Annuities01/21/2010
- December 2009 Supplement to the Options Disclosure Document12/29/2009
- FINRA Reminds Firms of Their Sales Practice Obligations Relating to Principal-Protected Notes12/17/2009
- SEC Approval and Effective Dates for New Consolidated FINRA Rules10/15/2009
- FINRA Requests Comments on Proposed New Rules Governing Communications with the Public09/21/2009
- SEC Approval and Effective Date for New Consolidated FINRA Rules08/17/2009
- FINRA Reminds Firms of Their Obligations With Variable Life Settlement Activities07/30/2009
- FINRA Requests Comment on Proposed Consolidated FINRA Rule Governing Investment Company Securities06/17/2009
- FINRA Reminds Firms of Sales Practice Obligations Relating to Leveraged and Inverse Exchange-Traded Funds06/11/2009
- SEC Approves Amendments to NASD Rule 2821 Governing Purchases and Exchanges of Deferred Variable Annuities06/11/2009
- FINRA Reminds Firms of Their Obligation to Provide Accurate Information in Disseminating, or Using Services to Disseminate, Indications of Interest05/27/2009
- FINRA Provides Guidance on its Enforcement Process03/18/2009
- SEC Approves Rule Relating to Supervision of Market Letters02/05/2009
- FINRA Reminds Firms of Their Sales Practice Obligations with Regard to the Sale of Securities in a High Yield Environment12/16/2008
- FINRA Reminds Firms of Their Sales Practice Obligations with Regard to Cash Alternatives12/16/2008
- Customer Account Statements: FINRA Provides Guidance on Estimated Annual Income and Estimated Yield12/12/2008
- SEC Approves Amendments to NASD Rule 2220 to Update the Standards for Options Communications Effective Date: March 4, 200912/05/2008
- FINRA Addresses Firms’ Retail Foreign Currency Exchange Activities11/04/2008
- Guidance on Disclosure Concerning the U.S. Treasury Department's Temporary Guarantee Program for Money Market Mutual Funds10/17/2008
- FINRA Requests Comment on Proposed Research Registration and Conflict of Interest Rules Comment Period Expired: November 14, 200810/14/2008
- Special Allowance to Permit Bulk Exchanges of Shares of Certain Reserve Funds09/18/2008
- June 2008 Supplement to the Options Disclosure Document08/26/2008
- FINRA Requests Comments on Proposed New Rules Governing Communications About Variable Insurance Products07/28/2008
- SEC Approves Amendments to NASD Rule 2810 (Direct Participation Programs)07/07/2008
- Guidance Relating to Illiquid Investments06/12/2008
- SEC Approves Amendments to Eliminate the Requirement for the Senior Registered and Compliance Registered Options Principals (SROP and CROP)05/22/2008
- The Obligation of Firms When Supervising their Registered Representatives' Use of Marketing Materials to Establish Expertise05/20/2008
- Proposed Consolidated FINRA Rules Governing Supervision and Supervisory Controls05/14/2008
- FINRA Issues Guidance to Broker-Dealers on Partial Redemptions of Auction Rate Securities04/30/2008
- Foreign Research Analyst Exemption from the Research Analyst Qualification Examination04/07/2008
- Member Firm Disclosure and Supervisory Review Obligations04/07/2008
- SEC Approves Amendment to NASD Rule 2210 to Create an Exception to the Principal Approval Requirements for Certain Filed Sales Material03/26/2008
- SEC approves amendments to NASD Rule 3010(g)(1) to Exempt Locations that Solely Conduct Final Approval of Research Reports12/19/2007
- FINRA Provides Guidance Regarding the Review and Supervision of Electronic Communications12/07/2007
- SEC Approves New NASD Rule 2821 Governing Deferred Variable Annuity Transactions11/06/2007
- 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 FINRA10/05/2007
- FINRA Reminds Firms of Their Obligations Relating to Senior Investors and Highlights Industry Practices to Serve these Customers09/10/2007
- NASD and NYSE Request Comment on Proposed Joint Guidance Regarding the Review and Supervision of Electronic Communications06/14/2007
- SEC Approves Rule 2342 Setting Forth Requirements for Providing SIPC Information to Customers06/08/2007
- NASD Requests Comment on Proposed Rule 2721 to Regulate Member Private Securities Offerings06/05/2007
- Portfolio Margin Risk Disclosure Statement and Written Acknowledgement to be Furnished to Customers Using a Portfolio Margin Account03/19/2007
- NASD Requests Comment on Proposed Amendments to Rules 3010(g) and 2711 in Connection with the Rule Harmonization Project with the NYSE02/22/2007
- Codification of Interpretations to Rule 271101/24/2007
- 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.com01/08/2007
- SEC Approves Amendments to NASD Rules 2210 and 2211 to Require Disclosure of Fees and Expenses in Mutual Fund Performance Sales Material09/01/2006
- 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 Period08/24/2006
- Member Obligations with Respect to the Sale of Existing Variable Life Insurance Policies to Third Parties08/09/2006
- NASD and NYSE Joint Interpretive Guidance on Fixed Income Research07/31/2006
- 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, Effective Date of Uniform Definition: NASD: July 3, 200603/21/2006
- NASD Revises Sanction Guidelines03/07/2006
- SEC Approves Permanent Rules Concerning Bond Mutual Fund Volatility Ratings01/20/2006
- SEC Approves Uniform Branch Office Registration Form (Form BR) and Conforming and Technical Changes to Forms U4 and U510/06/2005
- SEC Approves Uniform Branch Office Definition and Related Interpretive Material10/06/2005
- NASD Provides Guidance Concerning the Sale of Structured Products09/12/2005
- Member Responsibilities for Supervising Sales of Unregistered Equity-Indexed Annuities08/08/2005
- NASD Requests Comment on Proposal to Prohibit All Product-Specific Sales Contests and to Apply Non-Cash Compensation Rules to Sales of All Securities Comment Period Expired August 5, 200505/09/2005
- 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 Transaction05/03/2005
- Guidance Regarding Rule 3012(a)(1) Requirement to Test and Verify a Member's Supervisory Policies and Procedures04/14/2005
- 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 (Comment Period Expired May 27, 2005)04/13/2005
- 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 (Comment Period Expired May 20, 2005)04/06/2005
- NASD Announces Exemption from the Research Analyst Qualification Requirements (Series 86 and 87) for Certain Employees of Foreign Affiliates Who Contribute to Member Research Reports04/04/2005
- NASD Issues Guidance on Section 1031 Tax-Deferred Exchanges of Real Property for Certain Tenants-in-Common Interests in Real Property Offerings03/02/2005
- NASD Adopts New Sanction Guidelines03/01/2005
- NASD Announces Exemption from the Analysis Portion of the Research Analyst Qualification Examination (Series 86) for Certain Applicants Who Prepare Only "Technical Research Reports"02/17/2005
- SEC Approves Amendments to Rule 2212 Concerning Frequency of Updates From the National Do-Not-Call Registry01/28/2005
- Guidance Regarding the Application of the Supervisory Control Amendments to Members' Securities Activities, Including Members' Institutional Securities Activities01/28/2005
- NASD Provides Updated Options Exemption Listing01/07/2005
- NASD Alerts Members to Concerns When Recommending or Facilitating Investments of Liquefied Home Equity12/08/2004
- SEC Approves NASD Interpretive Material to Rule 2210 Regarding Member Firms' Use of Investment Analysis Tools11/16/2004
- SEC Approves New NASD Qualification Requirements for Supervisors of Research Analysts11/10/2004
- Impermissible Use of Negative Response Letters for the Transfer of Mutual Funds and Variable Annuities (Changes in Broker-Dealer of Record)10/05/2004
- SEC Approves New Rules and Rule Amendments Concerning Supervision and Supervisory Controls10/04/2004
- SEC Announces Immediate Effectiveness of the Deletion of IM-2210-4(b) and Rule Series 3400 as Obsolete08/24/2004
- NASD Seeks Comment on Proposed Rule to Impose Specific Sales Practice Standards and Supervisory Requirements on Members for Transactions in Deferred Variable Annuities06/09/2004
- NASD Reminds Members of Their Duty to Ensure Proper Application of Discounts in Sales Charges to Sales of Unit Investment Trusts (UITs)03/30/2004
- NASD and NYSE Provide Further Guidance on Rules Governing Research Analysts' Conflicts of Interest03/09/2004
- SEC Approves Amendments to NASD Rules Concerning Member Participation in the National Do-Not-Call Registry03/02/2004
- NASD Reminds Member Firms of their Obligations Regarding Mutual Fund Transactions and Directs Review of Policies and Procedures09/05/2003
- Amendments to Rule 3010 to Require Heightened Supervision Plans for Associated Persons with a Specified Threshold of Industry/Regulatory-Related Events (Note: The comment period has been extended to October 31, 2003)09/05/2003
- SEC Approves Extension of Pilot Relating to Bond Mutual Fund Volatility Ratings08/28/2003
- SEC Approves Amendments to Rules Governing Research Analysts' Conflicts of Interest08/03/2003
- SEC Approves Amendments to NASD Rules Governing Member Communications with the Public07/07/2003
- New Series 23 Examination07/01/2003
- Clarification for Members Regarding Supervisory Obligations and Recordkeeping Requirements for Instant Messaging06/18/2003
- Sales Material for Municipal Fund Securities03/24/2003
- SEC Approves New Rules and Rule Amendments Concerning Security Futures10/24/2002
- Clarification of Member Obligations Regarding Brokered Certificates of Deposit10/17/2002
- Use of Negative Response Letters for the Bulk Transfer of Customer Accounts09/11/2002
- NASD Requests Comment on Proposed Amendments to NASD Rule 3010(g)(2) ("Branch Office Definition")08/21/2002
- NASD Requests Comment on Proposed Interpretative Material Regarding Investment Analysis Tools.08/15/2002
- SEC Approves Rule Governing Research Analysts' Conflicts of Interest06/26/2002
- NASD Adopts Amendments Regarding the Posting of Margin Disclosure and Day-Trading Risk Disclosure Statements on Web Sites06/11/2002
- Member Obligations Regarding Long-Term Or Brokered Certificates Of Deposit (Note: This Notice is superseded by Notice to Members 02-69)05/08/2002
- Rules Relating To Bond Mutual Fund Volatility Ratings Extended Two Years09/10/2001
- NASD Regulation Requests Comment On Proposed Amendments To Rule 2210, Communications With The Public07/02/2001
- SEC Approves Day-Trading Rules09/01/2000
- The NASD Reminds Members Of Their Responsibilities Regarding The Sale Of Variable Life Insurance06/16/2000
- SEC Approves New Rules Relating To Bond Mutual Fund Volatility Ratings04/10/2000
- NASD Regulation Reminds Members Of Their Responsibilities When Advertising Recent Mutual Fund Performance04/10/2000
- The NASD Reminds Members Of Their Responsibilities Regarding The Sales Of Variable Annuities05/01/1999
- SEC Approves Changes To Rules Regarding Membership And Registration02/01/1999
- NASD Regulation Issues Guidance Regarding Stock Volatility02/01/1999
- SEC Approves Rule Amendments Requiring Review Of Incoming, Written Correspondence01/01/1999
- NASD Reminds Members Of Their Obligations To Disclose Mutual Fund Fees12/01/1998
- Notice Of Increase In Advertising Review Fees12/01/1998
- SEC Approves Rule Change Relating To Standards For Individual Correspondence10/01/1998
- NASD Reminds Members Of Supervisory And Inspection Obligations05/01/1998
- Electronic Delivery Of Information Between Members And Their Customers01/01/1998
- SEC Approves Rules Regarding Supervision, Review, And Record Retention Of Correspondence01/01/1998
- Application Of NASD Conduct Rules To Group Variable Contracts And Other Exempted Securities05/01/1997
- Approval Of Telemarketing Amendments01/01/1997
- NASD Regulation Reminds Members And Associated Persons That Sales Of Variable Contracts Are Subject To NASD Suitability Requirements12/01/1996
- NASD Regulation Solicits Comment On Proposed Rules Governing Supervision, Review, And Record Retention Of Correspondence12/01/1996
- Clarification Of Members' Suitability Responsibilities Under NASD Rules With Special Emphasis On Member Activities In Speculative And Low-Priced Securities09/01/1996
- Supervisory And Other Obligations Related To Use Of Electronic Media07/01/1996
- Media CenterFinancial social media influencers or finfluencers are growing in popularity as a cheap way to reach a new generation of investors. But using this newer form of advertising comes with risks. On this episode, we learn more about the regulatory requirements around the use of social media influencers and hear some best practices for firms looking to make use of “finfluencer” programs.June 25, 2024
- FAQFrequently asked questions regarding FINRA Rule 2210, filing requirements and the how to use the Advertising Regulation Electronic Filing (AREF) system.May 10, 2024
- GuidanceThe Communications with the Public topic of the 2024 FINRA Annual Regulatory Oversight Report (the Report) informs member firms’ compliance programs by providing annual insights from FINRA’s ongoing regulatory operations, including (1) regulatory obligations and related considerations, (2) findings and effective practices, and (3) additional resources.January 09, 2024
- GuidanceFINRA poses several questions for firms to consider as they evaluate whether their supervisory systems are reasonably designed to address risks of their SPAC-related activities. These questions are based on FINRA’s observations to this point in our review. In addition, the Appendix notes additional guidance FINRA has provided regarding member firms’ relevant obligations.October 02, 2023
- GuidanceThis follow-up to the September 2021 targeted exam (sweep) of firms’ practices related to their acquisition of customers through social media channels and their sharing of customers’ usage information with affiliates and non-affiliated third parties summarizes selected practices FINRA has observed firms implement to this point in the sweep.February 28, 2023
- PodcastAn employee hackathon event a few years ago resulted in an idea that has since transformed the way FINRA’s Advertising Regulation group does its work. On this episode, we learn about the impressive collaborative effort to build a tool to apply advanced analytics and machine learning to the review of firm communications with the public.May 04, 2021
- Virtual Conference PanelAttend this session to hear helpful tips on complying with FINRA Rule 2210, Communications with the Public when creating, reviewing, approving, distributing or using retail communications concerning private placement offerings. Join panelists as they share helpful tips in identifying red flags in third-party prepared materials, the use of forecasts of issuers operating metrics, and distribution rates. Panelists also explain the process for filing offering documents, including retail communications, with FINRA.September 08, 2020
- GuidanceA member firm may include related performance information in institutional communications concerning Section 3(c)(1) Funds, subject to the stated conditions discussed in the letter.September 01, 2020
- FAQ
Due to the coronavirus pandemic (COVID-19), FINRA is providing temporary relief for member firms from rules and requirements in the Frequently Asked Questions below. The relief provided does not extend beyond the identified rules and requirements. FINRA will continue to monitor the situation to determine whether additional guidance and relief may be appropriate. As coronavirus-related risks decrease, member firms should expect to return to meeting any regulatory obligations for which relief has been provided.
March 24, 2020 - PodcastWhen deciding where and in what to invest, it’s important that investors understand the risks—not just the marketing hype. That’s why FINRA’s Advertising Regulation Group works to oversee broker-dealer communications to ensure that they are fair, balanced and not misleading. On this episode, we learn more.February 18, 2020
- FAQFrequently Asked Questions (FAQ) regarding the purpose of FINRA Rule 3230 and “do-not-call-lists”November 27, 2019
- Interpretive LetterA member firm may include pre-inception index performance data in institutional communications concerning registered open-end investment companies, subject to the stated conditions discussed in the letter.January 31, 2019
- GuidanceNew member firms must file certain retail communications prior to first use with FINRA’s Advertising Regulation Department. A retail communication, as defined in FINRA Rule 2210, means any written (including electronic) communication that is distributed or made available to more than 25 retail investors within any 30 calendar-day period.September 17, 2018
- GuidanceA member firm may include related performance information in institutional communications concerning variable contracts, subject to the stated conditions discussed in the letter.April 16, 2018
- GuidanceFind Advertising Regulation guidance on what and when to file that is related to new member firms and existing member firms.September 01, 2017
- Interpretive LetterA 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
- Interpretive LetterA 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
- Interpretive LetterThe 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
- Report / Study
FINRA is conducting a retrospective review of its communications rules, and is publishing this report on the assessment phase of the review. The purpose of the review is to assess whether the communications rules are meeting their intended investor protection objectives by reasonably efficient means and to take steps to maintain or improve the effectiveness of the rules while minimizing negative economic impacts.
December 09, 2014 - Interpretive LetterDirect Participation Programs Representatives are eligible to sell shares of a non-listed business development company that qualifies as a regulated investment company under the Internal Revenue Code at the time of sale.December 01, 2014
- Interpretive Letter
NASD Rule 2711 - Research Analysts and Research Reports
April 28, 2014 - Interpretive Letter
FINRA Rule 2210 - Communications with the Public
April 22, 2013 - Interpretive LetterRequest for Interpretive Guidance Under NASD Rule 2711February 08, 2013
- Guidance
In January 2003, NASD’s Advertising Regulation Department contacted 64 NASD member firms to determine their level of compliance with the NASD and SEC rules that govern advertisements and sales literature for hedge funds and funds of hedge funds. Twenty-five firms responded that they had not used such communications during the subject time period. Thirty-nine firms responded with submissions of over 1000 communications including Web pages, brochures, electronic newsletters, seminar materials, and form letters.
August 12, 2008 - Interpretive Letter
NASD Rule 2110 and NYSE Rule 402.30—Partial Redemption Allocations and Disclosure Practices in Auction Rate Securities
July 09, 2008 - Interpretive LetterNASD Rule 2210 - Communications with the PublicSeptember 28, 2007
- Interpretive LetterNASD Rule 2210 - Communications with the PublicSeptember 06, 2007
- Interpretive LetterA Member's Responsibilities Regarding the Outsourcing of Certain ActivitiesAugust 15, 2006
- Interpretive LetterNASD 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 2720August 01, 2006
- Interpretive LetterNASD Rule 2110 - Standards of Commercial Honor and Principles of TradeMember ceasing to offer retail brokerage accounts with investment advisory and prime brokerage services may use negative response letters to accomplish the bulk transfer of its retail brokerage accounts to a newly formed broker-dealer.June 02, 2006
- Interpretive LetterMember 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 03, 2005
- Interpretive Letter
NASD Rule 2210 - Communications with the Public
The posting to a Web site of performance information as required by California state law does not constitute an advertisement under NASD Rule 2210.November 29, 2004 - Interpretive Letter
NASD Rule 2110 - Standards of Commercial Honor and Principles of Trade
Member 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.November 10, 2004 - Interpretive LetterThe 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 08, 2004
- Interpretive LetterNegative 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 LetterMember may not present related performance information to "qualified institutional buyers" who are potential investors in 3(c)(1) funds.September 14, 2004
- Interpretive LetterJoint 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 LetterGuidance regarding use of related performance information in sales material for private equity funds.December 30, 2003
- Interpretive Letter
Further interpretive advice to members concerning the sale of hedge funds.
October 02, 2003 - Interpretive Letter
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.
May 29, 2003 - Interpretive LetterNegative 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 01, 2003
- Interpretive LetterThe 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 03, 2003
- Interpretive LetterThe 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 03, 2003
- Interpretive LetterRule 2210 does not require member to approve, file or maintain as advertising records certain statistical information that is regularly updated on firm's web site.January 28, 2002
- Interpretive Letter
Applicability of NASD rules to a member's use of a translator for group retirement plan enrollment presentations.
November 26, 2001 - Interpretive Letter
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.
June 04, 2001 - Interpretive LetterThe 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
- Interpretive LetterNASD Regulation Department of Enforcement will not, unless directed otherwise, institute enforcement action against NASD member firms that send group e-mails to two or more existing or prospective customers that qualify as "institutional accounts" under Rule 3110(c)(4) or existing customers that qualify as "qualified purchasers" under Section 3(c)(7) of the Investment Company Act of 1940 without securing prior approval by a registered principal of those communications, subject to the condition that the firms supervise and review the group e-mails in accordance with the standards of Rule 3010(d).December 17, 1999
- Interpretive LetterRule 2220 was intended to apply only to standardized options; therefore, advertisements, educational material and sales literature regarding conventional options need not be submitted to the Department for pre-use review and approval. However, advertisements, educational material and sales literature regarding conventional options remain subject to the general standards in both Rules 2210 and 2220 that prohibit untrue, false or misleading statements.March 05, 1999
- Interpretive LetterNASD members and associated persons who are required to use hypothetical illustrations under New York State's Regulation 60 with respect to internal and external replacements of life insurance and annuity contracts, would not be prevented under NASD Rule 2210 from using such illustrations. However, any use beyond what is required by Regulation 60 may require the illustrations to be filed with NASD Regulation as sales literature.February 05, 1999
- Interpretive Letter
Application of Rule 2210 to the use of investment projections and marketing material when registered persons are conducting advisory services.
July 30, 1998 - Interpretive LetterThe use of a combined name on certain public communications to reflect a recent merger of two member firms and create a single global "brand," would not violate the requirement of Rule 2210 that public communications include the name of the member firm.June 08, 1998
- Interpretive LetterThe use of a member name without the corporate modifier “L.L.C.” on certain materials adequately denotes the name of the member and would not violate the requirement of NASD Rule 2210 (f)(2) to include a member name.May 11, 1998
- Interpretive LetterA registered representative presently licensed with a member providing telemarketing services, under certain conditions, would not be required to also be registered with a client member.April 22, 1998
- Interpretive Letter
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.
March 16, 1998 - Interpretive Letter
Staff interpretation on the use of electronic signatures under NASD Rules 3110(c)(1)(C) and 3010(d).
November 26, 1997 - Interpretive LetterAdvertising Department's response to recommendations of the Investment Company Institute concerning member use of hyperlinks.November 11, 1997
- Interpretive Letter
Application of NASD Rules to the sale of group variable products.
April 11, 1997 - Interpretive LetterRequirements of member firms in maintaining do-not-call lists under NASD Rule 3110.October 31, 1995
- FAQ
1. My firm filed with the Advertising Regulation Department a retail communication that promotes or recommends a private placement subject to the filing requirements of FINRA Rules 5122 or 5123. Do we now need to file the same communication with the Corporate Financing Department?
- GuidanceFINRA 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.