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Advertising Regulation

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.

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 Reminds Firms of Their Sales Practice Obligations for Alternative Mutual Funds
    04/19/2022
  • FINRA Reminds Members of Their Sales Practice Obligations for Complex Products and Options and Solicits Comment on Effective Practices and Rule Enhancements
    03/08/2022
  • FINRA Provides Guidance on Retail Communications Concerning Private Placement Offerings
    07/01/2020
  • Sales Practice Obligations With Respect to Oil-Linked Exchange-Traded Products
    05/15/2020
  • FINRA Amends Rules 2210 and 2241 to Conform to the Fair Access to Investment Research Act of 2017
    09/26/2019
  • Disclosure Innovations in Advertising and Other Communications with the Public
    09/19/2019
  • 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, 2017
    10/05/2017
  • Guidance on Social Networking Websites and Business Communications
    04/25/2017
  • FINRA Requests Comment on Proposed Limited Safe Harbor From FINRA Equity and Debt Research Rules for Desk Commentary
    04/12/2017
  • FINRA Requests Comment on FINRA Rules Impacting Capital Formation
    04/12/2017
  • FINRA Requests Comment on Proposed Amendments to Rules Governing Communications with the Public
    02/10/2017
  • SEC Approves Amendments to Rules Governing Communications With the Public
    10/26/2016
  • SEC Approves FINRA's Capital Acquisition Broker (CAB) Rules
    10/17/2016
  • FINRA Rule 4518 (Notification to FINRA in Connection with the JOBS Act)
    01/29/2016
  • Use of FINRA Logo
    01/08/2016
  • SEC Approves Rule Requiring Members' Websites to Include a Readily Apparent Reference and Hyperlink to BrokerCheck
    12/07/2015
  • FINRA Filing Requirements and Review of Regulation A Offerings
    09/08/2015
  • SEC Approves Consolidated Rule to Address Conflicts of Interest Relating to the Publication and Distribution of Equity Research Reports
    08/26/2015
  • SEC Approves Rule to Address Conflicts of Interest Relating to the Publication and Distribution of Debt Research Reports
    08/26/2015
  • Guidance on Rules Governing Communications With the Public
    05/22/2015
  • FINRA Requests Comment on Proposed Amendments to Rules Governing Communications With the Public
    05/18/2015
  • 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
    01/05/2015
  • 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 Prospectuses
    07/11/2014
  • April 2014 Supplement to the Security Futures Risk Disclosure Statement
    05/23/2014
  • FINRA Requests Comment on a Revised Proposal to Require a Hyperlink to BrokerCheck in Online Retail Communications With the Public
    04/30/2014
  • FINRA Requests Comment on the Effectiveness and Efficiency of its Communications With the Public Rules
    04/08/2014
  • SEC Approves Amendments to Uniform Branch Office Registration Form (Form BR)
    03/19/2014
  • SEC Approves New Supervision Rules
    03/19/2014
  • FINRA Reminds Firms of Their Responsibilities Concerning IRA Rollovers
    12/30/2013
  • FINRA Requests Comment on Proposed Funding Portal Rules and Related Forms
    10/23/2013
  • FINRA Provides Guidance on Disclosure of Fees in Communications Concerning Retail Brokerage Accounts and Individual Retirement Accounts
    07/18/2013
  • FINRA Provides Guidance on Communications With the Public Concerning Unlisted Real Estate Investment Programs
    05/02/2013
  • FINRA Provides Guidance on New Rules Governing Communications With the Public
    01/07/2013
  • FINRA Requests Comment on a Revised Proposal to Identify and Manage Conflicts Involving the Preparation and Distribution of Debt Research Reports
    10/11/2012
  • SEC Approves New FINRA Rule 5123 Regarding Private Placements of Securities
    09/05/2012
  • Changes to Advertising, Corporate Financing, New Membership and Continuing Membership Application, Central Registration Depository and Branch Office Annual Registration Fees
    06/26/2012
  • SEC Approves New Rules Governing Communications With the Public
    06/14/2012
  • SEC Approves Consolidated Telemarketing Rule
    04/02/2012
  • on Proposed Amendments to NASD Rule 2340 to Address Values of Unlisted Direct Participation Programs and Real Estate Investment Trusts
    03/07/2012
  • FINRA Requests Comment on a Proposal to Identify and Manage Conflicts Involving the Preparation and Distribution of Debt Research Reports
    02/17/2012
  • January 2012 Supplement to the Options Disclosure Document
    02/09/2012
  • Heightened Supervision of Complex Products
    01/17/2012
  • FINRA Provides Guidance on Application of Communications Rules to Disclosures Required by Department of Labor
    01/13/2012
  • FINRA Reminds Firms of Their Obligations Regarding the Supervision of Registered Persons Using Senior Designations
    11/11/2011
  • FINRA Provides Guidance on Advertising Regulation Issues
    10/27/2011
  • 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 Statements
    09/29/2011
  • FINRA Provides Guidance on Prohibition Against Offering Favorable Research to Induce Investment Banking Business
    09/12/2011
  • Guidance on Social Networking Websites and Business Communications
    08/18/2011
  • New Implementation Date for and Additional Guidance on the Consolidated FINRA Rules Governing Know-Your-Customer and Suitability Obligations
    05/18/2011
  • 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
    03/29/2011
  • FINRA Revises Sanction Guidelines
    03/22/2011
  • FINRA Requests Comment on Concept Proposal to Identify and Manage Conflicts Involving the Preparation and Distribution of Debt Research Reports
    03/11/2011
  • FINRA Revises the Sanction Guidelines
    02/09/2011
  • January 2011 Supplement to the Options Disclosure Document
    02/07/2011
  • FINRA Requests Comment on Proposed Amendments to FINRA Rule 5122 to Address Member Firm Participation in Private Placements
    01/11/2011
  • SEC Approves Consolidated FINRA Rules Governing Know-Your-Customer and Suitability Obligations
    01/10/2011
  • Application of Rules on Communications With the Public and Institutional Sales Material and Correspondence to Certain Free Writing Prospectuses
    10/21/2010
  • Sales Practice Obligations for Commodity Futures-Linked Securities
    10/20/2010
  • FINRA Reminds Firms of Their Sales Practice and Due Diligence Obligations When Selling Municipal Securities in the Secondary Market
    09/20/2010
  • August 2010 Supplement to the Security Futures Risk Disclosure Statement
    09/07/2010
  • May 2010 Supplement to the Options Disclosure Document
    06/15/2010
  • Obligation of Broker-Dealers to Conduct Reasonable Investigations in Regulation D Offerings
    04/20/2010
  • FINRA Reminds Firms of Responsibilities When Providing Customers with Consolidated Financial Account Reports
    04/08/2010
  • FINRA Reminds Firms of Their Sales Practice Obligations With Reverse Exchangeable Securities (Reverse Convertibles)
    02/12/2010
  • Guidance on Blogs and Social Networking Web Sites
    01/25/2010
  • FINRA Reminds Firms of Their Responsibilities Under FINRA Rule 2330 for Recommended Purchases or Exchanges of Deferred Variable Annuities
    01/21/2010
  • December 2009 Supplement to the Options Disclosure Document
    12/29/2009
  • FINRA Reminds Firms of Their Sales Practice Obligations Relating to Principal-Protected Notes
    12/17/2009
  • SEC Approval and Effective Dates for New Consolidated FINRA Rules
    10/15/2009
  • FINRA Requests Comments on Proposed New Rules Governing Communications with the Public
    09/21/2009
  • SEC Approval and Effective Date for New Consolidated FINRA Rules
    08/17/2009
  • FINRA Reminds Firms of Their Obligations With Variable Life Settlement Activities
    07/30/2009
  • FINRA Requests Comment on Proposed Consolidated FINRA Rule Governing Investment Company Securities
    06/17/2009
  • FINRA Reminds Firms of Sales Practice Obligations Relating to Leveraged and Inverse Exchange-Traded Funds
    06/11/2009
  • SEC Approves Amendments to NASD Rule 2821 Governing Purchases and Exchanges of Deferred Variable Annuities
    06/11/2009
  • FINRA Reminds Firms of Their Obligation to Provide Accurate Information in Disseminating, or Using Services to Disseminate, Indications of Interest
    05/27/2009
  • FINRA Provides Guidance on its Enforcement Process
    03/18/2009
  • SEC Approves Rule Relating to Supervision of Market Letters
    02/05/2009
  • FINRA Reminds Firms of Their Sales Practice Obligations with Regard to the Sale of Securities in a High Yield Environment
    12/16/2008
  • FINRA Reminds Firms of Their Sales Practice Obligations with Regard to Cash Alternatives
    12/16/2008
  • Customer Account Statements: FINRA Provides Guidance on Estimated Annual Income and Estimated Yield
    12/12/2008
  • SEC Approves Amendments to NASD Rule 2220 to Update the Standards for Options Communications Effective Date: March 4, 2009
    12/05/2008
  • FINRA Addresses Firms’ Retail Foreign Currency Exchange Activities
    11/04/2008
  • Guidance on Disclosure Concerning the U.S. Treasury Department's Temporary Guarantee Program for Money Market Mutual Funds
    10/17/2008
  • FINRA Requests Comment on Proposed Research Registration and Conflict of Interest Rules Comment Period Expired: November 14, 2008
    10/14/2008
  • Special Allowance to Permit Bulk Exchanges of Shares of Certain Reserve Funds
    09/18/2008
  • June 2008 Supplement to the Options Disclosure Document
    08/26/2008
  • FINRA Requests Comments on Proposed New Rules Governing Communications About Variable Insurance Products
    07/28/2008
  • SEC Approves Amendments to NASD Rule 2810 (Direct Participation Programs)
    07/07/2008
  • Guidance Relating to Illiquid Investments
    06/12/2008
  • 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 Expertise
    05/20/2008
  • Proposed Consolidated FINRA Rules Governing Supervision and Supervisory Controls
    05/14/2008
  • FINRA Issues Guidance to Broker-Dealers on Partial Redemptions of Auction Rate Securities
    04/30/2008
  • Foreign Research Analyst Exemption from the Research Analyst Qualification Examination
    04/07/2008
  • Member Firm Disclosure and Supervisory Review Obligations
    04/07/2008
  • SEC Approves Amendment to NASD Rule 2210 to Create an Exception to the Principal Approval Requirements for Certain Filed Sales Material
    03/26/2008
  • SEC approves amendments to NASD Rule 3010(g)(1) to Exempt Locations that Solely Conduct Final Approval of Research Reports
    12/19/2007
  • FINRA Provides Guidance Regarding the Review and Supervision of Electronic Communications
    12/07/2007
  • SEC Approves New NASD Rule 2821 Governing Deferred Variable Annuity Transactions
    11/06/2007
  • 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 FINRA
    10/05/2007
  • FINRA Reminds Firms of Their Obligations Relating to Senior Investors and Highlights Industry Practices to Serve these Customers
    09/10/2007
  • NASD and NYSE Request Comment on Proposed Joint Guidance Regarding the Review and Supervision of Electronic Communications
    06/14/2007
  • SEC Approves Rule 2342 Setting Forth Requirements for Providing SIPC Information to Customers
    06/08/2007
  • NASD Requests Comment on Proposed Rule 2721 to Regulate Member Private Securities Offerings
    06/05/2007
  • Portfolio Margin Risk Disclosure Statement and Written Acknowledgement to be Furnished to Customers Using a Portfolio Margin Account
    03/19/2007
  • NASD Requests Comment on Proposed Amendments to Rules 3010(g) and 2711 in Connection with the Rule Harmonization Project with the NYSE
    02/22/2007
  • Codification of Interpretations to Rule 2711
    01/24/2007
  • 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.com
    01/08/2007
  • SEC Approves Amendments to NASD Rules 2210 and 2211 to Require Disclosure of Fees and Expenses in Mutual Fund Performance Sales Material
    09/01/2006
  • 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 Period
    08/24/2006
  • Member Obligations with Respect to the Sale of Existing Variable Life Insurance Policies to Third Parties
    08/09/2006
  • NASD and NYSE Joint Interpretive Guidance on Fixed Income Research
    07/31/2006
  • 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, 2006
    03/21/2006
  • NASD Revises Sanction Guidelines
    03/07/2006
  • SEC Approves Permanent Rules Concerning Bond Mutual Fund Volatility Ratings
    01/20/2006
  • SEC Approves Uniform Branch Office Definition and Related Interpretive Material
    10/06/2005
  • SEC Approves Uniform Branch Office Registration Form (Form BR) and Conforming and Technical Changes to Forms U4 and U5
    10/06/2005
  • NASD Provides Guidance Concerning the Sale of Structured Products
    09/12/2005
  • Member Responsibilities for Supervising Sales of Unregistered Equity-Indexed Annuities
    08/08/2005
  • 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, 2005
    05/09/2005
  • 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 Transaction
    05/03/2005
  • Guidance Regarding Rule 3012(a)(1) Requirement to Test and Verify a Member's Supervisory Policies and Procedures
    04/14/2005
  • 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 Reports
    04/04/2005
  • NASD Issues Guidance on Section 1031 Tax-Deferred Exchanges of Real Property for Certain Tenants-in-Common Interests in Real Property Offerings
    03/02/2005
  • NASD Adopts New Sanction Guidelines
    03/01/2005
  • 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
  • Guidance Regarding the Application of the Supervisory Control Amendments to Members' Securities Activities, Including Members' Institutional Securities Activities
    01/28/2005
  • SEC Approves Amendments to Rule 2212 Concerning Frequency of Updates From the National Do-Not-Call Registry
    01/28/2005
  • NASD Provides Updated Options Exemption Listing
    01/07/2005
  • NASD Alerts Members to Concerns When Recommending or Facilitating Investments of Liquefied Home Equity
    12/08/2004
  • SEC Approves NASD Interpretive Material to Rule 2210 Regarding Member Firms' Use of Investment Analysis Tools
    11/16/2004
  • SEC Approves New NASD Qualification Requirements for Supervisors of Research Analysts
    11/10/2004
  • 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 Controls
    10/04/2004
  • SEC Announces Immediate Effectiveness of the Deletion of IM-2210-4(b) and Rule Series 3400 as Obsolete
    08/24/2004
  • NASD Seeks Comment on Proposed Rule to Impose Specific Sales Practice Standards and Supervisory Requirements on Members for Transactions in Deferred Variable Annuities
    06/09/2004
  • 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 Interest
    03/09/2004
  • SEC Approves Amendments to NASD Rules Concerning Member Participation in the National Do-Not-Call Registry
    03/02/2004
  • NASD Reminds Member Firms of their Obligations Regarding Mutual Fund Transactions and Directs Review of Policies and Procedures
    09/05/2003
  • 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 Ratings
    08/28/2003
  • SEC Approves Amendments to Rules Governing Research Analysts' Conflicts of Interest
    08/03/2003
  • SEC Approves Amendments to NASD Rules Governing Member Communications with the Public
    07/07/2003
  • New Series 23 Examination
    07/01/2003
  • Clarification for Members Regarding Supervisory Obligations and Recordkeeping Requirements for Instant Messaging
    06/18/2003
  • Sales Material for Municipal Fund Securities
    03/24/2003
  • SEC Approves New Rules and Rule Amendments Concerning Security Futures
    10/24/2002
  • Clarification of Member Obligations Regarding Brokered Certificates of Deposit
    10/17/2002
  • Use of Negative Response Letters for the Bulk Transfer of Customer Accounts
    09/11/2002
  • 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 Interest
    06/26/2002
  • NASD Adopts Amendments Regarding the Posting of Margin Disclosure and Day-Trading Risk Disclosure Statements on Web Sites
    06/11/2002
  • 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 Years
    09/10/2001
  • NASD Regulation Requests Comment On Proposed Amendments To Rule 2210, Communications With The Public
    07/02/2001
  • SEC Approves Day-Trading Rules
    09/01/2000
  • The NASD Reminds Members Of Their Responsibilities Regarding The Sale Of Variable Life Insurance
    06/16/2000
  • SEC Approves New Rules Relating To Bond Mutual Fund Volatility Ratings
    04/10/2000
  • NASD Regulation Reminds Members Of Their Responsibilities When Advertising Recent Mutual Fund Performance
    04/10/2000
  • The NASD Reminds Members Of Their Responsibilities Regarding The Sales Of Variable Annuities
    05/01/1999
  • SEC Approves Changes To Rules Regarding Membership And Registration
    02/01/1999
  • NASD Regulation Issues Guidance Regarding Stock Volatility
    02/01/1999
  • SEC Approves Rule Amendments Requiring Review Of Incoming, Written Correspondence
    01/01/1999
  • NASD Reminds Members Of Their Obligations To Disclose Mutual Fund Fees
    12/01/1998
  • Notice Of Increase In Advertising Review Fees
    12/01/1998
  • SEC Approves Rule Change Relating To Standards For Individual Correspondence
    10/01/1998
  • NASD Reminds Members Of Supervisory And Inspection Obligations
    05/01/1998
  • SEC Approves Rules Regarding Supervision, Review, And Record Retention Of Correspondence
    01/01/1998
  • Electronic Delivery Of Information Between Members And Their Customers
    01/01/1998
  • Application Of NASD Conduct Rules To Group Variable Contracts And Other Exempted Securities
    05/01/1997
  • Approval Of Telemarketing Amendments
    01/01/1997
  • NASD Regulation Reminds Members And Associated Persons That Sales Of Variable Contracts Are Subject To NASD Suitability Requirements
    12/01/1996
  • NASD Regulation Solicits Comment On Proposed Rules Governing Supervision, Review, And Record Retention Of Correspondence
    12/01/1996
  • Clarification Of Members' Suitability Responsibilities Under NASD Rules With Special Emphasis On Member Activities In Speculative And Low-Priced Securities
    09/01/1996
  • Supervisory And Other Obligations Related To Use Of Electronic Media
    07/01/1996