New and Pending Member Firms: Filing Communications with the Advertising Regulation Department

Broker-dealers entering FINRA membership face specific retail communication filing requirements under Rule 2210(c)(1)(A). Newly approved members must file certain communications 10 business days before use during their first year, while pending applicants with CRD numbers may benefit from voluntary submissions. The guidance below outlines filing procedures, review processes, and fee structures to help firms navigate these regulatory obligations effectively.

New Member Firms

A new member firm refers to a broker-dealer that has recently been approved for FINRA membership through the New Member Application Process (NMA).

New 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. A retail investor is any person other than an institutional investor, regardless of whether the person has an account with the firm.

The filing requirement for new member firms is addressed in FINRA Rule 2210(c)(1)(A) which states:

"For a period of one year, beginning on the date reflected in the Central Registration Depository (CRD®) system as the date that FINRA membership became effective, the member must file with the Department at least 10 business days prior to first use any retail communication that is published or used in any electronic or other public media, including any generally accessible website, newspaper, magazine or other periodical, radio, television, telephone or audio recording, video display, signs or billboards, motion pictures, or telephone directories (other than routine listings).

To the extent any retail communication that is subject to this filing requirement is a free writing prospectus that has been filed with the SEC pursuant to Securities Act Rule 433(d)(1)(ii), the member may file such retail communication within 10 business days of first use rather than at least 10 business days prior to first use."

Pending Member Firms

A pending member firm refers to a broker-dealer that has submitted a New Member Application (NMA) to FINRA but has not yet received final approval for membership. These firms are in the intermediate stage of the membership process.

Pending firms that have received a CRD number, but that are not yet effectively registered with FINRA, may wish to consider voluntarily filing retail communications that would be subject to FINRA Rule 2210(c)(1)(A) once the firm becomes effectively registered.

FINRA Rule 2210(c)(1)(A) requires all new FINRA member firms to file with the Advertising Regulation Department 10 business days prior to use any widely distributed retail communications for a period of one year. Such communications include generally accessible websites; newspaper, magazine or other print periodical advertisements; radio or TV advertisements; telephone or audio recordings; video displays, signs, billboards or motion pictures; or telephone directory listing advertisements (other than a mere line listing).

Instructions for Filing Communications