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

SEC Advertising Rules

MSRB Advertising Rules

Rule G-21 Advertising

SIPC Advertising Rules

SIPC Bylaws Article 10 Member Advertising

Rules Reference Guide

2021 Advertising Regulation Rules Reference Guide

Regulatory Notice 22-11
FINRA Reminds Firms of Their Sales Practice Obligations for Alternative Mutual Funds
04/19/2022
Regulatory Notice 22-08
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
Regulatory Notice 20-21
FINRA Provides Guidance on Retail Communications Concerning Private Placement Offerings
07/01/2020
Regulatory Notice 20-14
Sales Practice Obligations With Respect to Oil-Linked Exchange-Traded Products
05/15/2020
Regulatory Notice 19-32
FINRA Amends Rules 2210 and 2241 to Conform to the Fair Access to Investment Research Act of 2017
09/26/2019
Regulatory Notice 19-31
Disclosure Innovations in Advertising and Other Communications with the Public
09/19/2019
Regulatory Notice 17-31
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
Regulatory Notice 17-18
Guidance on Social Networking Websites and Business Communications
04/25/2017
Regulatory Notice 17-16
FINRA Requests Comment on Proposed Limited Safe Harbor From FINRA Equity and Debt Research Rules for Desk Commentary
04/12/2017
Regulatory Notice 17-14
FINRA Requests Comment on FINRA Rules Impacting Capital Formation
04/12/2017
Regulatory Notice 17-06
FINRA Requests Comment on Proposed Amendments to Rules Governing Communications with the Public
02/10/2017
Regulatory Notice 16-41
SEC Approves Amendments to Rules Governing Communications With the Public
10/26/2016
Regulatory Notice 16-37
SEC Approves FINRA's Capital Acquisition Broker (CAB) Rules
10/17/2016
Regulatory Notice 16-07
FINRA Rule 4518 (Notification to FINRA in Connection with the JOBS Act)
01/29/2016
Information Notice – 1/8/16
Use of FINRA Logo
01/08/2016
Regulatory Notice 15-50
SEC Approves Rule Requiring Members' Websites to Include a Readily Apparent Reference and Hyperlink to BrokerCheck
12/07/2015
Regulatory Notice 15-32
FINRA Filing Requirements and Review of Regulation A Offerings
09/08/2015
Regulatory Notice 15-30
SEC Approves Consolidated Rule to Address Conflicts of Interest Relating to the Publication and Distribution of Equity Research Reports
08/26/2015
Regulatory Notice 15-31
SEC Approves Rule to Address Conflicts of Interest Relating to the Publication and Distribution of Debt Research Reports
08/26/2015
Regulatory Notice 15-17
Guidance on Rules Governing Communications With the Public
05/22/2015
Regulatory Notice 15-16
FINRA Requests Comment on Proposed Amendments to Rules Governing Communications With the Public
05/18/2015
Regulatory Notice 15-02
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
Regulatory Notice 14-35
FINRA Requests Comment on a Revised Proposal to Adopt Consolidated FINRA Rule 2231 (Customer Account Statements)
09/16/2014
Regulatory Notice 14-30
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
Regulatory Notice 14-24
April 2014 Supplement to the Security Futures Risk Disclosure Statement
05/23/2014
Regulatory Notice 14-19
FINRA Requests Comment on a Revised Proposal to Require a Hyperlink to BrokerCheck in Online Retail Communications With the Public
04/30/2014
Regulatory Notice 14-14
FINRA Requests Comment on the Effectiveness and Efficiency of its Communications With the Public Rules
04/08/2014
Regulatory Notice 14-10
SEC Approves New Supervision Rules
03/19/2014
Regulatory Notice 14-11
SEC Approves Amendments to Uniform Branch Office Registration Form (Form BR)
03/19/2014
Regulatory Notice 13-45
FINRA Reminds Firms of Their Responsibilities Concerning IRA Rollovers
12/30/2013
Regulatory Notice 13-34
FINRA Requests Comment on Proposed Funding Portal Rules and Related Forms
10/23/2013
Regulatory Notice 13-23
FINRA Provides Guidance on Disclosure of Fees in Communications Concerning Retail Brokerage Accounts and Individual Retirement Accounts
07/18/2013
Regulatory Notice 13-18
FINRA Provides Guidance on Communications With the Public Concerning Unlisted Real Estate Investment Programs
05/02/2013
Regulatory Notice 13-03
FINRA Provides Guidance on New Rules Governing Communications With the Public
01/07/2013
Regulatory Notice 12-42
FINRA Requests Comment on a Revised Proposal to Identify and Manage Conflicts Involving the Preparation and Distribution of Debt Research Reports
10/11/2012
Regulatory Notice 12-40
SEC Approves New FINRA Rule 5123 Regarding Private Placements of Securities
09/05/2012
Regulatory Notice 12-32
Changes to Advertising, Corporate Financing, New Membership and Continuing Membership Application, Central Registration Depository and Branch Office Annual Registration Fees
06/26/2012
Regulatory Notice 12-29
SEC Approves New Rules Governing Communications With the Public
06/14/2012
Regulatory Notice 12-17
SEC Approves Consolidated Telemarketing Rule
04/02/2012
Regulatory Notice 12-14
on Proposed Amendments to NASD Rule 2340 to Address Values of Unlisted Direct Participation Programs and Real Estate Investment Trusts
03/07/2012
Regulatory Notice 12-09
FINRA Requests Comment on a Proposal to Identify and Manage Conflicts Involving the Preparation and Distribution of Debt Research Reports
02/17/2012
Information Notice - 2/9/12
January 2012 Supplement to the Options Disclosure Document
02/09/2012
Regulatory Notice 12-03
Heightened Supervision of Complex Products
01/17/2012
Regulatory Notice 12-02
FINRA Provides Guidance on Application of Communications Rules to Disclosures Required by Department of Labor
01/13/2012
Regulatory Notice 11-52
FINRA Reminds Firms of Their Obligations Regarding the Supervision of Registered Persons Using Senior Designations
11/11/2011
Regulatory Notice 11-49
FINRA Provides Guidance on Advertising Regulation Issues
10/27/2011
Regulatory Notice 11-44
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
Regulatory Notice 11-41
FINRA Provides Guidance on Prohibition Against Offering Favorable Research to Induce Investment Banking Business
09/12/2011
Regulatory Notice 11-39
Guidance on Social Networking Websites and Business Communications
08/18/2011
Regulatory Notice 11-25
New Implementation Date for and Additional Guidance on the Consolidated FINRA Rules Governing Know-Your-Customer and Suitability Obligations
05/18/2011
Regulatory Notice 11-14
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
Regulatory Notice 11-13
FINRA Revises Sanction Guidelines
03/22/2011
Regulatory Notice 11-11
FINRA Requests Comment on Concept Proposal to Identify and Manage Conflicts Involving the Preparation and Distribution of Debt Research Reports
03/11/2011
Regulatory Notice - 11-07
FINRA Revises the Sanction Guidelines
02/09/2011
Information Notice - 01/07/11
January 2011 Supplement to the Options Disclosure Document
02/07/2011
Regulatory Notice 11-04
FINRA Requests Comment on Proposed Amendments to FINRA Rule 5122 to Address Member Firm Participation in Private Placements
01/11/2011
Regulatory Notice 11-02
SEC Approves Consolidated FINRA Rules Governing Know-Your-Customer and Suitability Obligations
01/10/2011
Regulatory Notice 10-52
Application of Rules on Communications With the Public and Institutional Sales Material and Correspondence to Certain Free Writing Prospectuses
10/21/2010
Regulatory Notice 10-51
Sales Practice Obligations for Commodity Futures-Linked Securities
10/20/2010
Regulatory Notice 10-41
FINRA Reminds Firms of Their Sales Practice and Due Diligence Obligations When Selling Municipal Securities in the Secondary Market
09/20/2010
Information Notice - 9/7/10
August 2010 Supplement to the Security Futures Risk Disclosure Statement
09/07/2010
Information Notice 6/15/10
May 2010 Supplement to the Options Disclosure Document
06/15/2010
Regulatory Notice 10-22
Obligation of Broker-Dealers to Conduct Reasonable Investigations in Regulation D Offerings
04/20/2010
Regulatory Notice 10-19
FINRA Reminds Firms of Responsibilities When Providing Customers with Consolidated Financial Account Reports
04/08/2010
Regulatory Notice 10-09
FINRA Reminds Firms of Their Sales Practice Obligations With Reverse Exchangeable Securities (Reverse Convertibles)
02/12/2010
Regulatory Notice 10-06
Guidance on Blogs and Social Networking Web Sites
01/25/2010
Regulatory Notice 10-05
FINRA Reminds Firms of Their Responsibilities Under FINRA Rule 2330 for Recommended Purchases or Exchanges of Deferred Variable Annuities
01/21/2010
Information Notice 12/29/09
December 2009 Supplement to the Options Disclosure Document
12/29/2009
Regulatory Notice 09-73
FINRA Reminds Firms of Their Sales Practice Obligations Relating to Principal-Protected Notes
12/17/2009
Regulatory Notice 09-60
SEC Approval and Effective Dates for New Consolidated FINRA Rules
10/15/2009
Regulatory Notice 09-55
FINRA Requests Comments on Proposed New Rules Governing Communications with the Public
09/21/2009
Regulatory Notice 09-50
SEC Approval and Effective Date for New Consolidated FINRA Rules
08/17/2009
Regulatory Notice 09-42
FINRA Reminds Firms of Their Obligations With Variable Life Settlement Activities
07/30/2009
Regulatory Notice 09-34
FINRA Requests Comment on Proposed Consolidated FINRA Rule Governing Investment Company Securities
06/17/2009
Regulatory Notice 09-31
FINRA Reminds Firms of Sales Practice Obligations Relating to Leveraged and Inverse Exchange-Traded Funds
06/11/2009
Regulatory Notice 09-32
SEC Approves Amendments to NASD Rule 2821 Governing Purchases and Exchanges of Deferred Variable Annuities
06/11/2009
Regulatory Notice 09-28
FINRA Reminds Firms of Their Obligation to Provide Accurate Information in Disseminating, or Using Services to Disseminate, Indications of Interest
05/27/2009
Regulatory Notice 09-17
FINRA Provides Guidance on its Enforcement Process
03/18/2009
Regulatory Notice 09-10
SEC Approves Rule Relating to Supervision of Market Letters
02/05/2009
Regulatory Notice 08-82
FINRA Reminds Firms of Their Sales Practice Obligations with Regard to Cash Alternatives
12/16/2008
Regulatory Notice 08-81
FINRA Reminds Firms of Their Sales Practice Obligations with Regard to the Sale of Securities in a High Yield Environment
12/16/2008
Regulatory Notice 08-77
Customer Account Statements: FINRA Provides Guidance on Estimated Annual Income and Estimated Yield
12/12/2008
Regulatory Notice 08-73
SEC Approves Amendments to NASD Rule 2220 to Update the Standards for Options Communications Effective Date: March 4, 2009
12/05/2008
Regulatory Notice 08-66
FINRA Addresses Firms’ Retail Foreign Currency Exchange Activities
11/04/2008
Regulatory Notice 08-58
Guidance on Disclosure Concerning the U.S. Treasury Department's Temporary Guarantee Program for Money Market Mutual Funds
10/17/2008
Regulatory Notice 08-55
FINRA Requests Comment on Proposed Research Registration and Conflict of Interest Rules Comment Period Expired: November 14, 2008
10/14/2008
Regulatory Notice 08-48
Special Allowance to Permit Bulk Exchanges of Shares of Certain Reserve Funds
09/18/2008
Information Notice - 8/26/08
June 2008 Supplement to the Options Disclosure Document
08/26/2008
Regulatory Notice 08-39
FINRA Requests Comments on Proposed New Rules Governing Communications About Variable Insurance Products
07/28/2008
Regulatory Notice 08-35
SEC Approves Amendments to NASD Rule 2810 (Direct Participation Programs)
07/07/2008
Regulatory Notice 08-30
Guidance Relating to Illiquid Investments
06/12/2008
Regulatory Notice 08-28
SEC Approves Amendments to Eliminate the Requirement for the Senior Registered and Compliance Registered Options Principals (SROP and CROP)
05/22/2008
Regulatory Notice 08-27
The Obligation of Firms When Supervising their Registered Representatives' Use of Marketing Materials to Establish Expertise
05/20/2008
Regulatory Notice 08-24
Proposed Consolidated FINRA Rules Governing Supervision and Supervisory Controls
05/14/2008
Regulatory Notice 08-21
FINRA Issues Guidance to Broker-Dealers on Partial Redemptions of Auction Rate Securities
04/30/2008
Regulatory Notice 08-15
Foreign Research Analyst Exemption from the Research Analyst Qualification Examination
04/07/2008
Regulatory Notice 08-16
Member Firm Disclosure and Supervisory Review Obligations
04/07/2008
Regulatory Notice 08-12
SEC Approves Amendment to NASD Rule 2210 to Create an Exception to the Principal Approval Requirements for Certain Filed Sales Material
03/26/2008
Regulatory Notice 07-64
SEC approves amendments to NASD Rule 3010(g)(1) to Exempt Locations that Solely Conduct Final Approval of Research Reports
12/19/2007
Regulatory Notice 07-59
FINRA Provides Guidance Regarding the Review and Supervision of Electronic Communications
12/07/2007
Regulatory Notice 07-53
SEC Approves New NASD Rule 2821 Governing Deferred Variable Annuity Transactions
11/06/2007
Regulatory Notice 07-47
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
Regulatory Notice 07-43
FINRA Reminds Firms of Their Obligations Relating to Senior Investors and Highlights Industry Practices to Serve these Customers
09/10/2007
Notice to Members 07-30
NASD and NYSE Request Comment on Proposed Joint Guidance Regarding the Review and Supervision of Electronic Communications
06/14/2007
Notice to Members 07-29
SEC Approves Rule 2342 Setting Forth Requirements for Providing SIPC Information to Customers
06/08/2007
Notice to Members 07-27
NASD Requests Comment on Proposed Rule 2721 to Regulate Member Private Securities Offerings
06/05/2007
Notice to Members 07-14
Portfolio Margin Risk Disclosure Statement and Written Acknowledgement to be Furnished to Customers Using a Portfolio Margin Account
03/19/2007
Notice to Members 07-12
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
Notice to Members 07-04
Codification of Interpretations to Rule 2711
01/24/2007
Notice to Members 07-02
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
Notice to Members 06-48
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
Notice to Members 06-45
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
Notice to Members 06-38
Member Obligations with Respect to the Sale of Existing Variable Life Insurance Policies to Third Parties
08/09/2006
Notice to Members 06-36
NASD and NYSE Joint Interpretive Guidance on Fixed Income Research
07/31/2006
Notice to Members 06-12
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
Notice to Members 06-10
NASD Revises Sanction Guidelines
03/07/2006
Notice to Members 06-05
SEC Approves Permanent Rules Concerning Bond Mutual Fund Volatility Ratings
01/20/2006
Notice to Members 05-67
SEC Approves Uniform Branch Office Definition and Related Interpretive Material
10/06/2005
Notice to Members 05-66
SEC Approves Uniform Branch Office Registration Form (Form BR) and Conforming and Technical Changes to Forms U4 and U5
10/06/2005
Notice to Members 05-59
NASD Provides Guidance Concerning the Sale of Structured Products
09/12/2005
Notice to Members 05-50
Member Responsibilities for Supervising Sales of Unregistered Equity-Indexed Annuities
08/08/2005
Notice to Members 05-40
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
Notice to Members 05-34
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
Notice to Members 05-29
Guidance Regarding Rule 3012(a)(1) Requirement to Test and Verify a Member's Supervisory Policies and Procedures
04/14/2005
Notice to Members 05-27
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
Notice to Members 05-25
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
Notice to Members 05-24
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
Notice to Members 05-18
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
Notice to Members 05-17
NASD Adopts New Sanction Guidelines
03/01/2005
Notice to Members 05-14
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
Notice to Members 05-08
Guidance Regarding the Application of the Supervisory Control Amendments to Members' Securities Activities, Including Members' Institutional Securities Activities
01/28/2005
Notice to Members 05-07
SEC Approves Amendments to Rule 2212 Concerning Frequency of Updates From the National Do-Not-Call Registry
01/28/2005
Notice to Members 05-03
NASD Provides Updated Options Exemption Listing
01/07/2005
Notice to Members 04-89
NASD Alerts Members to Concerns When Recommending or Facilitating Investments of Liquefied Home Equity
12/08/2004
Notice to Members 04-86
SEC Approves NASD Interpretive Material to Rule 2210 Regarding Member Firms' Use of Investment Analysis Tools
11/16/2004
Notice to Members 04-81
SEC Approves New NASD Qualification Requirements for Supervisors of Research Analysts
11/10/2004
Notice to Members 04-72
Impermissible Use of Negative Response Letters for the Transfer of Mutual Funds and Variable Annuities (Changes in Broker-Dealer of Record)
10/05/2004
Notice to Members 04-71
SEC Approves New Rules and Rule Amendments Concerning Supervision and Supervisory Controls
10/04/2004
Notice to Members 04-64
SEC Announces Immediate Effectiveness of the Deletion of IM-2210-4(b) and Rule Series 3400 as Obsolete
08/24/2004
Notice to Members 04-45
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
Notice to Members 04-26
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
Notice to Members 04-18
NASD and NYSE Provide Further Guidance on Rules Governing Research Analysts' Conflicts of Interest
03/09/2004
Notice to Members 04-15
SEC Approves Amendments to NASD Rules Concerning Member Participation in the National Do-Not-Call Registry
03/02/2004
Notice to Members 03-50
NASD Reminds Member Firms of their Obligations Regarding Mutual Fund Transactions and Directs Review of Policies and Procedures
09/05/2003
Notice to Members 03-49
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
Notice to Members 03-48
SEC Approves Extension of Pilot Relating to Bond Mutual Fund Volatility Ratings
08/28/2003
Notice to Members 03-44
SEC Approves Amendments to Rules Governing Research Analysts' Conflicts of Interest
08/03/2003
Notice to Members 03-38
SEC Approves Amendments to NASD Rules Governing Member Communications with the Public
07/07/2003
Notice to Members 03-37
New Series 23 Examination
07/01/2003
Notice to Members 03-33
Clarification for Members Regarding Supervisory Obligations and Recordkeeping Requirements for Instant Messaging
06/18/2003
Notice to Members 03-17
Sales Material for Municipal Fund Securities
03/24/2003
Notice to Members 02-73
SEC Approves New Rules and Rule Amendments Concerning Security Futures
10/24/2002
Notice to Members 02-69
Clarification of Member Obligations Regarding Brokered Certificates of Deposit
10/17/2002
Notice to Members 02-57
Use of Negative Response Letters for the Bulk Transfer of Customer Accounts
09/11/2002
Notice to Members 02-52
NASD Requests Comment on Proposed Amendments to NASD Rule 3010(g)(2) ("Branch Office Definition")
08/21/2002
Notice to Members 02-51
NASD Requests Comment on Proposed Interpretative Material Regarding Investment Analysis Tools.
08/15/2002
Notice to Members 02-39
SEC Approves Rule Governing Research Analysts' Conflicts of Interest
06/26/2002
Notice to Members 02-35
NASD Adopts Amendments Regarding the Posting of Margin Disclosure and Day-Trading Risk Disclosure Statements on Web Sites
06/11/2002
Notice to Members 02-28
Member Obligations Regarding Long-Term Or Brokered Certificates Of Deposit (Note: This Notice is superseded by Notice to Members 02-69)
05/08/2002
Notice to Members 01-58
Rules Relating To Bond Mutual Fund Volatility Ratings Extended Two Years
09/10/2001
Notice to Members 01-45
NASD Regulation Requests Comment On Proposed Amendments To Rule 2210, Communications With The Public
07/02/2001
Notice to Members 00-62
SEC Approves Day-Trading Rules
09/01/2000
Notice to Members 00-44
The NASD Reminds Members Of Their Responsibilities Regarding The Sale Of Variable Life Insurance
06/16/2000
Notice to Members 00-23
SEC Approves New Rules Relating To Bond Mutual Fund Volatility Ratings
04/10/2000
Notice to Members 00-21
NASD Regulation Reminds Members Of Their Responsibilities When Advertising Recent Mutual Fund Performance
04/10/2000
Notice to Members 99-35
The NASD Reminds Members Of Their Responsibilities Regarding The Sales Of Variable Annuities
05/01/1999
Notice to Members 99-16
SEC Approves Changes To Rules Regarding Membership And Registration
02/01/1999
Notice to Members 99-11
NASD Regulation Issues Guidance Regarding Stock Volatility
02/01/1999
Notice to Members 99-03
SEC Approves Rule Amendments Requiring Review Of Incoming, Written Correspondence
01/01/1999
Notice to Members 98-107
NASD Reminds Members Of Their Obligations To Disclose Mutual Fund Fees
12/01/1998
Notice to Members 98-97
Notice Of Increase In Advertising Review Fees
12/01/1998
Notice to Members 98-83
SEC Approves Rule Change Relating To Standards For Individual Correspondence
10/01/1998
Notice to Members 98-38
NASD Reminds Members Of Supervisory And Inspection Obligations
05/01/1998
Notice to Members 98-11
SEC Approves Rules Regarding Supervision, Review, And Record Retention Of Correspondence
01/01/1998
Notice to Members 98-03
Electronic Delivery Of Information Between Members And Their Customers
01/01/1998
Notice to Members 97-27
Application Of NASD Conduct Rules To Group Variable Contracts And Other Exempted Securities
05/01/1997
Notice to Members 97-01
Approval Of Telemarketing Amendments
01/01/1997
Notice to Members 96-82
NASD Regulation Solicits Comment On Proposed Rules Governing Supervision, Review, And Record Retention Of Correspondence
12/01/1996
Notice to Members 96-86
NASD Regulation Reminds Members And Associated Persons That Sales Of Variable Contracts Are Subject To NASD Suitability Requirements
12/01/1996
Notice to Members 96-60
Clarification Of Members' Suitability Responsibilities Under NASD Rules With Special Emphasis On Member Activities In Speculative And Low-Priced Securities
09/01/1996
Notice to Members 96-50
Supervisory And Other Obligations Related To Use Of Electronic Media
07/01/1996

Media Center
Finfluencers: New Marketing Strategies Meet Existing Compliance Obligations
Financial 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
FAQ
Frequently Asked Questions About Advertising Regulation
Frequently asked questions regarding FINRA Rule 2210, filing requirements and the how to use the Advertising Regulation Electronic Filing (AREF) system.
May 10, 2024
Guidance
Communications with the Public
The 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
Guidance
FINRA Provides Update on Sweep: Special Purpose Acquisition Companies (SPACs)
FINRA 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
Guidance
FINRA Provides Update on Sweep: Social Media Influencers, Customer Acquisition and Related Information Protection
This 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
Podcast
Advanced Analytics: Transforming Advertising Regulation
An 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 Panel
Retail Communications Concerning Private Placement Offerings
Attend 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
Guidance
Interpretive Letter to Jason P. Ellison, Foreside Fund Services, LLC
A 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
Frequently Asked Questions Related to Regulatory Relief Due to the Coronavirus Pandemic
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
Podcast
Advertising Regulation: Expect More Than Just Hype
When 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
FAQ
Frequently Asked Questions Regarding FINRA Rule 3230
Frequently Asked Questions (FAQ) regarding the purpose of FINRA Rule 3230 and “do-not-call-lists”
November 27, 2019
Interpretive Letter
Interpretive letter to Meredith F. Henning, Foreside
A 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
Guidance
New and Pending Member Firms: Filing Communications with the Advertising Regulation Department
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.
September 17, 2018
Guidance
Interpretive letter to Joan E. Boros, Esq., Stradley Ronon Stevens & Young, LLP
A 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
Guidance
What and When to File with Advertising Regulation
Find Advertising Regulation guidance on what and when to file that is related to new member firms and existing member firms.
September 01, 2017
Interpretive Letter
Interpretive Letter to Clair Pagnano, K&L Gates LLP
A 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 Letter
Interpretive Letter to Craig P. Hoffman, Esq., APM, American Retirement Association, Chris DeGrassi, National Tax-deferred Savings Association, and Richard K. Matta, Esq., Groom Law Group
A 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 Letter
Interpretive Letter to Edward P. Macdonald, Hartford Funds Distributors, LLC
The 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
Retrospective Rule Review Report: Communications with the Public
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 Letter
Interpretive Letter to Wallace W. Kunzman, Jr., Kunzman & Bollinger, Inc.
Direct 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
Interpretive Letter to Russell D. Sacks, Shearman & Sterling LLP
NASD Rule 2711 - Research Analysts and Research Reports
April 28, 2014
Interpretive Letter
Interpretive Letter to Bradley J. Swenson, ALPS Distributors, Inc.
FINRA Rule 2210 - Communications with the Public
April 22, 2013
Interpretive Letter
Interpretive Letter to Amy Natterson Kroll, Bingham McCutchen LLP
Request for Interpretive Guidance Under NASD Rule 2711
February 08, 2013
Guidance
NASD Review of Hedge Fund Advertising Results in Formal Action
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
FINRA Office of General Counsel (Auction Rate Securities)
NASD Rule 2110 and NYSE Rule 402.30—Partial Redemption Allocations and Disclosure Practices in Auction Rate Securities
July 09, 2008
Interpretive Letter
Interpretive Letter to Dan Danborn, Society of Certified Senior Advisors
NASD Rule 2210 - Communications with the Public
September 28, 2007
Interpretive Letter
Interpretive Letter to Tamara K. Salmon, Investment Company Institute
NASD Rule 2210 - Communications with the Public
September 06, 2007
Interpretive Letter
NASD Office of General Counsel, Regulatory Policy and Oversight
A Member's Responsibilities Regarding the Outsourcing of Certain Activities
August 15, 2006
Interpretive Letter
Interpretive Letter to Eileen Ryan, Esq., Securities Industry Association, and Sarah Starkweather, Esq., The Bond Market Association
NASD 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 2720
August 01, 2006
Interpretive Letter
Interpretive Letter to Michael R. Trocchio, Esq., Bingham McCutchen LLP
NASD 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 Letter
Interpretive Letter to Michael R. Trocchio, Esq., Bingham McCutchen LLP
Member 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
Interpretive Letter to Therese Squillacote, ING Financial Advisers, LLC
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
Interpretive Letter to Michael R. Trocchio, Esq., Bingham McCutchen LLP
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 Letter
NASD Office of General Counsel, Regulatory Policy and Oversight
The 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 Letter
Interpretive Letter to Barry Harris, Banc of America Investment Services, Inc. (Use of Negative Response Letters)
Negative 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 Letter
Interpretive Letter to Budge Collins, Collins/Bay Island Securities
Member may not present related performance information to "qualified institutional buyers" who are potential investors in 3(c)(1) funds.
September 14, 2004
Interpretive Letter
Interpretive Letter to Mark W. Riepe, Charles Schwab & Co., Inc.
Joint 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 Letter
Interpretive Letter to Yukako Kawata, Davis Polk & Wardwell
Guidance regarding use of related performance information in sales material for private equity funds.
December 30, 2003
Interpretive Letter
Interpretive Letter to Michael D. Udoff, Securities Industry Association
Further interpretive advice to members concerning the sale of hedge funds.
October 02, 2003
Interpretive Letter
Interpretive Letter to Robert C. Hacker, Esq., Kirkpatrick & Lockhart, LLP
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 Letter
Interpretive Letter to Michael D. Wolk, Esq., Foley and Lardner (Use of Negative Response Letters)
Negative 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 Letter
Interpretive Letter to Doug Wright, The Investment Center, Inc. (Use of Negative Response Letters)
The 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 Letter
Interpretive Letter to Marion A. Kashan, London Pacific Securities, Inc. (Use of Negative Response Letters)
The 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 Letter
Interpretive Letter to Forrest R. Foss, T. Rowe Price Associates, Inc.
Rule 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
Interpretive Letter to Name Not Public
Applicability of NASD rules to a member's use of a translator for group retirement plan enrollment presentations.
November 26, 2001
Interpretive Letter
Interpretive Letter to Lena M. Stinson, Stanford Group Company
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 Letter
Interpretive Letter to Justine Rusin, Merit Capital Associates, Inc. (Use of Negative Response Letters)
The 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 Letter
Interpretive Letter to Yoon-Young Lee, Wilmer, Cutler & Pickering
NASD 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 Letter
Interpretive Letter to J. Craig Long, Esq., Foley & Lardner
Rule 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 Letter
Interpretive Letter to W. Thomas Conner, National Association for Variable Annuities
NASD 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
Interpretive Letter to Dawn Bond, FSC Securities Corporation
Application of Rule 2210 to the use of investment projections and marketing material when registered persons are conducting advisory services.
July 30, 1998
Interpretive Letter
Interpretive Letter to Christine A. Edwards, Morgan Stanley Dean Witter & Co.
The 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 Letter
Interpretive Letter to Sandra M. Ng, Gruntal & Co., L.L.C.
The 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 Letter
Interpretive Letter to Karen A. Steighner, Brokerage Administrator Corporation
A 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
Interpretive Letter to Franklin I. Ogele, Esq., Singer Zamansky LLP
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
Interpretive Letter to Laura Moret, American Express Financial Corporation
Staff interpretation on the use of electronic signatures under NASD Rules 3110(c)(1)(C) and 3010(d).
November 26, 1997
Interpretive Letter
Interpretive Letter to Craig S. Tyle, Investment Company Institute
Advertising Department's response to recommendations of the Investment Company Institute concerning member use of hyperlinks.
November 11, 1997
Interpretive Letter
Interpretive Letter to Name Not Public
Application of NASD Rules to the sale of group variable products.
April 11, 1997
Interpretive Letter
Interpretive Letter to Name Not Public
Requirements of member firms in maintaining do-not-call lists under NASD Rule 3110.
October 31, 1995
FAQ
Frequently Asked Questions Related to Filing Requirements of Rules 5122 and 5123
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?
Guidance
Recommendations Concerning Advertising and Promotion of Commission Discounts
FINRA 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.