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15-17 Guidance on Rules Governing Communications With the Public

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Communications With the Public

Regulatory Notice
Notice Type

Consolidated Rulebook
Guidance
Suggested Routing

Advertising
Compliance
Investment Companies
Legal
Registered Representatives
Senior Management
Key Topic(s)

Advertising
Communications with the Public
Referenced Rules & Notices

FINRA Rule 2210
FINRA Rule 2310
Investment Company Act Rule 34b-1
NTM 06-48
Regulatory Notice 12-02
Regulatory Notice 13-03
Securities Act Rule 482
Securities Act Rule 497

Background and Discussion

In April 2014, FINRA launched a retrospective review of its communications with the public rules to assess their effectiveness and efficiency. In December 2014, FINRA published a report on the assessment phase of the review.1 The report concluded that, while the rules have met their intended investor protection objectives, they could benefit from some updating to better align the investor protection benefits and the economic impacts. To this end, FINRA staff recommended a combination of rule proposals, guidance and administrative measures.

Pursuant to these recommendations, FINRA has published additional questions and answers on the Advertising Regulation page on the FINRA website. These questions and answers supplement previously published guidance.2

Questions concerning this Notice should be directed to:

•   Thomas A. Pappas, Vice President, Advertising Regulation, at (240) 386-4553;
•   Joseph P. Savage, Vice President and Counsel, Regulatory Policy, at (240) 386-4534; or
•   Amy C. Sochard, Senior Director, Advertising Regulation, at (240) 386-4508.

1 See Retrospective Rule Review Report: Communications with the Public (December 2014).

2 See Regulatory Notice 13-03 (January 2013).


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