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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
    Suggested Routing

    Investment Companies
    Registered Representatives
    Senior Management
    Key Topic(s)

    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).