Retail Communications
Member firms must file retail communications with FINRA’s Advertising Regulation Department within 10 business days of their first use when their subject relates in any way to registered investment companies, direct participation programs, collateralized mortgage obligations (CMOs), derivatives or if they concern an investment analysis tool.
If a draft version or “story board” of a television or video retail communication pursuant to a filing requirement has been filed, then the member also must file the final filmed version within 10 business days of first use or broadcast.
Certain retail communications demand more stringent oversight, requiring that they be filed 10 business days prior to their first application and withheld from publication until receiving FINRA approval. These are:
- • Retail communications involving bond mutual funds that incorporate volatility ratings
- • Investment company retail communications that include performance ratings or rankings with other investment companies that are not generally published or are the creation of the investment company, its underwriter, or an affiliate
- • Reta