SIE: Filing Requirements And Review Procedures

Taken from our SIE Online Guide

Filing Requirements and Review Procedures

Within 10 business days of their first use, retail communications must be filed with FINRA’s Advertising Regulation Department under the following conditions:

  • If their subject relates in any way to registered investment companies (e.g., mutual funds, closed-end funds, ETFs)
  • If they involve direct participation programs or government securities
  • If they have to do with collateralized mortgage obligations
  • If they have to do with options
  • If they have to do with an investment tool
  • If they are drafts or “storyboards” of a television or video retail communication that have been filed pursuant to a filing requirement, then the member also must file the final filmed version within 10 business days of first use or broadcast
  • If they are free writing prospectuses that have been filed with the SEC

Some retail communications demand more stringent oversight, requiring that they be filed 10 business days prior to their first use and withheld from publication until receiving FINRA approval. These are:

  • Advertisements and sales literature for bond mutual funds that incorporate volatility ratings
  • Investment Company retail communications that include performance rankings or comparisons with other investment companies when the ranking is not generally published or created by the firm
  • Retail communications concerning securities futures

All filings to FINRA must include the actual or anticipated date of first use, the name and title of the principal who approved the retail communication, and the date that the approval was given.

In addition, new member firms, those that have been registered with FINRA for less than one year, must file their retail communications at least 10 business days prior to use. This rule applies to broadly disseminated retail communications, such as generally access

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