4.2.1. Types of Public Communications
FINRA classifies public communications about a securities offering into the following general categories:
• Correspondence—any written letter or email message that is distributed or made available to 25 retail investors or fewer within a 30-calendar-day period.
• Retail communication—any written or electronic communication that is distributed or made available to more than 25 retail investors over a 30-calendar-day period. These include circulars, research reports, telemarketing scripts, seminar texts, and form letters.
• Institutional communication—any written (including electronic) communication that is distributed or made available only to institutional investors b