FINRA Public Communications Categories
FINRA organizes communications with the public into three broad categories. Knowing these categories will help you remember the rules related to each.
1. Institutional communications. Written communications, including electronic communications, that will be distributed or made available only to institutional investors. Institutional communications do not include internal memos, but firms need to supervise internal communications. The definition also does not include communications that may eventually fall into the hands of retail investors. A firm is advised to use legends warning clients that the communication is not intended for retail investors.
Note: The definition does not include communications that may eventually fall into the hands of retail investors. A firm is advised to use legends warning clients that the communication is not intended for retail investors. “Institutional investor” is defined below.
2. Retail communication. Written communications, including electronic communications, that will be distributed or made available to more than 25 retail inves